貝克#183;麥堅(jiān)時(shí)律師事務(wù)所（Baker McKenzie）：泰國加密貨幣和數(shù)字代幣發(fā)行的法規(guī)完全指南2023版

ACompleteGuidetothe

Regulationson

CryptocurrencyandDigitalTokenOfferinginThailand

2023Edition

(Thelawasof29August2023)

DigitalassetsinThailand

In2022and2023,followingthecollapseofthekeyglobalplayersinthecryptoindustry,regulatorsaroundtheworldcloselyscrutinizedcryptoactivitiesandtightenedtheregulationsfordigitalassetbusinesses.Thistighteningprimarilyconcernstheprotectionandsegregationofcustomers'assets,whichhasbecome

standardpracticesincethecryptocrash.

Overthepastyear,wehavewitnessedaseriesofenforcementactionsandattemptsbyoffshoreregulatorstoclassifyvarioustypesofdigitalassetproductsanddeterminewhethertheseproductsshouldbeclassifiedassecurities.

Buildingupontheaforementionedtrendsinthedigitalassetindustry,theOfficeoftheSecuritiesand

ExchangeCommission(SEC)issuednewregulationsandheldpublichearings.Theseinitiativesaimto

enhanceinvestorprotectionandstrikeabalancebetweensupervisingandfosteringthedevelopmentofthecryptoindustry.

Tokeepupwiththedynamicandevolvingregulatorydevelopments,wehaverevisedthispublicationtoprovideanupdatedoverviewofregulationspertainingtodigitalassetsinThailand.

Non-relianceandexclusion:AllContentisforinformationalpurposesonlyandmaynotreflectthemostcurrentlegalandregulatorydevelopments.Allsummariesofthelaws,regulationsandpracticearesubjecttochange.TheContentisnotofferedaslegalor

professionaladviceforanyspecificmatter.Itisnotintendedtobeasubstituteforreferenceto(andcompliancewith)thedetailed

provisionsofapplicablelaws,rules,regulationsorforms.LegaladviceshouldalwaysbesoughtbeforetakinganyactionorrefrainingfromtakinganyactionbasedonanyContent.BakerMcKenzieandtheeditorsandthecontributingauthorsdonotguaranteethe

accuracyoftheContentandexpresslydisclaimanyandallliabilitytoanypersoninrespectoftheconsequencesofanythingdoneorpermittedtobedoneoromittedtobedonewhollyorpartlyinrelianceuponthewholeoranypartoftheContent.TheContentmay

containlinkstoexternalwebsitesandexternalwebsitesmaylinktotheContent.BakerMcKenzieisnotresponsibleforthecontentoroperationofanysuchexternalsitesanddisclaimsallliability,howsoeveroccurring,inrespectofthecontentoroperationofanysuchexternalwebsites.

iiACompleteGuidetotheRegulationsonCryptocurrencyandDigitalTokenOfferinginThailand

Tableofcontents

PartI.Applicablelaws 1

PartII.Digitalassetslaw 2

1.

Howcanwedifferentiatebetweencryptocurrenciesanddigitaltokens,andhowaretheyregulated? 3

2.

Overviewoftheregulatoryregimeontheofferingofdigitaltokensandoperationofadigitalasset

business 4

2.1Offeringofdigitaltokenstothepublic 5

A.Digitaltokenoffering 5

B.Proposedrulesonready-to-useutilitytokens 5

C.Exemptoffering:limitedoffering 6

D.Realestatedigitaltokenoffering 6

E.Proposedrulesondebt-likeandinfra-backedtokens 8

F.Relevantparties 8

2.2Operationofadigitalassetbusiness 9

A.Regulatedactivities 9

.

Digitalassetexchange 9

.

Digitalassetbroker 9

.

Digitalassetdealer 9

.

Digitalassetfundmanager 9

.

Digitalassetadvisor 9

.

Digitalassetcustodialwalletprovider 9

B.Exemptactivities 10

3.

