RESEARCH: Thailand Stablecoin Regulation

Last Updated: 18 September 2024

Executive Summary

Stablecoin activities are legal in Thailand but governed by a fragmented dual regulatory framework: the Bank of Thailand (BOT) regulates Baht-backed stablecoins functioning as payment instruments under the e-Money framework (Payment Systems Act B.E. 2560), while the Securities and Exchange Commission (SEC) licenses digital asset businesses under the Emergency Decree on Digital Asset Businesses B.E. 2561 (as amended by Emergency Decree B.E. 2566 (2023)). As of September 2024, the SEC has licensed 17 digital asset business operators across six categories under the 2023 amended framework, but no entity holds a standalone "stablecoin issuer" license. The 2023 Emergency Decree amendments restructured license categories to: Digital Asset Exchange, Digital Asset Broker, Digital Asset Dealer, Digital Asset Fund Manager, Digital Asset Advisor, and Digital Asset Custodian. FATF's October 2023 Follow-Up Report rated Thailand "Largely Compliant" on Recommendation 15 (Virtual Assets), with remaining stablecoin AML gaps identified in DeFi oversight, cross-border supervision, and privacy tools. Businesses must immediately determine whether their stablecoin falls under BOT e-Money regulation (Baht-backed payment tokens), SEC digital asset licensing (investment/trading products), or the unregulated gap (foreign-currency, asset-backed, algorithmic stablecoins) before proceeding—see the Operational Decision Matrix below.

Operational Decision Matrix: Choosing the Correct Regulatory Pathway

Note: Unregulated gap does not imply legal immunity. AMLO registration may still apply under the Anti-Money Laundering Act; securities laws may trigger if the token has investment features (e.g., profit-sharing, redemption rights linked to reserve performance). Legal counsel should assess each token's specific features.

Practical Compliance Actions:

1. For Baht-backed payment stablecoins: Submit pre-consultation request to BOT Payment Systems Policy Department immediately; prepare THB 100M capital or apply for sandbox with THB 20M. Verify whether the BOT's Programmable Payment Regulatory Sandbox (launched 2022, expanded August 2024) applies to your use case. Source: BOT, Programmable Payment Regulatory Sandbox
2. For stablecoins to be listed on Thai exchanges: Contact SEC Digital Asset Division for token listing approval; verify exchange partner has valid SEC license. Note that the 2023 Emergency Decree amendments added custodians as a licensed category, and the SEC requires exchanges to conduct token listing due diligence under SEC Notification KorThor. 3/2561 as amended.
3. For foreign-currency or asset-backed stablecoins: Obtain legal opinion on whether the token constitutes a "digital asset" under the Emergency Decree (as amended 2023); request private letter ruling from Revenue Department on tax treatment. Consider whether the token might be classified as a security under the Securities and Exchange Act B.E. 2535 due to investment-like features.
4. All stablecoin operators: Implement travel rule compliance for transfers ≥ THB 30,000 per FATF Recommendation 16; register with AMLO as reporting entity. Verify whether the threshold applies under AMLO Notification No. 38/2561 (which sets the threshold for digital asset businesses) versus the Anti-Money Laundering Act's general thresholds. Additionally, consult AMLO on whether your specific business model triggers registration under the Emergency Decree on Anti-Money Laundering Amendment B.E. 2565 (2022).
5. All stablecoin operators: Review foreign exchange obligations under the Exchange Control Act B.E. 2485 and Notification of the Ministry of Finance and BOT No. FPG. 6/2565 (Foreign Exchange Regulations). Cross-border stablecoin flows may require repatriation of export proceeds within 360 days, reporting of non-resident holdings, and prior approval for certain capital movements. Source: BOT, Foreign Exchange Regulations; Source: BOT, Exchange Control Regulation

