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Due to the definition of securities specified under the Act, virtual

currencies, including stablecoins, do not fall within the scope of any types of
securities stipulated in it. However, it should be noted that Section 4 of the

Act gave authority to the Thai SEC to stipulate any other types of instruments

as securities under the Section. To date, the Thai SEC has still not added
virtual currency to the çany other instrumentsé list under Section 4, subsection

10. However, as for other types of digital assets, such as security token,

security tokens are subject to the Securities and Exchange Act of Thailand,
(22)
as stated by the Thai SEC, to settle conflicts of laws.

4.2.1.5 The Price of Goods and Services Act B.E. 2542 (1999)

To consider whether virtual currencies should be regarded as çgoodsé

or not, it is necessary to determine the definition of çgoodsé under Thai laws
and/or regulations. The author considered the definition of goods under the

Price of Goods and Services Act B.E. 2542 (1999). In particular, Section 4 of

the Act defined a good as, çan article which may be used or consumed,
(23)
including a document of ownership in such articleé. From Section 4, it
seems that the Act provided a general definition of goods. However, from the

publication of the Department of Internal Trade, Ministry of Commerce, goods

under the Act should be narrowly interpreted and limited to articles for use

or consumption that are considered essential for life. Therefore, a virtual
currency cannot be considered a good under the Act.

(22)
çA Summary of the Emergency Decree on Digital Asset Businesses B.E. 2561,é the Securities
and Exchange Commission, <https://www.sec.or.th/TH/Documents/DigitalAsset/
digitalasset_summary.pdf> accessed 1 December, 2019.
(23)
The Price of Goods and Services Act B.E. 2542 (1999), <http://web.krisdika.go.th/data/
outsitedata/outsite21/file/THE_PRICE_OF_GOODS_AND_SERVICES_ACT,B.E._2542_(1999).pdf>
accessed 1 December, 2019.

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