Cryptocurrency Regulation in Thailand

Thailand is the primary country to pass legislation related to the presence of the digital assets and businesses responsibility digital-asset-related actions, being the Emergency Decree on the Digital Asset Businesses B.E. 2561 (C.E. 2018) (the “Digital Asset Businesses Decree”)[33] and the Emergency Decree on the Amendment of the Revenue Code (No. 19) B.E. 2561 (C.E. 2018), which came into force on 14 May 2018.

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In the Digital Asset Businesses Decree, the Thailand Securities and Exchange Commission (“SEC Thailand”) controls the public contribution of recently accessible or permitted newly issued digital tokens, which comprise cryptocurrencies and digital tokens but prohibit securities pursuant to Thailand’s securities laws. Issuers of digital tokens are needed to get consent from SEC Thailand and file a registration statement and plan prospectus with SEC Thailand. Issuers needs continuing duties to reveal details to investors and the public after its ICO and tender reports to SEC Thailand on their financial state, business operations and any details which may influence the rights and safety of digital token holders or the supervisory on investment or the transformation in the value or price of the digital token.

In addition, operators of digital asset businesses, which comprise digital asset dealers, digital asset exchanges, digital asset brokers, and other businesses connecting to digital assets as set by the Ministry of Finance (“MOF Thailand”) under the proposal of SEC Thailand, are needed to attain a license from MOF Thailand upon the proposal of SEC Thailand. Licensees are need to obey with rules, conditions and process specified by SEC Thailand, containing implementing security actions against electronic crime and know-your-client measures, client due diligence procedures and AML and CFT measures, and separating clients’ assets from their own.

SEC Thailand has issued regulations number 15/2561[34] ever since and 16/2561[35] relating to the digital tokens public offering and the conditions, rules, and process for sanction of digital asset businesses correspondingly. SEC Thailand has also ever since issued a press release declaring that it has relaxed the criterion for offering of digital tokens in pre-ICO and private sale.[36]

SEC Thailand has issued three digital asset exchange licenses, as at 20 February 2019, 1 digital asset broker license and 1 digital asset dealer license.[37] SEC Thailand has as well issued numerous warnings to the public to employ caution while investing in digital assets or ICOs who are not approved and licensed by the SEC[38].

The Thai financial authorities did not interfere with preventive provisions in the natural growth of the cryptocurrency market in this country. In Thailand, there is no strict system compulsory to investors in this field. The Thai state invests in events and seminars which have as a reason to notify investors and teach the market in order to make sure a secure and vigorous development of the cryptocurrency sector in Thailand.

Cryptocurrency permit for numerous sorts of business thoughts and actions. Two of the most famous ones are companies which offer technological infrastructures for withdrawal virtual money and for cryptocurrency transactions, and wallet suppliers, which store information and make sure the protection of the transactions.

Thailand aims to spend in a financial infrastructure which could make sure additional investments in the cryptocurrency sector. There are plenty of advisors that can help you in the formation of company in Thailand. Company formation necessities for a cryptocurrency business in Thailand

Apart from the typical registration process with the Department of Business Development which is obligatory on each entrepreneur, there are no further requirements to state the opening of a cryptocurrency enterprise in Thailand.

The formation of a cryptocurrency business must start with a name reservation, and ought to carry on in fulfillment with the necessities of the Thai Commercial Code.

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