Introduction
The popularity of digital assets in Thailand, as in many other countries, has increased dramatically over the past few years. Thai authorities have continued to respond to this trend with varying degrees of regulations on such assets. In an attempt to suppress the use of digital assets as a tool in unlawful activities (e.g., money laundering) and to regulate activities in relation to digital asset businesses, the Finance Minister upon a recommendation of the Thai Securities and Exchange Commission (the “SEC”) passed a notification (the “Notification”), which came into effect on 13 July 2022, that regulates digital asset custodial wallet providers.
Under the Notification, digital asset custodial wallet providers are now a regulated digital asset business that are subject to licensing requirements under the Emergency Decree on Digital Asset Business B.E. 2561…
