Asian Legal Review

A social media post over an unpaid phone bill has triggered a data-protection investigation in Malaysia, after one of the country’s most recognisable influencers questioned how a stranger obtained details from his telecoms account.
The episode involving Khairul Amin Kamarulzaman, better known as Khairul Aming, has raised uncomfortable questions for telcos about how tightly they manage customer account information and how quickly private details can be exposed when those controls fail.
Khairul…

The elevation of ties between the Philippines and New Zealand to a comprehensive partnership gives both countries a wider framework to deepen cooperation, as Manila expands its network of middle-power partners and Wellington steps up its engagement in Southeast Asia, analysts have said.
The upgrade also builds on rapidly tightening defence ties, giving Manila another security partner and New Zealand a stronger foothold in an increasingly contested Indo-Pacific, observers add.
New Zealand and the…

The Dubai Financial Services Authority (DFSA) has unveiled plans for a significant overhaul of the Dubai International Financial Centre’s (DIFC) collective investment funds framework in a move designed to modernise the regime, align it with better align it with international standards, and support the DIFC’s continued development as a global investment funds hub.

A married Singapore minister’s sudden resignation amid revelations he had exchanged inappropriate messages with a woman has rocked the city state’s establishment circles, with a groundswell of sentiment calling for him to be retained.
Amid online petitions and calls to keep former minister-in-charge of Muslim affairs Faishal Ibrahim following his resignation on Monday, Prime Minister Lawrence Wong shed further light on the controversy, suggesting the matter was more serious than previously…

Philippine Vice-President Sara Duterte-Carpio suffered a serious setback in her impeachment trial this week after the Senate allowed prosecutors to examine key financial records in an unexplained wealth case against her.
Analysts said the Senate impeachment court’s ruling could give prosecutors a clearer route to show she amassed ill-gotten wealth and pull down her popularity ratings in time for the 2028 presidential election, thus raising the stakes for Duterte-Carpio as she fights not only to…

The Securities and Exchange Commission of Thailand (SEC) has proposed a significant overhaul of the regulatory framework governing digital asset derivatives trading, introducing what amounts to the most market-expanding reform to date for the country’s crypto ecosystem.

The most consequential change in the proposed revisions is the introduction of a direct licensing pathway, permitting existing digital asset operators to apply for derivatives business licenses without the administrative burden of establishing separate corporate entities. Under the current framework, operators wishing to offer derivatives products were required to spin up entirely new companies, a costly and time-consuming requirement that effectively slowed market maturation.

The SEC’s stated objectives are twofold: accelerating the formal recognition of digital assets as a legitimate asset class within Thailand’s traditional financial regulatory taxonomy, and providing market participants with advanced risk management tools. The commission notes that the revision aims to promote the recognition of digital assets as an asset class and provide investors with additional hedging tools.

However, the liberalized access is accompanied by heightened compliance demands. The proposed rules require operators to implement robust conflict-of-interest prevention mechanisms, and introduce elevated financial standards for both derivatives trading centers and clearing institutions. The public consultation window runs until May 20, 2026, with the SEC inviting stakeholder feedback on the revised licensing requirements.

Strategically, this development positions Thailand ahead of several regional peers in the derivatives space. Singapore has yet to fully liberalize derivatives access for existing Digital Payment Token Service Providers, while Malaysia’s derivatives framework for digital assets remains narrower in scope. If enacted, Thailand’s approach would lower barriers for established platforms such as Bitkub and Zipmex to diversify into regulated derivatives products, potentially driving significant institutional liquidity to the Bangkok market as neighboring jurisdictions including Hong Kong and South Korea develop their own digital asset derivatives infrastructure.

The move comes at a pivotal moment for Thailand’s digital asset sector, which has been pursuing a strategy of regulatory proactivity since the country first approved cryptocurrency ETF frameworks earlier this year. The derivatives reform, paired with the crypto ETF sandbox and the TouristDigiPay regulatory sandbox, signals a deliberate multi-track approach to positioning Thailand as the region’s most crypto-friendly capital market.

New mandatory data centre rules in Australia will reshape how the country’s next generation of large-scale data centres are financed, built and operated, experts have said.

The Indonesian government announced Thursday that the upstream oil and gas sector will be exempted from the controversial single-gate export centralization policy, a significant reversal that underscores the political economy’s sensitivity in a capital-intensive industry reliant on foreign investment.

Energy and Mineral Resources Minister Bahlil Lahadalia told delegates at the 2026 Indonesian Petroleum Association Convention and Exhibition in BSD City that the regulation under PP No. 21/2026 will not apply to upstream oil and gas operations. “I bring a special message from the President: the regulation does not apply to the upstream oil and gas sector. So, there is no need to worry, it’s business as usual,” he said.

Under a separate concession, Bahlil also confirmed that oil and gas exporters face different deposit rules than other exporters. Forex retention in the sector will be capped at 10 to 30 percent, reflecting heavy reliance on foreign financing.

The exemptions come days after President Prabowo announced on May 20 that key commodity exports — crude palm oil, coal, and ferroalloys — would be channeled through a single state-owned enterprise, PT Danantara Sumberdaya Indonesia (DSI). The government aims to prevent under-invoicing and transfer pricing fraud, which officials said could be costing the state up to US$150 billion annually.

During a June-to-September trial phase, exporting firms will still conduct direct transactions with buyers, but DSI handles export filing. From January 2027, DSI takes full control of export contracts, shipments, and payments. A later phase will expand the list to all strategic natural resource commodities.

The policy has drawn business pushback. The Indonesian Coal Mining Association warned that existing contracts, permits, and shipping schedules complicate any abrupt shift, while industry groups fear a de facto monopoly that could undermine buyer confidence across ASEAN markets.

Coordinating Economy Minister Airlangga Hartarto confirmed the revised regulation allows exporters to place part of their proceeds outside the Himbara banking consortium. The government also halved the currency conversion limit for FTA trading partners from 100 percent to 50 percent.

For ASEAN, Indonesia’s unilateral trade policy marks a significant shift in how Southeast Asia’s largest economy manages commodity export flows. Analysts warn it could trigger regional pushback and complicate Jakarta’s standing in ASEAN economic cooperation frameworks.

Asia’s oil buyers are facing the risk of a second maritime chokepoint being disrupted after Iran-aligned Houthi militants threatened to impose a naval blockade on Saudi Arabia, even as shipments through the Strait of Hormuz remain severely disrupted by the US-Iran conflict.
Analysts said any serious disruption in the Bab el-Mandeb Strait could leave Asia with fewer alternatives for Middle Eastern crude, threatening Saudi shipments and increasing the risk of oil prices rising above US$100 per…

Philippine President Ferdinand Marcos Jnr has appointed army chief Lieutenant General Antonio G. Nafarrete as the next head of the armed forces, placing a veteran of the country’s internal conflicts in charge before a sensitive election in the Muslim south and amid continued maritime tensions with China.
The choice points to continuity in security policy and puts the Armed Forces of the Philippines under an officer whose career has been closely tied to Mindanao, which is preparing for its first…