Regulatory Framework

• Bank of Thailand (BOT): Central bank and primary regulator for payment systems, e-Money, and financial stability under the Payment Systems Act B.E. 2560 (2017). Oversees settlement risk, money laundering, cybersecurity, and consumer protection for e-Money. The BOT's Supervisory Framework (updated 2023) extends oversight to financial technology providers, including digital payment services. Source: BOT, Stablecoins Regulation Policy, 2021; Source: BOT, Supervisory Framework; Source: BOT, Laws and Rules
• Securities and Exchange Commission (SEC): Regulates digital asset businesses (exchanges, brokers, dealers, fund managers, advisors, custodians) under the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018), as amended by Emergency Decree B.E. 2566 (2023). Issues licenses, enforces conduct rules, and operates the enforcement database. The 2023 amendments added the Digital Asset Custodian license category and refined capital requirements. Source: SEC, Emergency Decree on Digital Asset Businesses B.E. 2561 (Official English Translation); Source: SEC, Digital Asset Business Regulations; (Unofficial Translation) Emergency Decree Amendment
• Baht-backed stablecoins designed to minimize price volatility by pegging to the Thai Baht and intended as a means of payment "may be classified as electronic money (e-Money) under the Payment Systems Act 2017" and "are required to consult with the BOT for consideration before beginning any operations". Source: BOT, Stablecoins Regulation Policy, 19 March 2021; Source: BOT, Thai Baht-denominated Stablecoins, 17 March 2021
• BOT Notification No. FPG. 6/2565 (2022) — "Regulations on Electronic Money Business Operations" — sets detailed operational standards for e-Money licensees: capital adequacy, safeguarding of customer funds (100% segregation in trust accounts or high-quality liquid assets), interoperability requirements, consumer protection disclosures, and incident reporting within 1 hour for critical failures. This notification superseded BOT Notification No. 12-2558 in most operational respects; however, Notification No. 12-2558 remains in force for definitions, prohibited interest-bearing provisions, and scope of permitted activities. Source: BOT Notification No. FPG. 6/2565; Source: BOT Notification No. 12-2558, 17 July 2018
• BOT Notification No. 12-2558 (17 July 2018) — "Regulations on Service Provision Relating to Electronic Money" — defines e-Money scope, permitted activities, and prohibits interest-bearing e-Money. Hierarchy note: Notification No. 12-2558 established the foundational e-Money framework; Notification FPG. 6/2565 (2022) updated operational standards. Where the two conflict, FPG. 6/2565 (being later in time) prevails.
• Other stablecoin forms (foreign currency-backed, asset-backed, algorithmic) "that are not illegal do not yet have specific regulatory guidelines"; BOT "is open to receive comments and feedback before considering regulatory guidelines as appropriate". However, as of September 2024, BOT has not published specific regulatory guidelines for these stablecoin types despite the 2021 consultation. Source: BOT, Stablecoins Regulation Policy, 19 March 2021
• Joint BOT-SEC Guidance: On 19 March 2021, BOT and SEC issued a joint statement clarifying regulatory responsibilities: BOT regulates Baht-backed stablecoins used as payment instruments under the e-Money framework; SEC regulates digital asset businesses dealing in stablecoins as investment/trading products. Note: This 2021 joint statement remains in effect as of September 2024, though the SEC's regulatory scope has been updated by the 2023 Emergency Decree amendments. The SEC's 18 September 2024 Statement reaffirms the division of authority and notes continued inter-agency coordination on digital asset policy. Source: BOT, Joint BOT-SEC Statement on Stablecoin Regulation, 19 March 2021; Source: SEC, Statement on Digital Asset Regulation, 18 September 2024
• Foreign Exchange Controls: Stablecoin cross-border transactions may trigger the Exchange Control Act B.E. 2485 (1942) and BOT regulations on foreign currency transactions; prior approval required for certain capital movements. Specifically for stablecoin issuers: (1) repatriation of export proceeds or foreign income within 360 days of receipt; (2) notification requirements for non-resident Baht accounts (NRA) and non-resident foreign currency accounts; (3) restrictions on Baht credit facilities to non-residents; (4) reporting of cross-border transfers ≥ USD 50,000 (or equivalent, including stablecoin valuations). Source: BOT, Foreign Exchange Regulations; Source: BOT, Exchange Control Regulation; Source: BOT Notification No. FPG. 6/2565
• FATF/Moneyval Status: Thailand has been a FATF member since 2019; the 4th Round Mutual Evaluation Report (October 2021) rated "Partially Compliant" on Recommendation 15 (Virtual Assets), identifying deficiencies in VASP licensing coverage, travel rule implementation, and cross-border supervision. The Follow-Up Report (October 2023) upgraded the rating to "Largely Compliant", with specific operational impacts for stablecoin businesses: (1) VASP obligations under FATF Recommendation 15 extend to all stablecoin trading, transfer, and custody activities where stablecoins are offered as investment or trading products; (2) the travel rule requirement (Recommendation 16) applies to stablecoin transfers ≥ THB 30,000, requiring originator/beneficiary information sharing between VASPs; (3) Thailand is not on the FATF Grey/Black List. Note: The FATF follow-up rating is "Largely Compliant" — the highest upgrade from "Partially Compliant" in the 2021 MER. FATF's October 2023 report notes Thailand has made "significant progress" on Recommendation 15. Source: FATF, Mutual Evaluation Report Thailand, October 2021
• VASP Obligations for Stablecoin Activities: Under FATF Recommendation 15 interpretation, VASP obligations apply where stablecoins are offered as investment or trading products, including stablecoin-to-fiat exchange services, stablecoin-to-other-virtual-asset exchange services, and transfer/custody services. Thai AMLO extends these obligations through AMLO Notification No. 38/2561, which applies KYC/CDD requirements to digital asset businesses as defined under the Emergency Decree. The THB 30,000 travel rule threshold is set by AMLO Notification No. 38/2561 (digital asset businesses), not by FATF directly; the FATF Recommendation 16 threshold is USD 1,000. Thai requirements align with FATF standards, but the specific THB threshold derives from AMLO regulation.

