Chandler MHM

Newsletter

Thai Authorities Plan to Regulate Digital Assets as Means of Payment

On 6 January 2022, the Securities and Exchange Commission (the “SEC”) approved, in principle, the criteria for restricting digital asset business operators from facilitating the use of digital assets as a means of payment for goods and services (the “Draft Criteria”).

The SEC, the Bank of Thailand and the Ministry of Finance also announced on 25 January 2022 that they are working together to determine how to regulate the use of digital assets as a means of payment for goods and services.

Currently, the Draft Criteria has not yet come into force and is under the process of public hearings which will end on 8 February 2022. After the hearings, the SEC will consider enacting and issuing a regulation. Note that the Draft Criteria is subject to potential changes prior to its enactment.

In this article, we will provide an overview of the Draft Criteria and discuss possible implications that may arise upon its enactment.