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4.2.1.6 Thai Civil and Commercial Code

Apart from all of the above-mentioned acts, it is necessary to consider

the Thai Civil and Commercial Code (CCC) to determine the legal status of
virtual currencies. Section 138 of the Thai CCC prescribed the definition of

çpropertyé as çthings as well as incorporeal objects, susceptible of having a
(24)
value and of being appropriated.é Virtual currency does not constitute a
thing under Section 138, but it is an incorporeal object. This is because virtual

currency met two qualifications of incorporeal objects, namely value and the

ability to be appropriated. A virtual currency is in digital form; accordingly,

virtual currency is an incorporeal object under Section 138. Concerning its

value, even the value of virtual currency is volatile. However, it has value,
which can be determined by demand and supply.

Besides, Libra coin can also be considered çpropertyé under the Thai

CCC; however, the value of Libra coin may not be as volatile as other virtual

currencies because of its link to the value of underlying assets.

4.2.1.7 The Emergency Decree on Digital Asset Businesses B.E. 2561
(2019)

As for bespoke legislations, in Thailand, the Emergency Decree on

Digital Asset Businesses (The Emergency Decree) became effective on 14 May,

(25)
2018 with the primary objective of regulating digital asset businesses.
The Emergency Decree is the main and only regulation for digital assets

(24)
Section 138, Thai Civil and Commercial Code.
(25)
The Emergency Decree on Digital Asset Business B.E. 2561 (2018), <https://www.sec.or.th/
EN/SECInfo/LawsRegulation/Documents/actandroyal/digitalasset_decree_2561_EN.pdf> accessed
1 December, 2019.

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