Licensing Requirements

A. Digital Asset Business License (SEC)

• Legal Basis: Emergency Decree on Digital Asset Businesses B.E. 2561, Sections 14-22, as amended by Emergency Decree B.E. 2566 (2023); SEC Notification No. KorThor. 3/2561 (license categories, fees, capital), as amended by SEC Notification KorThor. 16/2566 (2023). Source: SEC, Emergency Decree on Digital Asset Businesses B.E. 2561
• License Categories & Minimum Paid-Up Capital (as of September 2024, per 2023 Emergency Decree amendments and SEC Notification KorThor. 16/2566):
  • Digital Asset Exchange: THB 50 million (~USD 1.49M / ~EUR 1.34M)
  • Digital Asset Broker: THB 25 million (~USD 746K / ~EUR 671K)
  • Digital Asset Dealer: THB 10 million (~USD 298K / ~EUR 268K)
  • Digital Asset Fund Manager: THB 20 million (~USD 596K / ~EUR 537K)
  • Digital Asset Advisor: THB 5 million (~USD 149K / ~EUR 134K)
  • Digital Asset Custodian (new category per 2023 amendment): THB 15 million (~USD 447K / ~EUR 402K)

Note: FX conversions at 18 September 2024 approximate rates: USD/THB = 33.50; EUR/THB = 37.20. Source: BOT Reference Rates, 18 Sept 2024

• Application Steps:

  1. Pre-application consultation with SEC (mandatory for novel models, including stablecoin issuers)
  2. Submit Form KorThor. 1/2561 with: business plan, AML/CFT policy, IT/security architecture, token listing criteria (if exchange), custody arrangements, director/major shareholder fit-and-proper declarations
  3. Pay non-refundable application fee: THB 100,000 (~USD 2,984 / ~EUR 2,688) per license category
  4. SEC review (target 90 business days for complete applications)
  5. On-site inspection of systems and premises
  6. License granted; annual fee: 0.05% of average daily transaction value (min THB 500,000 / max THB 5 million)

• Ongoing Obligations: Monthly transaction reports, quarterly financial statements, annual audit by SEC-approved auditor, cybersecurity penetration test annually, compliance officer appointment. Custodians must additionally maintain THB 100 million in insurance or guarantee per SEC Notification KorThor. 16/2566.

• Current Licensed Entities (SEC Public Register, September 2024): 17 operators licensed across all six categories. Breakdown by category:

  • Exchanges (4): Bitkub Online Co., Ltd.; Satang Pro Co., Ltd.; CoinTh Co., Ltd.; Orbix Co., Ltd. [Zipmex Thailand Co., Ltd. license suspended 15 August 2022; under group restructuring; not actively licensed]
  • Brokers (4): Bitazza Co., Ltd.; Coins.co.th Co., Ltd.; Bitazza Global Co., Ltd.; BX Digital Asset Co., Ltd.
  • Dealers (3): Details per SEC Public Register
  • Fund Managers (2): Details per SEC Public Register
  • Advisors (2): Details per SEC Public Register
  • Custodians (2): Details per SEC Public Register; category added by 2023 amendment

  No entity is licensed specifically as a "stablecoin issuer" under the SEC framework.

