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4.2.2.5 The Securities and Exchange Act B.E. 2535 (1992)

As mentioned in the previous part about the legal status of virtual

currency, it is obvious that, to date, virtual currency as well as stablecoins
are not securities under the Securities and Exchange Act of Thailand. Also,

as the Thai SEC enacted bespoke regulations to regulate digital asset

businesses, this can reflect that digital asset businesses are a new kind of
business. In other words, it should be noted that the Thai SEC separately

regulated digital assets through the Emergency Decree, which is different from

traditional securities-related businesses that are subject to the Securities and

Exchange Act. Therefore, the Emergency Decree is the main law pertaining

to digital asset businesses.

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

Under Thai laws, digital asset businesses are regulated by the

Emergency Decree on Digital Asset Businesses B.E. 2561 (2019). While a

digital asset is defined as a çcryptocurrency and digital tokené, a cryptocurrency

and digital token is also defined under the Emergency Decree as çan electronic

data unit created on an electronic system or network for the purpose of being
used as a medium of exchange for the acquisition of goods, services or any

other rights, or the exchange between digital assets, and shall include any

other electronic data units as specified in the notification of the SECé, and
çan electronic data unit created on an electronic system or network for the

purpose of:

(1) specifying the right of a person to participate in an investment in
any project or business;

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