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of Libra may not be subject to the Exchange Control Act. This is also because,

to date, virtual currency and Libra are not legal tenders in any other country
outside Thailand and, finally, cannot be designated çforeign currencyé under

the Act.

4.2.2.3 The Financial Institution Business Act B.E. 2551 (2008)

The Financial Institution Business Act aims to supervise and regulate

financial institution business undertakings in Thailand. To consider whether or
not virtual currency businesses should be regarded as çfinancial institution

businessé under this Act, it is important to consider the definition of all

(32)
relevant terms specified in Section 4 of the Act. In particular, Section 4 of
the Act defined the çfinancial institution businessé as çthe commercial banking

business, finance business and credit foncier business, and shall include the
undertaking of business of a specialized financial institutioné, along with the

definition of the çcommercial banking businessé described as a business

undertaking specific kinds of activities such as accepting deposits of money
from the public over a certain period of time and the buying and selling of

(33)
foreign currency.

(32)
The Financial Institutions Businesses Act B.E. 2551 (2008), <https://www.bot.or.th/English/
AboutBOT/LawsAndRegulations/SiteAssets/Law_E24_Institution_Sep2011.pdf> accessed
1 December, 2019.
(33)
See Section 4 of the Financial Institution Business Act B.E. 2551, provides that the
ç... çcommercial banking businessé means the undertaking of business of accepting deposits
of money or accepting money from the public subject to withdrawal on demand or at the
end of a specified period and of employing such money in one or several ways such as

granting of credits, buying or selling of bills of exchange or any other negotiable instruments,
buying and selling of foreign exchange...é

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