According to the Emergency Decree on Digital Asset Business B.E. 2561 (2018) “Cryptocurrency” means an electronic data unit created on an electronic system or network for the purpose of being used as a medium of exchange for the acquisition of goods, services or any other rights.
On the other hand “Digital Token” means an electronic data unit created on an electronic system or network for the purpose of: (1) specifying right of a person to participate in an investment (2) specifying right a person to acquire specific goods, specific service, or any specific other right under an agreement between the issuer and the holder.
Digital asset business means any of the following businesses:
digital asset exchange
digital asset broker
digital asset dealer
other businesses relating to digital assets as prescribed
There are different types of Digital Asset Business license:
Cryptocurrency exchange business
Digital token exchange business
Cryptocurrency broker business
Digital token broker business
Cryptocurrency dealer business
Digital token dealer business
The License requirements are:
1)Must be a company incorporated under Thai law
2)Having paid-up capital of:
– THB 50 Million for cryptocurrency or digital token exchange business
– THB 25 million for cryptocurrency or digital token broker business
– THB 10 million for cryptocurrency or digital token exchange business in case business operator has no possession of client’s asset or having possess but unable to access or transfer such asset unless such business operator having an approval from clients from time to time
-THB 5 million for
cryptocurrency or digital token dealer business
cryptocurrency or digital token broker business in case business operator has no possession of client’s asset or having possess client’s asset but unable to access or transfer such asset unless such business operator having an approval from clients from time to time
-THB 1 million for cryptocurrency or digital token broker in case business operator has no possession of client’s asset
3)Financially stable
4)Director and executive must not possess any prohibited characteristics as specified in the notification of the SEC
5)Majority shareholder must not process any prohibited characteristics
6)Adequacy and readiness of resources and systems
From H&P lawyers experience in similar applications the supporting documents more than 30 items that should be considered and prepared carefully for the success of the application. The procedure takes approximately 150 days consisting on:
1)Submission of required documents
2)Document examination by SEC
3) SEC issues acceptance letter specifying starting date of license examination process
And the license examining procedure follows these stages: a) Examined by the Chief Executive of SEC b) Examined by SEC committee c) Approval from Minister of Finance
If you have any question or consultation on Digital Asset License in Thailand please contact our Bangkok lawyers at [email protected]
