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Therefore, in the case of Libra, regulatory unclarity in Thailand may

possibly impede its adoption and development in the market.

The practical guidelines should be considered by Thai authorities to

ascertain a consistent approach to regulatory implementation. The authorities

may consider çA Guide to Digital Token Offeringsé (The MAS Guideline),
issued by the MAS, as an example. With respect to this, it is worth noting

that the guideline itself it not legally binding. It provides a more adaptive and

flexible approach for the regulator in regulating digital token offerings. This can

also reflect the use of soft law mechanisms that have the potential to make
(40)
related regulation become more adaptive.

Furthermore, in terms of innovation regulatory tools, a regulatory

sandbox might be considered a tool for regulators to acquire more

understanding of such developments and to make laws and regulations more

flexible and adaptable in responding to fast-growing technologies.

Apart from regulatory approaches to the legal status of digital assets,

as well as digital asset businesses, there are a number of potential use cases

in the context of the effort to regulate its underlying technology. For example,

while China still bans both ICOs and cryptocurrency exchanges, it recently
passed a new law on cryptography (The Cryptography Law) that will come

into force on January 1, 2020. The Cryptography Law essentially provides a

legal foundation for the use of cryptography in China by both public and

(40)
çThe Future of Regulation,é†Deloitte Insights, <https://www2.deloitte.com/content/dam/
insights/us/articles/4538_Future-of-regulation/DI_Future-of-regulation.pdf> accessed 1
December 2019.

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