NO&T Asia Legal Review
Background
Similar to most countries, until recently, Thailand had no specific laws governing digital assets including offering of digital tokens and sale/purchase of cryptocurrency, exchange or brokerage activities thereof, etc. Despite the lack of regulation and caution from competent authorities, there were several companies in Thailand that have engaged in digital asset business e.g. JFIN Coin (digital tokens offered by a cellphone equipment company), and Tuk Tuk Pass (digital tokens planned for tourism service). This fast-changing trend in digital assets gave rise to the necessity of regulations by competent authorities.
In May 2018, the Emergency Decree on the Digital Asset Business of 2018 (the ” Decree”) was introduced. The Decree is the first law in Thailand to regulate, amongst other things, the offering of digital assets, supervision of businesses related to digital assets, and imposes penalties for breach.
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