THAILAND Law and Practice Contributed by: Wongsakrit Khajangson, Panupan Udomsuvannakul, Koraphot Jirachocksubsin and Pitchaya Roongroajsataporn, Chandler Mori Hamada
they meet all qualifications (see 2.5 Regulatory Sandbox ). 5.2 Regulation of Cross-Border Payments and Remittances Under Thai law, there are specific restrictions for inward remittances. However, outward remit - tances must be performed through an author - ised BOT agent (ie, any commercial bank). Fund remittance may also require permission from the BOT if the purpose of the remittance is restrict - ed. In such cases, the person remitting the mon - ey must obtain approval through an authorised bank by submitting supporting documents to the bank prior to the transfer of funds. Nevertheless, if such remittances are equal to or more than USD200,000, supporting documents must be submitted to the authorised commercial bank. BOT regulations do not determine the list of required supporting documents. Each author - ised bank is entitled to request any documen - tation from the person remitting funds at their discretion on a case-by-case basis, which can vary depending on the type of transaction (eg, loan, service agreement, sub-licence agreement and purchase price). E-money Remittances Outward e-money remittances must be per - formed through an authorised e-money operator. The purpose of outward e-money remittances is generally listed as payment of goods and ser - vices to others domiciled in a foreign country. The BOT has issued a notice from the compe - tent officer permitting non-bank operators to apply for foreign exchange e-money (FX e-mon - ey) licences to issue e-money in foreign curren - cies. These licences allow non-bank operators to make cross-border remittances for their cus - tomers’ payments of goods and services. Non-
bank e-money service providers can thus cater to customers’ demands when travelling.
6. Marketplaces, Exchanges and Trading Platforms 6.1 Permissible Trading Platforms Digital asset exchanges are trading platforms for both cryptocurrency and digital tokens. Cur - rently, exchanges for cryptocurrency and digital tokens are subject to the same regulatory regime as applies under the Digital Assets Decree. 6.2 Regulation of Different Asset Classes The Digital Assets Decree governs cryptocur - rency and digital tokens; however, the regula - tory regime concerning digital asset operators is substantially similar for both cryptocurrency and digital tokens. Nonetheless, certain cryptocurrencies and digi - tal tokens are prohibited from being listed and traded on licensed digital asset exchange plat - forms, such as meme tokens, fan tokens, and NFTs. A potential change of the regulatory structure is discussed under Regulating Digital Assets in 10.3 Classification of Blockchain Assets . 6.3 Impact of the Emergence of Cryptocurrency Exchanges Cryptocurrency exchanges are subject to a sep - arate regime under the Digital Assets Decree. See 6.1 Permissible Trading Platforms for more information. 6.4 Listing Standards The SEC prescribes the listing standards for an initial coin offering (ICO) in SEC Notification No
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