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5. Concluding Remarks

It is notable that the types of digital asset businesses under existing

Thai laws and regulations are still limited and do not cover all possible types

of digital asset businesses in the market. At present, under the Emergency

Decree on Digital Asset Businesses, the types of digital asset businesses are
still limited to three main types, namely exchange, brokerage and dealer

businesses. In addition, the exemptions under the Notifications issued by the

Thai SEC are still limited and may need to be retrofitted in response to

emerging technologies.

With regard to Libra, it is noted that within the Thai legal and
regulatory framework, Libra may not be granted the status as a legal tender

or currency. Libra was designed to be a global low-volatility cryptocurrency

supported by blockchain technology, hence it is a type of cryptocurrency that

was defined in the Emergency Decree on Digital Asset Businesses.

It is also important to highlight that the authorized reseller may be

subject to the definition of çdigital asset dealeré as specified in the Emergency

Decree. However, at present, it is worth noting that the Thai Securities and

Exchange Commission does not allow Libra to be traded as trading pairs.

In connection with the Notification KorTor 11/2561, it seems that the

Thai SEC tends to exempt businesses offering services in relation to the

purchase or sale of fiat-collateralised stablecoins from the requirements
specified in the Emergency Decree. However, to date, the Thai SEC has

only exempted businesses offering services in relation to the purchase or

sale of Thai baht-collateralised stablecoins.

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