THAILAND Law and Practice Contributed by: Wongsakrit Khajangson, Panupan Udomsuvannakul, Koraphot Jirachocksubsin and Pitchaya Roongroajsataporn, Chandler Mori Hamada
6.5 Order Handling Rules There are no specific order-handling rules appli - cable to digital asset operators. 6.6 Rise of Peer-to-Peer Trading Platforms Currently, peer-to-peer energy trading platform initiatives in the energy sector are on the rise, while the adoption of peer-to-peer trading plat - forms in other industries (including fintech) is still rather limited. This type of platform may not fall under the exist - ing categories of businesses eligible for licences, and, therefore, the SEC may need to revise the regulations on digital assets to capture this type of platform. 6.7 Rules of Payment for Order Flow There are no specific payment rules for order flow applicable to digital asset operators. How - ever, there is a general prohibition on the receipt of benefits in excess of those that should be received or rewarded under normal commercial practices. 6.8 Market Integrity Principles Under the Securities and Exchange Act B.E. 2535 (1992) (the “SEC Act” ), various offences are listed, aimed at protecting market integrity and preventing market abuse, including: • insider trading – anyone who has mate - rial inside information is prohibited from the buying or selling of securities to which such inside information is related; • market manipulations – trading of securities with the intent to manipulate the market is prohibited; and • misstatement – dissemination of false infor - mation with an intent to mislead is also prohibited.
GorJor 15/2561 re: Offering of Digital Tokens to the Public. Requirements According to the listing standards, among other requirements, the applicant for an ICO must be a limited or public limited company that is not insolvent. The applicant must show that the ICO portal has considered that the ICO is in compliance with this notification. There are also requirements regarding the underlying assets, such as whether the underlying assets of the digital tokens are real estate or infrastructure. There are certain requirements that the offeree must comply with, as well as limitations on the number of digital tokens that can be offered to general investors unless it involves the offering of real estate-backed, infra-backed, or sustain - ability group digital tokens. The applicant must also prove to the Office of the SEC that the busi - ness models and smart contracts are enforce - able and that the applicant will not take advan - tage of the investors. In 2023, the SEC added additional requirements for debt-linked and infra-backed ICOs to align with the digital offering standards, which are structured similarly to those for securities under securities law. Approval Prior to the offering, the issuer must obtain approval from the Office of the SEC, submit reg - istration statements, and draft prospectuses as indicated in the SEC’s notification. The offer for the sale of digital assets is permissible only after the SEC approves the registration statements and the draft prospectuses. The offer for sale must be made via the system provider, the ICO portal, that is approved by the SEC.
884 CHAMBERS.COM
Powered by FlippingBook