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(2) specifying the right of a person to acquire specific goods, specific
service, or any specific other rights under an agreement between the issuer

and the holder, and shall include any other electronic data units of right as

specified in the notification of the SECé.

In this regard, it means that the Emergency Decree regulated both
digital token participants and cryptocurrency participants, including under the

scope of digital asset businesses. Accordingly, stablecoin-related businesses

might also be regulated under the Decree, as a stablecoin is regarded as a
type of cryptocurrency due to its characteristics.

In other words, the Emergency Decree provides the legal foundation

for digital asset business operators and digital token portal service providers.

In general, the Decree included requirements relating to the public offering of
digital tokens (Section 16-25), restrictions on digital asset businesses (Section

26-31) and details on competent officers (Section 51-56) under the Act. In

particular, Section 3 of the Emergency Decree categorised çdigital asset
businessesé into four main types. These include digital asset exchanges, digital

asset brokers, digital asset dealers and other businesses that may be allocated

by the Minister under the recommendation of the SEC. Moreover, Section 26
stated that all of these businesses must obtain an operational license in order

to conduct their operations legally in Thailand. In terms of licensing

requirements, the subordinate rules set out detailed requirements that include
paid-up capital requirements and the companyûs registration requirements.

However, the rules also specify an exemption for some types of digital assets,
(35)
including utility tokens and stablecoins.

(35)
The exemption is specified in the notifications KorTor 10/2561, KorJor 12/2561 and KorTor
11/2561 issued by the Securities and Exchange Commission. It became effective on June
16, 2018.

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