Thailand continues to advance its digital payment landscape through a phased approach. The Bank of Thailand (BOT) began with wholesale Central Bank Digital Currency (CBDC) pilots under Project Inthanon and mBridge and Retail CBDC project. Building on this momentum, the BOT launched the Programmable Payment Sandbox (Stablecoin Sandbox) in 2024 — later expanded in December 2025 — to safely test Thai Baht backed stablecoins and programmable payment solutions. Looking ahead, tokenized deposits are emerging as a promising next step — offering the familiarity and regulatory comfort of traditional bank deposits while adding the efficiency and programmability of blockchain — even though a dedicated regulatory framework has not yet been established in Thailand. This area is rapidly gaining global momentum and is expected to become a key focus in the next phase of digital financial innovation. For an in-depth look, click here.
Thailand: Bridging Payments and Digital Assets – Current Regulatory Developments
Benja is a partner in the Bangkok office of Baker McKenzie. She joined Baker McKenzie in 2001 and is specialized in the areas of financial products including but not limited to derivatives, structured products, structured finance, wealth management, private banking, fund management and debt capital market, especially in regard to the regulatory matters. She has been also acting as a Thai legal counsel for ISDA Association and regularly advises international banks, capital markets intermediaries, fund managers, insurance companies and other financial institutions on financial services compliance and regulatory matters. She has been recognized by several of the world's leading legal directories.
Kullarat is an internationally recognized figure in the areas of fintech, payment, blockchain, digital assets, financial laws and regulations, AML/CFT, and technology laws including data privacy and IT security specifically in financial services, with more than 16 years of experience. She joined Baker McKenzie Bangkok in 2008 and became a partner in the Financial Services Practice Group in 2018. She later relocated to Sydney and became a special counsel at Baker McKenzie Sydney in 2024. She has a certificate as a registered foreign lawyer in Australia (admitted in Thailand only) and still advises on Thai law. She is recognized as one of the key advisors for fintech in the Bangkok office. In 2015, she co-founded a fintech-focused team while still an associate, a remarkable achievement recognized by the Financial Times, which awarded her the Top 10 Legal Innovators for Asia Pacific. She has been one of the leading partners in the Firm’s regional and global fintech collaborations and represents the Bangkok office to help promote fintech internally and externally.
Phetrada is a Banking and Finance Legal Professional in Baker McKenzie's Bangkok office.
Yanisa is a Banking and Finance Legal Professional in Baker McKenzie's Bangkok office.