THAILAND LAW AND PRACTICE Contributed by: Wongsakrit Khajangson, Panupan Udomsuvannakul, Koraphot Jirachocksubsin and Pitchaya Roongroajsataporn, Chandler Mori Hamad a
10.3 Classification of Blockchain Assets The Digital Assets Decree, which governs blockchain assets under the defined term “digital assets”, sepa - rates digital assets into cryptocurrency and digital tokens. “Cryptocurrency” is defined as an electronic data unit built on an electronic system or network that is created as a medium of exchange for the acquisi - tion of goods, services or other rights, including the exchange between digital assets. A “digital token” is defined as an electronic data unit built on an electronic system or network to specify a person’s right to invest in any project or business or acquire specific goods or services. Digital tokens are further separated into two types: investment tokens and utility tokens. Regulating Digital Assets Currently, the SEC regulates digital assets based on the activities of the operators, with some differences depending on the types of digital assets (eg, there are some differences in requirements for underlying assets that are in the form of real estate and infrastruc - ture) under the Digital Assets Decree. Since August 2024, the SEC has also differentiated “ready to use” utility tokens (Group 1 vs Group 2), with exemptions and operator restrictions calibrated to functionality and trading intent. 10.4 Regulation of “Issuers” of Blockchain Assets The closest concept to “issuers of blockchain assets” are the “issuers” of digital assets under the Digital Assets Decree. The issuer of an ICO must be a limited company or a public limited company. Similar to as discussed in 6.4 Listing Standards , prior to the offering, the issuer must obtain approval from the Office of the SEC and submit registration statements and draft prospectus - es as indicated in the relevant SEC notification. The offer for the sale of digital assets is permissible only after the registration statements and the draft pro - spectuses have been approved by the SEC. The offer for sale must be made via the system provider, the so-called ICO portal, which has been approved by
Therefore, contractual terms must be negotiated and agreed upon on a case-by-case basis.
10. Blockchain 10.1 Use of Blockchain in the Financial Services Industry Many Thai financial institutions, including the BOT, are keen on adopting blockchain technology. In 2020, the BOT launched a new blockchain-based platform for government bond issuance. This project is a collaborative effort with the Public Debt Man - agement Office, Thailand Securities Depository Co, Ltd, the Thai Bond Market Association and several selling-agent banks. Since then, policymakers have advanced tokenisation and programmable payment pilots, including the BOT’s Enhanced Regulatory Sandbox for programmable payments and the Cabi - net-approved Government Token (G-Token) initiative in 2025. In addition, certain commercial banks in Thailand have adopted blockchain technology in order to develop their operations, such as monitoring the correctness of financial transactions, cross-border transfers of funds, issuing bank guarantees and developing other aspects relating to financial infrastructure. TDX, part of the SET group, also operates a token exchange to support digital token fundraising and trading under SEC supervision. 10.2 Local Regulators’ Approach to Blockchain Even though the BOT and the Office of the SEC are very cautious about the sale of blockchain-based digital assets and cryptocurrency, they and other local regulators are very positive about wider uses of blockchain technology and are keen on utilising it. Regulators are simultaneously broadening tokenisa - tion pathways (eg, allowing services for tokenised car - bon credits and renewable energy certificates subject to prior SEC approval) and running joint sandboxes such as “TouristDigiPay” for crypto-to-baht spending by tourists via e-money rails.
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