Fintech 2026

THAILAND LAW AND PRACTICE Contributed by: Wongsakrit Khajangson, Panupan Udomsuvannakul, Koraphot Jirachocksubsin and Pitchaya Roongroajsataporn, Chandler Mori Hamad a

10.10 Regulation of Funds Effective from January 2025, certain mutual and pri - vate funds were permitted to invest in digital assets under specified criteria, expanding institutional par - ticipation. 10.11 Virtual Currencies Virtual currencies are not defined under Thai law. However, under the Digital Assets Decree, “crypto - currency” is defined as “an electronic data unit built on an electronic system or network which is created for the purpose of being a medium of exchange for the acquisition of goods, services or other rights, includ - ing the exchange between digital assets”. Cryptocur - rency is different from digital tokens in the sense that it is a medium of exchange, while digital tokens, which are another type of blockchain asset defined under the Digital Assets Decree, have the main purpose of determining the right to participate in an investment or to acquire goods or services. See also 10.3 Classification of Blockchain Assets . 10.12 NFTs To establish whether an NFT will be regulated under Thai law, a determination of whether that NFT falls within the definition of a “digital token” under the Digi - tal Assets Decree is needed. Certain NFTs may be considered utility digital tokens if such NFTs grant the holder a right to obtain any goods, services or assets. Under the SEC’s guidelines issued on 6 January 2022, certain types of NFTs are exempted from NFT regula - tions and the Digital Assets Decree, including NFTs that are utility tokens with ready-to-use underlying products or services as of the date of offering. To fur - ther elaborate, an NFT that is exempted is one which is an asset in itself, is inseparable, and does not rep - resent any rights or the intention to be utilised as a medium of exchange (eg, an NFT that is created by storing a digital file on an Interplanetary File System issued for the convenience of exchange, and such digital file and the NFT must be transferred together, be inseparable and be unable to be modified). The SEC’s August 2024 framework further clarified Group 1 ready-to-use utility tokens (including certain NFTs) and prohibited exchanges from listing such

Group 1 Utility Tokens are exempt from approval for primary market offerings and are not considered regu - lated businesses, but digital asset exchanges, bro - kers and dealers may not provide services related to these tokens unless they establish a separate entity. Meanwhile, Group 2 Utility Tokens are exempt from approval unless listed on an SEC-authorised digital asset exchange, and digital asset business operators can provide services related to these tokens. In any case, neither group may be used as a means of pay - ment or for staking except for transaction verification, voting, participation in activities, or receiving ecosys - tem benefits. 10.6 Staking The provision of staking services for cryptocurrencies is prohibited in Thailand. It is allowed only for spe - cific purposes related to the use of digital tokens, as discussed in 10.5 Regulation of Blockchain Asset Trading Platforms . Thai regulators reinforced this approach by banning exchange-offered lending/stak - In Thailand, the SEC prohibits digital asset business operators from providing or supporting deposit-tak - ing and lending services. This policy remains in effect alongside broader consumer protection measures in the digital asset market. 10.8 Cryptocurrency Derivatives ing products for investors in 2023. 10.7 Crypto-Related Lending Currently, there are no specific regulations regarding cryptocurrency derivatives in Thailand. However, in July 2025, the SEC proposed amendments to include digital assets as regulated underlyings in the Deriva - tives Act B.E. 2546 (2003), which would require deriv - atives licensing for such products if adopted. 10.9 Decentralised Finance (DeFi) The term “DeFi” is not defined under Thai law. Thus, there is no specific regulation on DeFi platforms or transactions. However, on a case-by-case basis, if any transaction related to DeFi relates to the purchase and sale of digital tokens and cryptocurrency or other regulated business, operators related to the DeFi busi - ness are subject to the Digital Assets Decree.

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