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With regard to the exemptions, that issued under the notification of
(36)
the Securities and Exchange Commission KorTor 11/2561 (The Notification)
pursuant with Section 3 and 10 (1) of the Emergency Decree should also be

taken into account to determine whether or not the authorized reseller falls

within the scope of the existing legislation. To this extent, the Notification
prescribes types of services that are not considered digital asset exchanges,

brokerages or dealer businesses.

In accordance with the Emergency Decree, the authorized reseller may

not be regarded as a digital asset exchange business under Section 3 of the

Emergency Decree. This is because Section 3 of the Emergency Decree

defined a çdigital asset exchangeé as a centre or network that was designed
for the trading or exchange of digital assets. More specifically, a digital asset

exchange under the Emergency Decree means a platform operating the system

to facilitate relevant parties that wish to trade in or exchange digital assets.

In addition, Libraûs authorized reseller may not fall within the scope
of çdigital asset brokeré, as the authorized reseller of Libra is neither a person

who is a broker nor an agent acting on behalf any person for the purpose

of the trading or exchange of digital assets in the normal course of business,

subject to fees or other remuneration.

With the term çdigital asset dealeré, the Emergency Decree defines the

term as a person who offers services concerning the trading or exchange of
digital assets for its own account in the ordinary course of business out of

(36)
The Notification issued by the Securities and Exchange Commission KorTor 11/2561 Re: The
designation of the businesses which not be regarded as the digital asset exchange, broker
or dealer, <https://capital.sec.or.th/webapp/nrs/data/7683s.pdf> accessed 1 December, 2019.

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