The SEC Board has passed a resolution approving in principle the proposal to amend the Ministerial Regulations on Licensing of Digital Asset Businesses B.E. 2561 (2018) and relevant regulations to promote fundraising and investment in investment tokens and to support interested securities business operators in providing services related to the said products. This in turn would increase access channels to investors in both primary and secondary markets. The SEC is therefore conducting this public hearing on the proposed principle and draft amendments to the ministerial regulations and relevant regulations. The major changes that will be introduced by the SEC’s proposal include:  

(1)  To revise the qualifications and licensing process for the securities companies that wish to apply for investment token broker, dealer and advisor license;  

  (2)  To exempt digital asset fund manager license for securities companies and asset management companies to allow mutual funds and private funds to invest in investment tokens and other types of digital assets, with regulatory oversight under the securities regulations (a public consultation will be conducted on draft regulations for digital asset investments of mutual funds and private funds in due course);   

(3) To prohibit securities companies and derivatives business operators from obtaining digital asset business licenses to offer cryptocurrency and utility token services. Additionally, a transitional provision will be established, requiring securities companies currently providing cryptocurrency and utility token services to establish a separate entity for such services. The newly established company must apply for a license within one year from the effective date of the amended ministerial regulations. 

The consultation paper is available at: https://www.sec.or.th/TH/Pages/PB_Detail.aspx?SECID=1016 and the central legal hub at: www.law.go.th. Stakeholders and Interested parties are welcome to submit comments and suggestions via the SEC website or email: jirapat@sec.or.th or thanapatk@sec.or.th. The public hearing ends on 14 October 2024.     

Remarks:  

* Including investment tokens granting the right for the holders to obtain products, services or any other specific rights. 

 ** Consisting of utility tokens that do not primarily serve the purpose of consumption or are not a digital representation of a certificate or (Utility Token Group 2). Utility tokens whose primary purpose is consumption or being a digital representation of a certificate (Utility Token Group 1) are exempt from the supervision under the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018) upon meeting the specified conditions.