You are using an outdated browser and your browsing experience will not be optimal. Please update to the latest version of Microsoft Edge, Google Chrome or Mozilla Firefox. Install Microsoft Edge

January 14, 2021

New Digital Asset Business Requirements for Businesses in Thailand

Subscribe to Updates

On November 26, 2020, the Notification of the Ministry of Finance Re: Addition to Other Business Relating to Digital Assets B.E. 2563 (2020) (the Digital Asset Business Notification) and the Notification of the Ministry of Finance Re: Licensing of Digital Asset Business No. 2 B.E. 2563 (2020) (the Digital Asset Business Licensing Notification) were published in the Thai Government Gazette.

Additional Digital Asset Businesses

The new Digital Assets Business Notification adds two new categories of digital assets business to the list prescribed in the Royal Decree on Digital Asset Businesses B.E. 2561 (2018).

  • Digital Asset Fund Manager is defined as a person who manages funds from digital assets for another person for benefits, or holds themselves out to the general public as being ready to do so, in the ordinary course of business. It does not include the management of digital assets as prescribed by the Securities and Exchange Commission (SEC).
  • Digital Asset Advisory Service is defined as a person who provides consultations to other people, directly or indirectly, regarding the value of digital assets; the suitability of investment in digital assets; or the buying, selling, or exchanging of any digital assets in the ordinary course of business in return for service fees or other compensation. However, this does not include consultations as a part of or relating to a digital asset exchange, digital asset broker, digital asset dealer, digital asset fund manager, or other personal consultation as prescribed by the SEC.

Additional Digital Asset Licensing Requirements

The Digital Asset Business Licensing Notification amends the definition of “License Applicant” to include cryptocurrency exchanges, digital token exchanges, cryptocurrency brokers, digital token brokers, cryptocurrency dealers, digital token dealers, cryptocurrency fund managers, digital token fund managers, cryptocurrency advisory services, and digital token advisory services.

Additional requirements for granting licenses have also been added in the new Digital Asset Business Licensing Notification, including:

  • the licensee must never have been denied a license or had a license revoked in the last six months from the date of the application submission;
  • the licensee’s application must not be a replacement of a previous application that has been withdraw by the licensee; and,
  • the licensee must not currently be under any legal proceedings for any violation of law.

The digital assets business must commence within 180 days after receiving licensing approval.

Digital Asset Fund Managers and Digital Asset Advisory Services already in operation are required to apply for a license from the SEC within 90 days after this Digital Asset Business Licensing Notification comes into force (i.e. by February 25, 2021). Once an application has been filed with the SEC, the applicant is allowed to continue operating their business until the SEC issues an order to decline the application.

The Digital Asset Business Licensing Notification also updates the application fees.

For more details on these notifications, or on any aspect of Thai law relating to digital assets or currencies, please contact Charuwan Charoonchitsathian at [email protected], Nopparat Lalitkomon at [email protected] or Teelada Rujirawanichtep at [email protected].

 