Guidelineforvarioustypesofmarketparticipants 11

3.1Guidelineforentitiesplanningtoissuedigitaltokens 11

A.Issuer 11

B.Digitaltoken 11

C.Registrationstatementandprospectus 12

D.Offeringprocess 12

E.Timeline 13

F.Offeringperiod 13

G.Fees 13

3.2GuidelineforentitiesplanningtooperateasanICOportal 14

A.Portal 14

B.Timeline 15

C.Fees 15

3.3Guidelineforinvestors 15

3.4Guidelineforentitiesplanningtooperatedigitalassetbusinesses 16

A.Digitalassetexchange,broker,dealer 16

B.Digitalassetadvisor,fundmanager,andcustodialwalletprovider 17

C.Timeline 18

iiiACompleteGuidetotheRegulationsonCryptocurrencyandDigitalTokenOfferinginThailand

D.Ongoingrequirementsfordigitalassetbusinesses 19

.

Custodyofcustomers'assets 19

.

Operationofotherbusinesses 19

.

Outsourcing 19

.

Listingrules 20

.

Restrictiononpaymentbydigitalassets 20

.

Restrictionondeposittakingandlendingservices 20

.

Advertisements 20

.

ITstandards 21

.

Walletmanagementandkeymanagement 21

3.5GuidelineforentitiesplanningtoissueNFTsoroperateanNFTmarketplace 21

PartIII.Anti-moneylaunderingregulations 22

1.On-boardingprocess 22

2.Ongoingcompliancerequirements 23

PartIV:BakerMcKenzieBangkok-FinTechanddigitalassetexpertise 24

ivACompleteGuidetotheRegulationsonCryptocurrencyandDigitalTokenOfferinginThailand

1ACompleteGuidetotheRegulationsonCryptocurrencyandDigitalTokenOfferinginThailand

PartI.Applicablelaws

ThestartingpointforunderstandingdigitalassetregulationsinThailandistheEmergencyDecreeonDigitalAssetBusinesses,B.E.2561(2018)(the"DigitalAssetDecree"),whichspecifiesanewassetclass

(digitalassets)toberegulatedunderThailaw.Fromitseffectivedate(14May2018),anybusinessoperatorwhowishestoconductanyactivityregardingdigitalassetsmusttakethislawintoaccount.

Todeterminewhetherthedigitalinstrumentyouareplanningtoissuewouldfallunderthedefinitionofdigitalassets,youmustconsidertheDigitalAssetDecreeandotherexistinglaws,includingtheSecurities

andExchangeAct,thePaymentSystemsAct,andtheDerivativesAct.

Certaintypesofinstrumentsorassetsthatutilizeinnovativetechnologyordigitalelements,suchas

securitiesundertheSecuritiesandExchangeAct,e-moneyunderthePaymentSystemsAct,andoptioninstrumentsundertheDerivativesAct,areregulatedunderotherspecificlawsandregulations,notthe

DigitalAssetDecree.

Toillustrate,digitalsecuritiesaretoberegulatedunderthepurviewoftheSecuritiesandExchangeAct,andnottheDigitalAssetDecree,becausetheircorecharacteristicsfallunderthedefinitionofwhatconstitutes

"securities".

Sometypesofinstrumentsorassetsthatdidnotfallunderthescopeofexistinglawsbefore14May2018

mightnowberegulatedundertheDigitalAssetDecreeiftheyhavespecificcharacteristicsthatfallwithinthedefinitionof"digitalassets"asprescribedintheDigitalAssetDecree.

2ACompleteGuidetotheRegulationsonCryptocurrencyandDigitalTokenOfferinginThailand

PartII.Digitalassetslaw

ThefollowingisanoverviewofhowdigitalassetsareregulatedinThailand.

Thailand'sregulatoryregime

EmergencyDecreeonDigitalAssetBusinesses,B.E.2561

Offeringofdigitaltokens

.Digitaltoken

.Cryptocurrency

.Issuer

.Portal

Digitalassetbusinesses

.Digitalassetexchange

.Digitalassetbroker

.Digitalassetdealer

.Digitalassetfundmanager

.Digitalassetadvisor

.Digitalassetcustodialwalletprovider

EmergencyDecreeonAmendmentoftheRevenueCode(No.19),B.E.2561

Newtypesofincome

.Shareoftheprofitoranybenefitderivedfromholdingorhavingpossessionofdigitaltokens.

