THAILAND LAW AND PRACTICE Contributed by: Wongsakrit Khajangson, Panupan Udomsuvannakul, Koraphot Jirachocksubsin and Pitchaya Roongroajsataporn, Chandler Mori Hamad a
Designated payment services are: • provision of credit cards, debit cards or ATM card services; • provision of e-money services; • provision of services for accepting electronic pay - ments for and on behalf of others; • provision of e-money transfer services; and • other payment services that may affect payment systems or the public interest. Digital Assets The Digital Assets Decree was enacted to regulate offerings of digital assets (cryptocurrencies and digi - tal tokens) and businesses undertaking digital asset- related activities. The Digital Assets Decree aims to ensure that digital asset market standards align with international standards and protect market players. Digital Lending On 15 September 2020, the BOT issued Circular No BOT.FhorGorSor (01) Wor 977/2563 Re: Criteria, Procedures and Conditions on Digital Personal Loan Business Operations. The purpose of this circular is to relax the criteria for personal loans for those without regular – or proof of – income or for those without collateral, and to provide flexibility to personal loan providers in providing personal loans in electronic form. However, for other types of loans which are not personal loans, financial service providers still have to comply with regulations that do not specifically regu - late digital lending. Peer-to-Peer Lending Platforms On 31 July 2020, BOT Notification No SorNorSor 14/2563 Re: Rules, Procedures and Conditions for Undertaking Peer to Peer Lending Platform Busi - nesses was announced in the Government Gazette and became effective on the same date. Electronic Transactions The Electronic Transactions Act B.E. 2544 (2001) (the “Electronic Transactions Act”) supports the legal valid - ity of electronic transactions performed via electronic systems. If a transaction is conducted electronically in accordance with the rules and procedures outlined in the Electronic Transactions Act, it is considered legal - ly binding, just like a transaction conducted through
other methods or platforms that adhere to applicable laws. 2.3 Compensation Models The criteria and restrictions for charging service fees depend on the type of business, business model and services provided to customers. The criteria for dis - closing services or fees depend on the regulations relating to the business or business activity the opera - tor carries out. Generally, the operator has to disclose details of the fees that will be charged to customers, as well as the threshold or criteria for setting these fees. For example, under the Payment Systems Act, pay - ment service providers must disclose information on service fees as follows: • Display or communicate service fees, which must be reasonable, to customers at service locations or through other channels. • Notify customers of any detrimental fee changes, either at service locations or through other chan - nels, at least 30 days before they take effect. • Submit details of service fees to the BOT electroni - cally, as specified by the BOT, as soon as possible after the commencement date of undertaking the business and each time there is a change in ser - vice fees. 2.4 Variations Between the Regulation of Fintech and Legacy Players There are no significant differences between the regu - lations governing fintech operators and the regula - tions governing legacy players. Some fintech busi - ness operations are covered by licences already held by legacy players. Both fintech operators and legacy players must comply with the regulations set out in 2.2 Regulatory Regime . Other relevant laws and reg - ulations applicable to general business enterprises will also apply. That said, the BOT’s December 2025 Guidelines for Digital Fraud Management introduced uniform end-to-end controls across prevention, moni - toring, detection and remediation for supervised pay - ment operators, raising the compliance bar as Thai - land enters 2026.
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