Cryptocurrency Controls and Prospective Regulations on Digital Assets in Thailand
BY Wongsakrit Khajangson, Panupan Udomsuvannakul,, Tantigar Hutamai, Kanchana Suchato |
Digital assets (including cryptocurrency and digital tokens), currently governed by the Emergency Decree on Digital Asset Business B.E. 2561, have been adopted widely in Thailand both as a means of payment (“MOP”) for goods and services, and investments. The dramatic growth of the use of digital assets has been a concern for the Thai authorities, particularly the use of digital assets as a MOP. From the authorities’ point of view, the use of digital assets for such purpose may lead to various negative impacts, including cyber espionage and money laundering. Thus, on 18 March 2022, the Thai Securities and Exchange Commission issued a new Notification of the Capital Market Supervisory Board to regulate such matters (the “New Regulation”), which came into effect on 1 April 2022.