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the digital asset exchange platform. The authorized reseller, which is the only

entity authorized by the Libra Association to interact with the reserve and
users in exchanging Libra with fiat, may be considered a business within the

scope of çdigital asset dealeré under the Emergency Decree. As previously

mentioned, Libra is a blockchain digital currency that can be regarded as
a type of cryptocurrency under the definition stated in Section 3 of the

(37)
Emergency Decree. However, it is worth noting that the Thai Securities and
Exchange Commission does not allow all types of cryptocurrencies in the

market to be traded as pairs. For this, the authorized reseller may need to

obtain a digital asset business license in order to legally operate the business
under the Thai regulatory framework. Furthermore, Libra will need to be

qualified by the Thai SEC.

However, more importantly, the authorized reseller will only interact

with the reserve and users in exchanging Libra with fiat. The authorized
reseller is different from other digital asset businesses, as it was specifically

designed for so-called Libra and not other types of digital assets or virtual

currencies. Along with the characteristics of Libra, whose value will be tied

with that of underlying assets (Libra reserve), the notification KorTor 11/2561

(The Notification) accordingly issued by the Securities and Exchange
Commission regarding the exempted digital asset businesses should be further

taken into account.

(37)
Section 3 of the Emergency Decree on Digital Asset Businesses states that:
çSection 3. In this Emergency Decree: çcryptocurrencyé means an 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 SEC...é

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