.Capitalgainsfromthetransferofacryptocurrencyordigitaltoken.

Withholdingtaxobligations

3ACompleteGuidetotheRegulationsonCryptocurrencyandDigitalTokenOfferinginThailand

1

Howcanwedifferentiatebetweencryptocurrenciesanddigitaltokens,andhowaretheyregulated?

UnderThailaw,digitalassetscomprisetwotypesofassets:cryptocurrenciesanddigitaltokens.

Cryptocurrency

Digitaltoken

.

Electronicdataunit.

.

Electronicdataunit.

.

Createdonanelectronicsystemornetwork.

.

Createdonanelectronicsystemornetwork.

.

Beingamediumforexchanginggoods,services,

.

Fordetermining:

rights,ordigitalassets.

.OtherelectronicdataunitasdesignatedbytheSEC.

1.Therightofaninvestortoinvestinany

projectorbusiness(i.e.,investmenttoken).

2.Therighttoreceivespecificgoods,services,

orotherrightasagreed(i.e.,utilitytoken)

.OtherelectronicdataunitasdesignatedbytheSEC

However,acryptocurrencycanbedeemedadigitaltokeniftheissuerintendstoraisefundsfromthepublic,andifthecryptocurrency:a)determinestherightofaninvestortoinvestinanyparticularprojector

business;orb)determinestherighttoreceivespecificgoods,services,oranyotherrightasagreeduponbytheparties.

Thekeydifferencebetweenthesetwotypesofassetsisthatacryptocurrencyiscreatedtoservea

particularpurposeasamediumofexchange,whichmightbeforgoods,services,orotherrights,oras

considerationfortradingwithotherdigitalassets.Adigitaltokenisgeneratedtobeusedasa

determinantofrights,whichcouldberightsasaninvestorortherighttoreceivespecificgoodsorservices.

4ACompleteGuidetotheRegulationsonCryptocurrencyandDigitalTokenOfferinginThailand

2

Overviewoftheregulatoryregimeontheofferingofdigitaltokensandoperationofadigitalassetbusiness

TherearetworegulatedactivitiesundertheDigitalAssetBusinessesDecree:

2.1Offeringofdigitaltokenstothepublic

2.2Operationofdigitalassetbusinesses

Thailand'sregulatoryregimeontheofferingofdigitaltokenstothepublic

5ACompleteGuidetotheRegulationsonCryptocurrencyandDigitalTokenOfferinginThailand

2.1Offeringofdigitaltokenstothepublic

A.Digitaltokenoffering

Toofferregulateddigitaltokens(e.g.,investmenttokens,utilitytokensforwhichtheunderlyingproductsorservicesarenotready-to-useasofthedateofoffering)tothepublic,theissuermust:(i)havethespecifiedqualifications;(ii)obtainapprovalfromtheSECOffice;and(iii)filearegistrationstatementfortheofferingofdigitaltokens,andthedraftprospectus,totheSEC.Theofferingmustbedonethroughtheapprovedportal.

Topromoteinvestmenttokens,theThaiRevenueDepartmentissuedtheRoyalDecreeinAugust2023

concerninganexemptionrelatedtotheimprovementoftaxationforinvestmenttokens.Insummary,boththecorporateincometaxandvalueaddedtax(VAT)exemptionsareavailablefortheofferingofinvestment

tokensintheprimarymarketwhereasthetransferofinvestmenttokensinthesecondarymarketwillalsobeexemptfromVAT.Therationalebehindthisisthatinvestmenttokens,similartosecurities,maybe

categorizedasequityordebt,andconsequently,thetaxobligationsfortheofferingandsaleofinvestmenttokens,bothintheprimaryandsecondarymarkets,shouldbesimilartothoseapplicabletosecurities.