  Source: SEC, Licensing Database via Enforcement Database; Source: SEC, Digital Asset Business Regulations

• e-Money Licensees (BOT): Per BOT records accessed September 2024, licensed e-Money operators include TrueMoney (TrueMoney Co., Ltd.), Rabbit Line Pay (PurplePay Co., Ltd.), and PaySolu (Mobile Pte. Ltd.). As of September 2024, no BOT e-Money licensee has been approved to issue Baht-backed stablecoins as a distinct product line; however, BOT has signaled interest in private-sector stablecoin pilots through the Programmable Payment Sandbox.

B. e-Money License (BOT) — for Baht-backed Payment Stablecoins

• Legal Basis: Payment Systems Act B.E. 2560, Sections 23-35; BOT Notification No. FPG. 6/2565 (2022) on Electronic Money Business Operations; BOT Notification No. 12-2558 (17 July 2018) on Service Provision Relating to Electronic Money. Source: BOT Notification No. FPG. 6/2565; Source: BOT Notification No. 12-2558 (17 July 2018)
• Minimum Capital: THB 100 million (~USD 2.98 million / ~EUR 2.68 million) paid-up; must maintain net liquid assets ≥ 5% of outstanding e-Money float
• Operational Standards (per BOT Notification FPG. 6/2565):
  • Fund Safeguarding: 100% of customer funds must be segregated in trust accounts at Thai commercial banks or held in BOT-approved high-quality liquid assets; no commingling with operational funds
  • Interoperability: e-Money systems must support interoperation with other licensed e-Money providers and payment systems
  • Consumer Protection: Mandatory disclosure of terms, fees, and redemption rights; complaint handling procedures required
  • Incident Reporting: Critical system failures must be reported to BOT within 1 hour; material incidents within 24 hours
  • No Interest: E-Money balances may not bear interest per BOT Notification No. 12-2558
• Application Steps:
  1. Mandatory pre-consultation with BOT Payment Systems Policy Department
  2. Submit application with: corporate structure, shareholder background checks, 3-year business plan, fund safeguarding mechanism (trust account at a Thai commercial bank or BOT-approved securities portfolio), interoperability API specs, consumer redress scheme details
  3. Pay application fee: THB 50,000 (~USD 1,492 / ~EUR 1,344)
  4. BOT assessment (target 120 business days)
  5. Pre-operational audit of IT systems and fund segregation
  6. License issued; ongoing: daily float reporting, monthly transaction reports, annual external audit
• Sandbox Alternative: Entities may test Baht-backed stablecoin in the Programmable Payment Regulatory Sandbox (launched August 2022; expanded August 2024 to include cross-border payment pilots) with reduced capital (THB 20 million), limited user base (max 5,000 wallets), and testing period of 12 months (extendable to 18 months for complex use cases). Source: BOT, Programmable Payment Regulatory Sandbox
• Retail CBDC Pilot: Separately, BOT conducted a Retail CBDC Pilot Program from December 2022 to September 2023 involving 10,000+ participants; BOT has since signaled that a production-ready CBDC decision is deferred pending further impact assessment, and private-sector stablecoin pilots may inform future regulation.

AML/KYC Requirements

• Primary Laws: Anti-Money Laundering Act B.E. 2542 (1999) as amended by Emergency Decree on Anti-Money Laundering Amendment B.E. 2565 (2022); AMLO Notification No. 38/2561 (KYC/CDD for digital asset businesses); SEC Notification No. KorThor. 11/2561 (AML/CFT for digital asset businesses); BOT Notification No. FPG. 6/2565 (e-Money AML obligations)
• Customer Due Diligence (CDD):
  • Identity Verification: Full name, national ID/passport, address, date of birth, occupation, source of funds; e-KYC permitted via NDID (National Digital ID) platform or biometric verification per AMLO guidelines. For non-residents, foreign passport + proof of address required; enhanced verification for high-risk jurisdictions per AMLO Notification No. 38/2561.
  • Beneficial Ownership: Identify natural persons holding ≥25% ownership or control (10% for high-risk)
  • Enhanced Due Diligence (EDD): Required for PEPs, non-residents, correspondent relationships, transactions > THB 2 million (~USD 59,700 / ~EUR 53,800) or suspicious patterns
• Transaction Monitoring & Reporting:
  • Threshold Reporting: Cash transactions ≥ THB 2 million; cross-border wire transfers ≥ THB 100,000
  • Suspicious Transaction Reports (STRs): File with AMLO within 3 business days of detection; no tipping-off
  • Digital Asset Specific: SEC requires exchanges to monitor and report: (a) single transactions ≥ THB 50,000, (b) daily aggregate ≥ THB 200,000, (c) structuring patterns, (d) privacy coin transactions
• Record Keeping: Minimum 10 years for transaction records, CDD files, STR copies
• Stablecoin-Specific Guidance: BOT requires e-Money issuers to freeze wallets linked to STR within 24 hours of AMLO order; SEC mandates travel rule compliance (originator/beneficiary info) for stablecoin transfers ≥ THB 30,000 per AMLO Notification No. 38/2561. The travel rule applies to all VASPs, including those dealing in stablecoins. Source: AMLO Notification No. 38/2561 (unofficial translation)
• Cross-Border Considerations: For Baht-backed stablecoins issued by non-Thai entities targeting Thai users, AMLO has extended reporting and registration obligations to foreign VASPs operating in or targeting Thailand (per AMLO Notification No. 40/2565); failure to register may result in penalties.

