Thailand’s Regulatory Environment for Fintech and Digital Assets

Thailand has established a framework to regulate the growth of fintech and digital asset industries, including cryptocurrencies and insurtech services. This overview highlights key points about regulatory agencies, outsourcing restrictions, gatekeeper liability, and enforcement actions.

Regulatory Agencies

• Office of Insurance Commission (OIC): Oversees and improves Thailand’s insurance ecosystem.
• Securities and Exchange Commission (SEC): Regulates financial markets and intermediaries.

Outsourcing Restrictions

While outsourcing restrictions vary by business, some common requirements include:

• Risk management processes
• Auditing rights
• Business continuity plans for outsourced services

Gatekeeper Liability

Fintech service providers may be considered gatekeepers if they facilitate transactions or access to digital assets. They must adhere to specific requirements, including:

• Disclosure of sale and purchase data
• Storage of computer traffic data for at least 90 days
• Maintenance of necessary information about the service user

Enforcement Actions

The SEC has taken enforcement actions against licensed digital asset exchange business operators and market makers for prohibited market manipulation activities. These measures include:

• Fines
• Reimbursement of investigative expenses
• Collaborative investigations with other authorities