Establishing a cryptocurrency exchange, brokerage, or dealership in Thailand requires companies to comply with numerous Securities and Exchange Commission licensing requirements. With years of experience navigating such matters, Silk Legal assists clients obtain relevant licenses by leading the application process and ensuring that all requirements are met. This includes the formation of a legal entity in Thailand and making sure that the minimum registered capital for their respective activities is met. Furthermore, we are experts in compliance related issues which arise in this specialized area, as we are capable of assisting clients with staying current with evolving regulations.
The process towards obtaining these licenses often involves challenging hurdles that require expertise to overcome. This is where Silk Legal thrives, as we handle the entire application process for clients, allowing them to focus on business concerns rather than legal issues.
Silk Legal’s understanding of regulations surrounding personal data, specifically Thailand’s Personal Data Protection Act (“PDPA”) and overseas regulations such as the General Data Protection Regulation (“GDPR”), puts us at an advantageous position to help companies and start-ups ensure compliance with the complex requirements of these laws. We have advised numerous clients on their rights and obligations as data collectors, data processors, and data subjects.
We also have the capacity to help establish corporate policy surrounding data transfers, data security, and appropriate protocols for various scenarios. Additionally, our team’s understanding of both local and international best practices also puts us in a position to help those with both domestic and overseas operations.
Fintech companies seeking to enter the Thai market must comply with several laws and requirements set by regulatory bodies such as the Securities and Exchange Commission and the Bank of Thailand. Silk Legal has assisted numerous companies and start-ups compile and submit several documents to regulators, perform KYC and due diligence reports, and licensing requirements have been met.
The fintech industry sees constant change, which means laws and regulations that govern it are also constantly in flux. Given our wealth of knowledge surrounding fintech, and our understanding of Thailand’s regulations around technological innovations, we are equipped to help these companies thrive in the Thai market.
When creating regulations that govern disruptive technological innovations, law makers tend to act with caution as they take their time to understand the overall implications of such technologies in their jurisdiction. While there is currently no consensus around the world with regard to how they should be governed, Thai law makers have developed laws specific to cryptocurrencies and blockchain technology in the country in order to facilitate ventures in these sectors.
These laws include those put forward by the Securities and Exchange Commission regarding taxes on gains made from cryptocurrencies as well as general regulations on crypto exchanges, brokers, and dealers under the Royal Decree on Digital Asset Businesses.
Having said this, Silk Legal is Thailand’s leading firm in all matters related to cryptocurrencies and blockchain. We have handled several matters in this practice, particularly with regard to regulatory compliance, and helped clients navigate through the requirements in order to successfully establish a crypto and/or blockchain venture in the country. Among other matters, we have assisted in registering Thai digital asset businesses, advised on foreign legislation, and provided counsel on transactions that adhere to Thai laws.