Bangkok, 15 October 2021 – The Securities and Exchange Commission (SEC) advises the public and investors in digital assets to be cautious about using services of unlicensed digital asset business operators including foreign digital asset business operators because there is no legal protection. Providers of digital asset trading service, exchanging service, depository service, transfer service, money withdrawal or executing transactions related to digital assets in Thailand are required to obtain a respective license in accordance with the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018).
SEC
Secretary-General Ruenvadee Suwanmongkol said: “Digital asset businesses are
regulated under the Emergency Decree on Digital Asset Businesses. Only
providers who have obtained relevant licenses under the law are allowed to
provide services related to digital asset trading, exchange, depository,
transfer, withdrawal or any transactions related to digital assets in Thailand.
Violators or those failing to comply with the law may be imposed with legal
action.”
On 2 July 2021, the SEC filed a criminal complaint against Binance,* a foreign digital asset business operator, for
providing services liable to be an undertaking of digital asset business in the
category of digital asset exchange without license, which is deemed a violation
or a failure to comply with Section 26 of the Emergency Decree on Digital Asset
Businesses.
“The SEC therefore urges the
public and digital asset investors to exercise discretion with regard to
trading and exchanging digital assets as well as depository, transfer or
withdrawal of money or entering into transactions related to digital assets
with digital asset business operators who have not obtained a license under the
Emergency Decree on Digital Asset Businesses as well as foreign digital asset
business operators because such engagements with unlicensed business operators
are not legally protected and may be exposed to the risk of scams,” added
Secretary-General.
The list of licensed digital asset business operators is
available at www.sec.or.th under the topic, Digital Assets or via SEC Check
First application. For inquiries or submission of tips related to suspicious
acts, please contact the SEC Public Service Center at Hotline 1207 or via SEC
Office Facebook Page or SEC Live Chat at the SEC website for further in-depth
investigation. In case of any action liable to be an offense under the
Emergency Decree on Digital Asset Businesses, it may be subject to legal action
with penalties of imprisonment and fine. In the case where the action is liable
to be an offense under other laws, the SEC has a procedure for coordinating
with relevant agencies for further proceedings.
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Remark:
* SEC News No. 125/2021: “SEC files a criminal complaint
against Binance for operating digital asset business without license”: https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=9017&NewsNo=125&NewsYear=2021&Lang=EN