THANATHIP & PARTNERS
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Peer-to-Peer Lending
September 2018
In light of the dramatic increase of peer-to-peer lending transactions, the Ministry of Finance has published a notification regarding peer-to-peer lending platform dated 10 September 2018 which became effective on 21 September 2018 to regulate and set out qualifications of P2P lending platform operator and certain key requirements as follows:
1. Platform provider shall be a private or public company incorporated in Thailand with a minimum paid up capital of Baht 5 million, whereby at least 75 per cent of its total issued shares with voting rights must be held by Thai persons;
Digital Asset Businesses Decree
May 2018
On the rise of cryptocurrencies and initial coin offerings across the world, it is impossible to ignore the massive impact and embedded legal implications. Accordingly, the Emergency Decree on the Digital Asset Businesses B.E. 2561 (the “Decree”) was promulgated and came into effective on 14 May 2018 to regulate digital asset-related transactions, having the Office of the Securities and Exchange Commission (the “SEC”) as the supervisory authority to oversee the public offering of digital tokens and operation of digital asset businesses (e.g. digital asset exchange, broker and dealer).
Payment Systems Act B.E. 2560 (2017)
April 2018
The Payment Systems Act B.E.2560 (2017) was promulgated on 18 October 2017 was promulgated on 18 October 2017 and became effective on 16 April 2018 with an aim at reforming and unifying Thailand’s regulatory framework for payment systems. Accordingly, the Bank of Thailand as main regulator under the Act is empowered to supervise three main categories of payment systems and payment services as follows:
Trade Competition Act B.E. 2560 (2017)
October 2017
The newly enacted Trade Competition Act (B.E. 2560) (2017) (the “TCA”) was published in the royal gazette on 7 July 2017 and came into effect on 5 October 2017. Amongst other notable changes, the TCA extends the authority of the Office of Trade Competition Commission (the “OTCC”) as an independent authority to regulate and promote competition and fair trade and introduces new merger control regime as follows:
Law amendments for ease of doing business
April 2017
Focused on creating supportive environment for doing business in Thailand, the Head of the National Council for Peace and Order issued Order No. 21/2017 on 4 April 2017 with immediate effect to amend five key legislations, namely the Civil and Commercial Code, the Labour Protection Act, the Public Limited Companies Act, the Social Security Act and the Bankruptcy Act.
Criminal Liability of Representatives of Juristic Persons
February 2017
On 11 February 2017, the Criminal Liability of Representatives of Juristic Persons Amendment Act (B.E. 2560) (the "Act") came into effect and repeals a legal presumption of criminal liability on a director, a manager, or other persons responsible for the operation of juristic person embedded in 76 legislations, including, amongst others, the Financial Institution Business Act, the Life and Non-Life Insurance Acts, the Revenue Code, the Consumer Protection Act, the Act Prescribing Offences Related to Registered Partnerships, Limited Partnerships, Limited Companies, Associations And Foundations, the Anti-Money Laundering Act and etc.