Thailand has been proactively promoting digital asset businesses regulation and has issued licenses to 13 entities, including cryptocurrency exchanges, broker and dealers.
Thailand's digital asset business is regulated by the Royal Decree on the Digital Asset Businesses BE 2561, which classifies digital asset businesses into three categories: “digital asset exchange,” “digital asset broker,” and “digital asset dealer.” The decree also defines different types of digital assets; Cryptocurrencies are a medium of exchange for the purpose of acquiring goods, services or other rights;while ‘Token’ is an agreement between the issuer and the holder to participate in a project or business investment, or the right to acquire specific goods, services or other rights.
So far, the SEC of Thailand has approved six digital asset exchanges, including Huobi Thailand Station. These exchanges have been approved to trade cryptocurrencies and tokens.
Under Thailand's Anti-Money Laundering Act, digital currency exchanges, brokers and dealers, as well as ICO fundraisers, are considered financial institutions. Thailand's SEC stressed that "awareness of the intention to operate a digital currency business should be approved by the Minister of Finance under the recommendation of the SEC.”