Related Professionals

Industries

Technology

Practices

Banking and Finance

Corporate/M&A

Location

RELATED INSIGHTS​ 

September 22, 2025
On September 15, 2025, Vietnam’s Ministry of Science and Technology announced that the country will issue an updated version of its National AI Strategy (first issued in 2021) and its first-ever AI Law by the end of this year. The ministry emphasized that the AI strategy is not just a legal framework, but a commitment to embracing AI to drive Vietnam into a new era. The AI adoption plan is set as a priority of the country, and marks a significant step in shaping Vietnam’s AI governance and innovation landscape. Highlights of the plan include the following: Strategic vision. Vietnam’s ambition is to leverage AI for economic growth, social development, and global competitiveness, under the guiding principle “AI for humans – safe, autonomous, cooperative, inclusive, and sustainable.” AI as national infrastructure. The updated strategy positions AI as core national infrastructure, comparable to electricity or the internet, aiming to provide every citizen with a “personal digital assistant.” Core principles for AI legislation. The AI Law will be built around the following six core principles: Risk-based regulation Transparency and accountability Human-centric development Domestic AI autonomy AI as a driver of sustainable growth Digital sovereignty, with data, infrastructure, and AI technology being three strategic pillars Ethics and openness. A National AI Ethics Code will accompany the upcoming law, aligned with international standards but tailored to the Vietnamese context. The government emphasizes open standards and open-source development. Market development and incentives. The government plans to expand domestic AI adoption, particularly in public services and key industries. The National Technology Innovation Fund (NATIF) will allocate at least 40% of its budget to AI projects, prioritizing SMEs through vouchers for locally developed AI solutions. Background on AI Law Development Regulations on AI are found in various Vietnamese laws and regulations, notably the recently adopted Law
Read More
September 12, 2025
On September 10, 2025, Vietnam’s National Credit Information Center (CIC) reported to the Vietnam Cybersecurity Emergency Response Team (VNCERT) a suspected significant cybersecurity incident involving unauthorized access to the CIC’s credit information database. A hacker group has claimed responsibility and allegedly posted over 160 million records for sale, including sensitive personal and financial data. Implications for Banks and Financial Institutions Companies that share customers’ or potential customers’ personal data with the CIC for credit scoring or other purposes—and continue to act as a data controller for such data—may be obligated under Vietnam’s Personal Data Protection Decree (PDPD) and related regulations to: Notify A05 (Department of Cybersecurity and High-Tech Crime Prevention) and the State Bank of Vietnam without delay. Inform affected individuals if their personal data is at risk. Recommended Actions Companies that could be impacted by this data breach should take the following actions: Conduct an internal review of CIC-related data in their systems, and identify whether and how the systems have been affected by this incident. Assess whether to notify regulators and customers/potential customers. Enhance cybersecurity controls, monitor for suspicious activity, and implement additional safeguards to prevent secondary breaches.
Read More
September 11, 2025
Thailand’s Securities and Exchange Commission (SEC) has amended its digital asset regulations to permit the offering, trading, and provision of services related to tokenized environmental commodities by licensed digital asset exchanges, brokers, and dealers. This regulatory development is aimed at facilitating Thailand’s green economy and net-zero goals while diversifying the products available in the regulated digital assets market. The environmental commodities currently being traded on certain market platforms and via over-the-counter channels include: Carbon credits: Tradable certificates representing a reduction of CO₂ emitted into the atmosphere. Renewable energy certificates (RECs): Tradable proof of electricity generated from renewable energy sources. Carbon allowances: Tradable permits to emit a capped amount of greenhouse gases. The tokenization of these instruments is essentially the process of converting them into digital tokens, making it possible to list them on blockchain exchanges for trading purposes. Background Tokenized carbon credits, RECs, and carbon allowances fall under the category of utility tokens for consumption purposes or tokens representing entitlement certificates—that is, group 1 utility tokens, which are not considered financial products. The offering, trading, and provision of secondary-market services of this type of token are exempted from licensing requirements for regulated digital asset businesses under the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018). Under the previous regulatory framework, licensed digital asset business operators were not allowed to provide services involving such unregulated tokens, as it was deemed to be engaging in “other businesses,” which digital asset operators generally cannot engage in without prior SEC approval. Regulatory Amendment Under the amended digital asset regulations, licensed digital asset exchanges, brokers, and dealers may now apply for SEC approval to offer services related to these tokenized assets as “other businesses,” including listing them for trading on digital asset exchanges. Apart from requiring operators to comply with the general conditions
Read More
September 4, 2025
With advancements in health technology, telemedicine has taken on a wider online presence in Thailand. Under the Medical Facility Act, licensed clinics and hospitals may now diagnose, prescribe, and issue electronic prescriptions during a video call, provided they maintain patient confidentiality and proper recordkeeping. As a complementary concept, a telepharmacy allows a pharmacist to verify prescriptions, counsel patients, and dispense medication from a remote site. Hospitals, clinic chains, and some retail pharmacy groups have adopted “drive-thru” or “locker” pick-up points where drugs are bagged only after a real-time video consultation with a registered pharmacist. The clear benefits of telehealth include shorter waiting times and broader access to specialists, which is in the public interest. Drug Distribution and Advertising in Thailand The online pharmacy ecosystem creates a legal bridge in that once a teleconsulting doctor issues an e-prescription, a licensed pharmacy can lawfully dispense and deliver the medicine prescribed to the patient’s door. Nonetheless, the critical compliance component remains the advertising of medicinal drugs. It is still not allowed to advertise prescription/pharmacy-dispensed drugs to the public in Thailand. Although Thailand’s Drug Act of 1967 was written more than half a century ago, it still governs the trading of every medicinal drug that makes its way to consumers in Thailand—whether bought at a pharmacy or delivered with a few taps on a smartphone. First and foremost, the pharmacy must hold a license to sell medicinal drugs as a retailer. It is also mandatory that arrangements be made for a pharmacist to be on duty during opening hours. Drugs are classified into three main categories: prescription drugs, pharmacy-dispensed drugs, and over-the-counter (OTC) drugs. The listing of OTC drugs with their prices via an online platform is allowed, as only OTC drugs may be advertised directly to the public. However, naming or showing
Read More