In 2021-2022, the digital assets industry in Thailand has been growing significantly as more big players in the traditional financial industry and start-up players enter into the digital assets market. It seems that the frenzy of price volatility and the regulatory complexities could not slow down the rise of crypto activities.
Regulations in the digital asset landscape around the world were tightened in order to ensure investor protection and monetary system stability, including mitigating the risks posed by cryptocurrency and digital tokens.
In late 2021 to mid-2022, the Office of the Securities and Exchange Commission (SEC) continually held public hearings, and issued additional guidelines and regulations. The licensing procedure is stringent since the SEC intends to provide a strong risk governance and safe environment for the investor. The SEC has also strictly enforced the rules by prosecuting and fining the non-compliant business operators.
To keep up with these dynamic and evolving regulatory developments in 2022, we have revised this publication to provide an update of the regulations pertaining to digital assets in Thailand, which cover the regulations regarding custodial wallet providers, digital asset payments and NFTs, including the SEC's proposed rules on ready-to-use utility tokens, advertisements and IT standards.