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In general, Section 2 and Section 3 of the Notification outline types

of businesses that will not be regulated under the laws. Section 2 of the
Notification clarifies that providing exchange services for çutility tokensé or

tokens specifying the right of a person to acquire specific goods or services

will not be regarded as businesses regulated under the law. More importantly,
Section 3 provides an exemption for brokerage and dealer businesses in the

case of the purchasing or selling of digital assets, of which its value is backed

by Thai Baht currency.

In the Libra white paper, it is stated that Libra will be backed by a
(38)
reserve of assets intended to give it stable value. The reserve in this context

means the reserve of real assets, and more specifically it can be a bank
(39)
deposit and short-term government securities. In particular, money in the
Libra reserve consists of commitments by founding members and users of

Libra, proving that Libra will be purchased for fiat and that fiat transferred to
the Libra reserve. In this regard, the authorized reseller will act as an

intermediary to interact with the reserve and users. This reflects that the

authorized reseller will be the main entity to deal with the exchange

transaction. Thus, Libraûs value will not be as volatile as some other types of

virtual currencies, such as Bitcoin, because of its tie with the reserve. The
Notification is still limited in terms of the types of stablecoins. As per the

aforementioned statement, stablecoins can be categorised into many types

depended on the underlying collateralised assets. This means that the collaterised
assets may not only be fiat, as specified in the Notification. Furthermore, the

Notification is limited to stablecoins, which are backed by Thai baht.

(38)
Supra, note 10.
(39)
Supra, note 10. p. 3.

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