B.Proposedrulesonready-to-useutilitytokens

InJanuary2023,theSECheldapublichearingregardingthedraftregulationsofready-to-useutilitytokens.TheSECproposedthatanissuerofready-to-useutilitytokensshouldbeseparatedintotwogroupsand

regulatedasfollows:

Group1:Ready-to-useutilitytokensissuedforconsumptionpurposesorasadigitalrepresentationofacertificate

Primarymarket

Exemptfromofferingactivityrequirements.

Secondarymarket

Thebusinessoperatorsareexemptfromdigitalassetlicensingrequirementsforoperatingorprovidingservices(e.g.,amarketplace)relatedtothistypeoftoken.

Licenseddigitalassetexchanges,brokersanddealersarenotpermittedtolistorprovideservicesrelatedtothistypeoftoken.

Group2:Ready-to-useutilitytokensnotspecifiedinGroup1(e.g.,native/governancetokens,

DeFi/CeFi/GameFitokens,andexchangetokens)

6ACompleteGuidetotheRegulationsonCryptocurrencyandDigitalTokenOfferinginThailand

Primarymarket

Ifthetokenwillbelistedonalicenseddigitalassetexchange,itissubjecttoofferingactivityrequirements(ForfurtherdetailspleaseseePart3.1).

Ifthetokenwillnotbelistedonalicenseddigitalassetexchange,itisexemptfromofferingactivityrequirements.

Secondarymarket

Thebusinessoperatorsaresubjecttodigitalassetlicensingrequirementsforoperatingorprovidingservicesrelatedtothistypeoftoken.

Licenseddigitalassetexchangesarepermittedtolistthistypeoftokenifthetokendoesnothaveprohibitedcharacteristicsandisinlinewiththelistingrule.

Inaddition,thereareotherrequirements,suchasnotbeinga"MeansofPayment:MOP"accordingtotheBOT'sguidelinesandrestrictionsregardingastakingprogram.

Theseproposedrulesforready-to-useutilitytokensarestillsubjecttotheresultofthepublichearingandhavenotbeenfinalized.Thesenewrulescouldpotentiallyimpactthebusinessplansoflicensedbusinessoperatorsandtokenissuers,andanin-depthanalysiswillbenecessaryoncetherulesarefinalized.

offering

C.Exemptoffering:limited

Offeringofregulateddigitaltokensthatcontainoneofthefollowingelementsisconsideredalimitedoffering,andthereforeitisdeemedthattheissuerhasalreadyobtainedapprovalfromtheSECOfficeandisexemptfromtherequirementsforfilingtheregistrationstatementanddraftprospectus.

.Theofferingismadetoanyoneofthesetypesofinvestors:institutional,andultra-highnetworth.

.Theofferingismadetoaspecificinvestorwhohasaspecificrelationshipwiththeissuer,asprescribedintheregulation.Theofferingmustbemadetonotmorethan50peoplewithina12-monthperiod.

.TheofferinghasatotalvaluenotexceedingTHB20millionwithina12-monthperiod.

However,theissuermust:(i)complywithotherregulationsprescribedbytheSEC(includingofferingthroughanapprovedportal);and(ii)createanddiscloseareportonthesaleofdigitaltokensandtheinformationregardingtheholdingofdigitaltokensbyeachtypeofinvestor.

D.Realestatedigitaltokenoffering

TheSECOfficehasissuedasetofregulationsgoverningdigitaltokenofferingsthatreferto,orforwhichthecashflowcomesfrom,realestate.Arealestatedigitaltokenofferingmustcomplywiththekeyadditional

followingconditionsandrequirements,whicharesummarizedbelow.

.Realestate

Theconstructionoftheunderlyingrealestatemustbecompleteandreadyforuse,withoutbeingsubjecttoanypropertyrightsordisputes.Thereisanexceptioninwhichthetokenissuerhasconsideredand

issuedanopinioninwritingtotheeffectthatthesewillnotmateriallyaffectitsuse,andthatthetermsonwhichtherealestateisacquiredwillbebeneficialfordigitaltokenholdersingeneral.

