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need to apply for e-commerce registration in accordance with the Business

Registration Act and the regulation of the Ministry of Commerce.

However, it should also be noted that the Business Registration Act
and the regulation of the Ministry of Commerce only requires businesses to

provide general information, for instance, descriptions of their activities.

4.2.2.2 The Exchange Control Act B.E. 2485 (1942)

In essence, the Exchange Control Act B.E. 2485 and its subordinate

regulations, such as the Ministerial Regulation No.13 B.E. 2497, was enacted
in order to provide a legal foundation for exchange control in Thailand.

The Ministerial Regulation further states that any person engaged in

business related to foreign exchange transactions must obtain a specific

operational license from the Ministry of Finance through the Bank of
(30)
Thailand. This provides that, under the Exchange Control Act, the Minister

of Finance is in charge of the execution of the Act.

It should be noted that the main subject matter addressed by the Act
is çforeign currencyé, which is defined in Section 3 as çlegal tender in any
(31)
country other than Thailand including foreign exchangeé. In addition,

sections 6 and 7 of the Currency Act B.E. 2501 stipulates that Thai currency
consists of coins and notes and that the unit of currency should be çBathé;

in this regard, virtual currency businesses as well as the authorized resellers

(30)
The Ministerial Regulations No.13 (B.E. 2497) issued under the Exchange Control Act B.E.
2485, <https://www.bot.or.th/Thai/FIPCS/Documents/FOG/2497/EngPDF/24971501.pdf> accessed
1 December, 2019.
(31)
Ibid.

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