Thailand: Implemented Emergency Decree on Digital Asset Businesses including operational license requirements

On 14 May 2018, the Emergency Decree on Digital Asset Businesses was implemented. The decree defines and categorises digital assets as cryptocurrencies and digital tokens and outlines licensing requirements for businesses operating digital asset exchanges, brokerage services, and trading activities. The Securities and Exchange Commission (SEC) is the primary regulator tasked with issuing guidelines, conducting inspections, and ensuring compliance. Businesses must maintain transparent records, protect customer funds, comply with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations, and implement strong data security measures. Issuers of digital tokens must receive SEC approval and provide detailed offering documents to the public. Unauthorised issuance or sale of tokens, operating without a license, or spreading false information can lead to severe penalties, including imprisonment and fines. Furthermore, the decree prohibits unethical practices such as insider trading and market manipulation. Penalties vary depending on the nature and severity of the offence, and the SEC has the authority to impose corrective measures and coordinate with international regulators.