.Investmentvalue

7ACompleteGuidetotheRegulationsonCryptocurrencyandDigitalTokenOfferinginThailand

Theamountorvalueoftheinvestmentinrealestatemustnotbelessthan80percentoftheproject'samountorvalue,ortheaggregatevalueoftherealestatetobeinvestedinmustnotbelessthan

THB500million.

.Duediligence

Duediligencemusthavebeenconductedontherealestate,soastocomplywithspecifiedrequirements,withcompleteandsufficientinformationonriskfactorsdisclosedintheregistrationstatementanddraft

prospectus.

.Appraisal

Theremustbeafullappraisaloftitledocumentsfordisclosinginformationtoinvestors.Thismustbecarriedoutbyatleasttwoappraisers,whohavebeenapprovedbytheOfficeoftheSEC,orwhofulfilspecific

requirementsiftherealestatetobeinvestedinislocatedoverseas.

.Legalformalities

Thecontracttoacquiretherealestatemustnotcontainanyagreementorobligationthatmaypreventthesaleoftherealestateatafairprice.Adrafttrustdeedmustbepreparedandmustfulfiltherequirementsintheapplicableregulations.Theremustbeamechanismtoensurethattheissuerwilltransferassetstothetrusteeasanassetpoolofthetrust.

.Typesoftokens

Iftherearedifferenttypesofdigitaltoken,thesametypeofdigitaltokenmusthaveequalrightsandbenefits,whileeachtypeofdigitaltokencanhavedifferentrightsandbenefitsbutonlyregardingthefollowing:

(i)Benefitsorreturnofcapitaltoholdersofdigitaltokens.

(ii)Feesorexpensestobeclaimedfromholdersofdigitaltokens.

(iii)Otherdifferencesthattheissuermaydemonstrateasthepracticalcategorizationofdigitaltokens,

consideringthebenefitsofholdersofdigitaltokensingeneral,andpossibleeffectsonholdersofdigitaltokens.

.Establishmentofatrust

Theissuermustsetupatrustwithanyofthefollowingelements:

(i)Trustfortheholdingofownershiporrightofpossessionoverrealestate.

(ii)Trustforinvestmentinleaseholdrightsinrealestate.

(iii)Trustthatholdssharesinaspecialpurposevehicle(SPV)thatholdstheownershiporrightofpossessionoverrealestate,whereby:

.Theshareholdingisatleast75percentofthetotalnumberofissuedshares,representingatleast75percentofthetotalvotingrightsoftheSPV;

.TheshareholdingisforthebenefitoftokenholderstopreventassetsoftheSPVfrombeing

distributed,sold,transferred,orencumbered,withoutthetrustee'sapproval,andwhichmustcomplywiththetrustdeed.

.Trustee

Thetrusteemustbeappointedwithspecifiedrolesandqualificationsassetoutintheregulations.

8ACompleteGuidetotheRegulationsonCryptocurrencyandDigitalTokenOfferinginThailand

BasedontheSEC’spublichearing,therecouldbesomeadditionalchangesandrevisionstotheregulationsregardingthereal-estatebackedtokens.

E.Proposedrulesondebt-likeandinfra-backedtokens

InJuneandAugust2023,theSECproposedtoclassifythenewtypeofinvestmenttokensthataredebt-likeandinfra-backedtokens,andsubsequentlyissuedthedraftregulationstoregulatethesetokens.TheSECviewsthatthesetokensarestructuredsimilarlytoexistingsecuritiesunderthesecuritieslaw.Inthisregard,theSECsetoutthenewofferingregulationsfordebt-likeandinfra-backedtokenstobecomparablewith

debtsecuritiesorinfrastructuretrusts,asthecasemaybe.Forexample,thespecificrequirementsrelating

totheissuanceofinfra-backedtokensmayinclude,butarenotlimitedto,assetduediligenceandappraisals,trusteerolesandresponsibilities,assetmanagementoftheissuer,andlimitationsofthegreenfieldprojectandunderlyingassets.

Theseproposedrulesfordebt-likeandinfra-backedtokensarestillsubjecttotheresultofthepublichearingandhavenotbeenfinalized.

