THAILAND LAW AND PRACTICE Contributed by: Wongsakrit Khajangson, Panupan Udomsuvannakul, Koraphot Jirachocksubsin and Pitchaya Roongroajsataporn, Chandler Mori Hamad a
5. Payment Processors 5.1 Payment Processors’ Use of Payment Rails There are no specific requirements for payment pro - cessors to use existing payment rails such as credit cards or electronic payment settlement agencies. However, payment processors have to apply for a licence from the MOF as recommended by the BOT or have to register with the BOT in accordance with the Payment Systems Act. Payment processors that implement new technology into their business operations can apply to participate in the BOT’s regulatory sandbox if they meet all quali - fications (see 2.5 Regulatory Sandbox ). The BOT’s Enhanced Regulatory Sandbox continues to accept pilots for digital payments and programmable pay - ment use cases under controlled conditions. 5.2 Regulation of Cross-Border Payments and Remittances Under Thai law, there are specific restrictions for inward remittances. However, outward remittances must be performed through an authorised BOT agent (ie, any commercial bank). Fund remittance may also require permission from the BOT if the purpose of the remittance is restricted. In such cases, the person remitting the money must obtain approval through an authorised bank by submitting supporting documents to the bank prior to the transfer of funds. Nevertheless, if such remittances are equal to or more than USD200,000, supporting documents must be submitted to the authorised commercial bank. BOT regulations do not determine the list of required sup - porting documents. Each authorised bank is entitled to request any documentation from the person remit - ting funds at their discretion on a case-by-case basis, which can vary depending on the type of transaction (eg, loan, service agreement, sub-licence agreement and purchase price). As of 1 December 2025, BOT Notification No 34 also permits outward remittances for digital asset payments by mutual and private funds without prior approval (subject to SEC rules), reflect - ing incremental liberalisation for regulated institutional flows.
E-Money Remittances Outward e-money remittances must be performed through an authorised e-money operator. The purpose of outward e-money remittances is generally listed as payment of goods and services to others domiciled in a foreign country. The BOT has issued a notice from the competent officer permitting non-bank operators to apply for for - eign exchange e-money licences to issue e-money in foreign currencies. These licences allow non-bank operators to make cross-border remittances for their customers’ payments of goods and services. Non- bank e-money service providers can thus cater to customers’ demands when travelling. In parallel, the BOT–SEC “TouristDigiPay” sandbox enables licensed digital asset operators to convert tourists’ crypto into Thai baht for e-money wallet spending within a con - trolled pilot, integrating QR payments while preserving anti-money laundering/consumer safeguards. 6. Marketplaces, Exchanges and Trading Platforms 6.1 Permissible Trading Platforms Digital asset exchanges are trading platforms for both cryptocurrency and digital tokens. Currently, exchang - es for cryptocurrency and digital tokens are subject to the same regulatory regime as applies under the Digital Assets Decree. From April 2025, extraterrito - rial amendments require offshore platforms that target Thai users (eg, Thai language, THB rails, local domains or staffing) to obtain Thai licences; non-compliance can trigger criminal penalties and site blocking. 6.2 Regulation of Different Asset Classes The Digital Assets Decree governs cryptocurrency and digital tokens. The regulatory regime concerning digital asset operators is substantially the same for both cryptocurrency and digital tokens. Nonetheless, certain cryptocurrencies and digital tokens are prohibited from being listed and traded on licensed digital asset exchange platforms, such as meme tokens, fan tokens and non-fungible tokens (NFTs). Following supervisory updates in 2024, “ready to use” utility tokens (Group 1 Utility Tokens)
866 CHAMBERS.COM
Powered by FlippingBook