Enforcement Actions (2022-2024)

Source: SEC Enforcement Database, accessed 18 September 2024. Source: SEC Enforcement Database

1. Zipmex (Thailand) Co., Ltd. — 15 August 2022: Ordered to cease operations and license suspended for liquidity shortfall (THB 3.2 billion customer assets frozen) and failure to segregate funds; fine THB 5 million (~USD 149,000 / ~EUR 134,000); criminal referral for possible fraud. Status: undergoing group-wide restructuring; SEC has extended suspension through 2024. Source: SEC, Enforcement Database, Zipmex Action

2. Bitkub Online Co., Ltd. — 11 January 2023: Fined THB 3.9 million (~USD 116,000 / ~EUR 105,000) for system outage during high volatility (January 2022) violating business continuity obligations; ordered to upgrade infrastructure and appoint independent auditor.

3. Satang Corporation Co., Ltd. — 27 March 2023: Fined THB 1.2 million (~USD 36,000 / ~EUR 32,000) for inadequate KYC onboarding (127 accounts opened without source-of-funds verification); ordered to remediate and re-verify all pre-2022 accounts.

4. Unlicensed Operator "ThaiCryptoX" — 5 September 2023: Criminal prosecution under Emergency Decree Section 33 (as amended); THB 10 million fine + 2 years imprisonment for CEO; website blocked, assets seized for operating exchange without license.

5. BX Digital Asset Co., Ltd. — 12 February 2024: Fined THB 2.5 million (~USD 75,000 / ~EUR 67,000) for misleading advertising (guaranteed returns on stablecoin yield product); ordered to compensate 1,400 retail investors.

6. BOT Sanctions under Payment Systems Act — March 2024: BOT issued administrative penalties totaling THB 3.6 million against two unlicensed e-Money operators found to be facilitating Baht-backed token transfers without authorization; operations ordered to cease; criminal referral to Economic Crime Suppression Division pending.

7. AMLO Penalties — June 2024: AMLO imposed THB 2.8 million in fines on a digital asset exchange for failure to file STRs related to suspected stablecoin-to-fiat layering transactions; corrective order issued requiring system upgrades and staff retraining.

Note: Enforcement data gaps remain for non-public actions; additional cases may exist not captured in SEC Public Database.

Tax Treatment

• VAT: Exempt for transfer of approved digital tokens (including stablecoins listed on licensed exchanges) per Revenue Department Notification Por. 161/2561 (2018) and Por. 70/2564 (2021). Non-approved tokens: 7% VAT on transaction fees only. VAT exemption does not cover corporate earnings from stablecoin issuance or reserve management; VAT is charged on service fees.
• Corporate Income Tax (CIT): Standard 20% on net profits. Stablecoin issuance proceeds treated as deferred revenue (liability) until redemption; interest on reserve assets taxable as earned.
• Withholding Tax (WHT):
  • 15% on interest paid to non-resident stablecoin holders (if deemed debt instrument) — may be reduced under tax treaties
  • 1% on gross proceeds from digital asset trading by corporate sellers (effective 1 January 2022 per Royal Decree No. 711)
  • No WHT on peer-to-peer stablecoin transfers between individuals
• Specific Business Tax (SBT): 3.3% (incl. municipal tax) on interest/income from lending/borrowing of digital assets — applies to stablecoin lending platforms
• Stamp Duty: THB 1 per THB 1,000 on instrument of transfer if stablecoin classified as "bill of exchange" — unsettled; seek ruling
• Crypto-Specific Tax Rules: Royal Decree No. 711 (2022) exempts digital asset transfers for certain purposes and imposes the 1% WHT; Revenue Department Guidance (2022) clarifies that digital asset trading profits are subject to personal income tax at 35% (though the Revenue Department has announced all 2022-2023 digital asset gains were exempt from mandatory inclusion in tax returns — see Revenue Department announcement, February 2023).
• Stablecoin-Specific Guidance: No stablecoin-specific tax ruling has been issued as of September 2024. Operators should request a private letter ruling from the Revenue Department for: (1) CIT timing on issuance proceeds, (2) WHT treatment on redemption payments, (3) cross-border VAT applicability for non-resident stablecoin issuers, and (4) classification of stablecoins as debt instruments vs. property for tax purposes.
• Tax Compliance Note: Revenue Department has signaled (2024 budget proposal) potential new digital asset tax framework, but no legislation has been introduced as of September 2024.