F.Relevant

parties

.Issuer

AnissuermustobtainpriorapprovalfromtheSECOfficeandmustfilearegistrationstatementanddraftprospectuswiththeSECOfficebeforethepublicoffering.Theofferingofdigitaltokenscanonlybedone

throughanSEC-approvedportal.Forthedigitaltokenofferingswhichhavebeenapproved,pleasesee:

https://www.sec.or.th/TH/Pages/Shortcut/DigitalAsset.aspx#issuer

.Portal

OnceaportalhasreceivedSECapproval,itisobligatedbylawtoconductduediligenceandascreeningprocess.However,inspectionoftheportalisnotthefinalstageofapprovalforaprospectiveissuer,astheSECOfficemaystillrejectanyproposeddigitaltokensofferingprojectifitbelievesthattheprojectconflictswithpublicpolicy,oronanyotherreasonablegrounds.

Asof29August2023,theSEChadapprovedsevenentitiesaslicensedportalsinThailand.Youmay

considerengaginganyoftheseapprovedentitiesifyouwishtoofferdigitaltokenstothepublicinThailand.

(See:

https://market.sec.or.th/LicenseCheck/views/DABusiness?ico/en.

)

9ACompleteGuidetotheRegulationsonCryptocurrencyandDigitalTokenOfferinginThailand

2.2Operationofadigitalassetbusiness

A.Regulatedactivities

Digitalassetexchange

Thismeansacenteroranetworkestablishedtobuy,sell,orexchangedigitalassetsbymatchingor

arrangingcounterparties,orbyprovidingasystemorfacilitatingapersonwhoiswillingtobuy,sell,or

exchangedigitalassets,inordertoenterintoanagreementortomatchordersinthenormalcourseof

business.However,thisdoesnotincludesystemsornetworksinthemannerspecifiedbytheSECOffice.

Digitalassetbroker

Thismeansapersonwhoholdshimselfouttothepublicasavailabletobeabrokeroragentforany

personinthepurchase,sale,orexchangeofdigitalassetstootherpersonsinthenormalcourseof

business,foracommission,fee,orotherformofremuneration.However,thisdoesnotincludebrokersoragentsoperatinginthemannerspecifiedintheSECnotifications.

Digitalassetdealer

Thismeansapersonwhoholdshimselfouttothepublicasavailabletopurchase,sell,orexchange

digitalassetsonhisownaccountinthenormalcourseofbusiness,outsideofadigitalassetexchange.However,thisdoesnotincludedealersoperatinginthemannerspecifiedintheSECnotifications.

Digitalassetfundmanager

Thismeansapersonwhomanagesorholdshimselfouttothepublicasavailabletomanageassetsforotherpersons,inordertoseekbenefitfromdigitalassetsinthenormalcourseofbusiness.However,thisdoesnotincludefundmanagersinthemannerspecifiedintheSECnotifications.

Digitalassetadvisor

Thismeansapersonwhoprovidesadvicetothepublic,whetherdirectlyorindirectly,regardingthevalueofdigitalassets,ortheappropriatenessofinvestmentintothem,orregardingthepurchase,sale,or

exchangeofanydigitalasset,inthenormalcourseofbusiness,forafeeorotherremuneration.However,thisdoesnotincludeadvisorswhoprovideadviceaspartof,orinconnectionwith,theoperationofa

digitalassetexchange,digitalassetbrokerage,digitalassetdealership,ordigitalassetfundmanagement,ortheprovisionofadvicetothepublicinthemannerspecifiedinthenotificationsoftheSEC

Digitalassetcustodialwalletprovider

InJuly2022,theMinistryofFinanceacceptedandissuedtheprincipleandregulationsregardinglicensingrequirementsforoperatingadigitalassetcustodialwalletservice.Adigitalassetcustodialwalletproviderisdefinedasapersonwhoprovidesservicesorholdshimselfouttothepublicasavailabletoprovideoneorotheroftheservicesdescribedbelow,inthenormalcourseofbusiness,andinconsiderationforafee

orotherremuneration.

