The global demand for biological resources to use as natural ingredients in diverse products is rising rapidly. This creates investment opportunities for nature-based products, creating pressure on and threats to biodiversity and its associated traditional knowledge (TK). Myanmar’s great biodiversity is attractive for scientific investigations searching for natural substances for pharmaceutical, cosmetic, and other uses. Myanmar is amid profound political and economic changes, exposing the country to risks and opportunities. The recent opening to world trade put its rich biodiversity and TK under severe threat. One of the local natural biodiversity products is Thanakha, which is traditionally used for skincare. This study investigates the current and planned regulations and practices managing Access and Benefit Sharing (ABS) in Myanmar, focusing on one of the potential BioTrade products: Thanakha. A qualitative and quantitative survey was conducted through in-depth interviews with 37 key informants and 35 Thanakha farmers. The results show that while the current research and development activities at the Thanakha manufacturing level could trigger ABS obligations, the low awareness about ABS requirements and the lack of traceability raise uncertainties for its potential implementation. The implementation of BioTrade principles and ethical sourcing to promote the sustainable trade of Thanakha, as well as the implementation of ABS, would lead to the protection of biodiversity and TK, and the improvement of local livelihoods.