In 2022 and 2023, following the collapse of the key global players in the crypto industry, regulators around the world closely scrutinized crypto activities and tightened the regulations for digital asset businesses. This tightening primarily concerns the protection and segregation of customers’ assets, which has become standard practice since the crypto crash.
Over the past year, we have witnessed a series of enforcement actions and attempts by offshore regulators to classify various types of digital asset products and determine whether these products should be classified as securities.
Building upon the aforementioned trends in the digital asset industry, Thailand’s Office of the Securities and Exchange Commission (SEC) issued new regulations and held public hearings. These initiatives aim to enhance investor protection and strike a balance between supervising and fostering the development of the crypto industry.
To keep up with the dynamic and evolving regulatory developments, please see our guide that has an updated overview of regulations pertaining to digital assets in Thailand.
Author
Komkrit Kietduriyakul
Komkrit Kietduriyakul joined Baker McKenzie in 1994. He was working with the Firm’s London office when he became a partner in 1999. Mr. Kietduriyakul is a member of the Banking & Finance, Capital Markets & Securitization, Restructuring & Insolvency and Projects Practice Groups in Bangkok. He is a recognized leader in derivatives, structured finance, and capital markets, as well as fintech, project finance and bankruptcy.
Mr. Kietduriyakul’s practice includes representing corporate and financial clients on a broad range of international and domestic banking and finance and financial regulatory matters with a particular expertise in digital assets, blockchain, and fintech. He has also assisted clients with bond and debenture offerings, construction financing, as well as swaps and derivatives transactions.
Author
Kullarat Phongsathaporn
Kullarat is a partner in the Financial Services Practice Group at Baker & McKenzie Ltd. She is recognized in banking and finance, securities, derivatives and structured finance, FinTech, e-payment, venture capital, exchange control, anti-money laundering / counter terrorism financing, and financial and tech-related laws and regulations. She leads the FinTech team at the Bangkok office.
Kullarat has assisted the largest and fastest growing companies in and outside Thailand on matters related to the use of technology and digitalization in financial markets, including both money and capital markets.
