On March 16, 2021, the Prime Minister of Vietnam issued Decision No. 10/2021/QD-TTg updating the criteria for identifying “high-tech enterprises,” which are eligible for certain incentives under Vietnam’s economic development strategy.

The Bank of Thailand recently issued policy guidelines on how stablecoins—fiat-backed nonvolatile cryptocurrencies—are to be regulated. This paves the way for baht-backed stablecoins, similar to China’s digital Yuan, to be developed in the jursidiction.

The effective date set out in Vietnam’s Draft Decree on Personal Data Protection is December 1, 2021, so it is important for companies to understand the scope and potential impact of the new regulations now.

Since Cambodia does not have any dedicated laws on data protection, there are no regulatory or enforcement authorities that are specifically tasked with handling, overseeing, or implementing personal data protection matters. Consequently, the following governmental bodies may have substantial powers in this realm: the Ministry of Commerce, the Ministry of Post and Telecommunications, and the Ministry of Interior. After reviewing the DMF [Data Management Framework adopted by ASEAN] and MCCs [Model Contractual Clauses for Cross-Border Data Flows], we are of the view that these standards broadly align with concepts of data protection that exist under Cambodian laws that implicate data protection issues. Therefore, Cambodian authorities may react positively to the guidelines provided under the DMF and MCCs. However, implementing these guidelines can be challenging for a developing country such as Cambodia due to the following reasons: inadequate data protection and cybercrime regulations; lack of technological advancement in information and communication technology; lack of technology experts who can effectively deal with advanced computer crimes; the high cost of digital data governance; and the fact that it may be time-consuming to put these guidelines into place. Positive and negative implications Furthermore, we anticipate that the guidelines would provide both positive and negative impacts on businesses. In terms of positive impact, the DMF and MCCs will likely: increase the cybersecurity of all companies doing business in Cambodia; enable businesses to have better data processes and protection and more secure internal data collection infrastructure; help businesses gain more credibility and improve their reputations; and increase companies’ customer base as clients will have stronger trust in companies and be willing to share data, knowing they are doing so in a secure environment. In terms of negative impact, both data exporters and data importers will be strictly required to abide by the data protection guidelines