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
Kullarat Phongsathaporn
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.