(i)Storingorkeepingdigitalassets.

(ii)Managingcustomers'cryptographickeysoranymaterialthatmustbekeptsecret,forfullorpartialauthorizationofdigitalassetstransferortransactionapproval.

10ACompleteGuidetotheRegulationsonCryptocurrencyandDigitalTokenOfferinginThailand

TheservicesunderparagraphoneshallnotincludeserviceswhichareapartofspecificservicesprescribedbytheSEC.

Furthermore,inJune2023,theSECproposedadditionalexemptionstoreducethecostsandburdensforthebusinessoperators.Whilethisproposedruleisnotyeteffective,itreflectstheSEC’sintentionto

promotethedigitalassetindustryandwillrelievesomeoftheburdenfrombusinessoperators,onceeffective.

Alicenseapplicantcouldbeabank,securitiescompany,otherfinancialinstitution,oranewlyestablished

company.However,theapplicantmustensurethatithasallofthequalificationsandmeetsalltherequirementsintheregulationstobeprescribedbytheSEC.

AsofAugust2023,theSEChasnotyetgrantedanydigitalassetcustodialwalletproviderlicenseto

anyone.TopromotethecustodialwalletbusinessinThailand,theSECheldanotherpublichearingon23August2023toproposesomerelaxationintheregulations.

AnyotherbusinessdesignatedbytheMinistryofFinance(MOF).Theseoperatorsmustobtainalicense

fromtheMOFupontherecommendationoftheSEC,andmustcomplywithcertainregulatoryrequirements.

.Forthelistoflicensedentities,pleasevisittheSECwebsite:

https://market.sec.or.th/LicenseCheck/views/DABusiness?exchange/en

B.Exemptactivities

Generally,alldigitalassetbusinessoperatorsaresubjecttolicensingandregulatoryrequirements.However,thefollowingscenariosareexempt.

.BusinessoperationsbytheBOTthatcouldbeconsidereddigitalassetbusinesses,providedthatthedigitalassetsareissuedandprocessedbytheBOT.

.Businessoperationsbyanexchange,broker,ordealerofferingdigitaltokenexchangeservices,providedthat:a)theexchangeisdonesolelyforthesametypesofdigitaltoken;andb)thedigitaltokensareutilitytokens(orotherdigitaltokensthatentitletheholdertoreceivetherightfromutilitytokens),andthe

underlyingproductorservicemustbereadytouseasofthedateoftheoffering.

.Digitalassetbrokerordealerthatprovidessaleorpurchaseservicesonlyfordigitalassets,whoseissuerhaspeggedthevalueagainsttheTHBatafixedexchangerate,andhasaclearmechanismtofixthe

value(e.g.,THB-peggedstablecoins,subjecttotheircharacteristics).Thesaleorpurchaseofdigital

assetsmustonlybedoneinexchangeforTHBatthespecifiedsetvalue,andthepaymentmustbemadethroughafinancialinstitutionundertheanti-moneylaunderinglaw.

Pleasenote,however,thattheissuerofstablecoinswillalsoneedtotakeintoaccountotherapplicablelawssuchasthepaymentsystemlawandcurrencylaw,underthesupervisionoftheBOTandtheMOF.

11ACompleteGuidetotheRegulationsonCryptocurrencyandDigitalTokenOfferinginThailand

3Guidelineforvarioustypesofmarketparticipants

3.1Guidelineforentitiesplanningtoissuedigitaltokens

A.Issuer

.Publicofferingofnewlyoffereddigitaltokensmustbedonebyacompany(eitherprivateorpublic)establishedinThailand.

.Thedirectors,executivedirectors,orpersonswithmanagementpowermustnothaveanyprohibitedcharacteristicsprescribedbytheSECOffice(e.g.,regardingbankruptcyorcriminaloffenses).

.Acompanyintendingtoconductdigitaltokenofferingdoesnothavetooperateinthetechnologyindustryorapplyblockchaintechnologytoitsbusiness.However,itmusthaveafundamentallysoundbusiness

planwithauditedfina