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supervision in Thailand. In particular, it provides a licensing obligation for

digital asset business platforms that intend to operate in Thailand. Apart from
the Emergency Decree, the Thai SEC further issued a series of subordinate

regulations to supplement the Emergency Decree in detail. It should be

highlighted that these subordinate regulations also included exemptions in the
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case of utility token and stablecoins.

To conclude, stablecoins including Libra could be considered çdigital

assetsé and çvirtual currencyé under the Emergency Decree. Accordingly,

relevant businesses and participants may need to comply with all requirements

and exemptions as set by the Decree. However, to this extent, the exemptions

concerning the exempted types of businesses under the Emergency Decree
may need to be taken into account.

4.2.2 Regulating Related Businesses or Participants

In addition to the issues surrounding the legal status of virtual

currency, particularly stablecoin and Libra coin under Thai regulatory

frameworks, it is necessary to identify intermediaries or businesses that might
be subject to the regulatory regime. This is because the laws involving digital

assets are normally designed to regulate relevant businesses rather than the

underlying technology, as there can also be a lack of understanding of

fast-growing technologies by regulators.

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The exemption is specified in the notification KorTor 10/2561, KorJor 12/2561 and KorTor
11/2561 issued by the Securities and Exchange Commission. It became effective on June

16, 2018.

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