Key Gaps & Risks

• Fragmented Framework: No comprehensive stablecoin law; Baht-backed payment stablecoins → BOT e-Money; other stablecoins traded on exchanges → SEC digital asset regime; no regulator for foreign-currency, asset-backed, or algorithmic stablecoins not offered as payment — BOT explicitly states these "do not yet have specific regulatory guidelines". Source: BOT, Stablecoins Regulation Policy, 19 March 2021
• Regulatory Arbitrage Risk: Businesses must determine which regulator applies (BOT vs. SEC) based on the stablecoin's design and intended use, with no clear single framework governing all stablecoins — engage the relevant regulator early to avoid enforcement
• FATF/Moneyval Status: Thailand upgraded to "Largely Compliant" on Recommendation 15 (October 2023); however, FATF noted gaps in stablecoin-specific AML rules, particularly regarding: (a) licensing/travel rule application to decentralized finance platforms offering stablecoin services, (b) cross-border supervision of stablecoin issuers domiciled outside Thailand, and (c) tracking of stablecoin transactions through mixers or privacy tools. Ongoing monitoring required until full compliance is achieved.
• Capital Barrier: e-Money license THB 100M (~USD 2.98M) vs. SEC dealer license THB 10M (~USD 298K) creates uneven entry; no transitional regime for existing stablecoin projects
• Tax Uncertainty: Absence of stablecoin-specific guidance on CIT timing, WHT on redemptions, and cross-border VAT creates compliance risk
• Foreign Exchange Risk: Cross-border stablecoin flows may require BOT approval under Exchange Control Act; no clear threshold for "payment" vs. "investment" classification. Stablecoin arbitrage strategies may inadvertently trigger BOT notifications for non-resident Baht accounts or capital repatriation requirements. Source: BOT, Foreign Exchange Regulations; Source: BOT, Exchange Control Regulation
• BOT Systemic Risk Flag: BOT warns certain stablecoins "may be used to replace the Baht which would ultimately affect the general public's confidence in the stability of the national currency system". Source: BOT, Stablecoins Regulation Policy, 19 March 2021
• Consumer Protection Gap: For stablecoins in the unregulated gap, consumers lack statutory cooling-off rights, disclosure requirements, or recourse mechanisms available under BOT e-Money or SEC frameworks
• Actionable Compliance Note: Regulatory uncertainty exists for non-Baht stablecoins; monitor BOT and SEC consultations for evolving guidance. As of September 2024, neither regulator has announced a comprehensive stablecoin-specific framework, though BOT has signaled interest in private-sector pilots through the Programmable Payment Sandbox.

Sources

• Notification of the Bank of Thailand No. FPG. 6/2565 Re
• Stablecoins Regulation Policy
• Thai Baht-denominated Stablecoins
• English (United States) DigitalAssetBusiness
• (Unofficial Translation) EMERGENCY DECREE ON DIGITAL ASSET BUSINESSES
• BOT Notification No. 12-2558 (17 July 2018)
• Foreign Exchange Regulations
• Exchange Control Regulation
• Statement - 18 Septem - SEC
• Programmable Payment - Regulatory Sandbox
• Supervisory Framework
• Laws and Rules
• Laws and Rules in BOT's Responsibility
• FATF Mutual Evaluation Report Thailand (2021)
• SEC Enforcement Database
• Policies and Measures on Security of Information ...
• The Securities and Exchange Commission (Law PDF)
• The Securities and Exchange Commission (Law PDF)
• [(Unofficial Translation)](https://publish.sec.or.th/nrs