Increasingly, the public and listed companies begin to take interest in performing transactions related to digital assets in various forms such as investment in digital assets, accepting cryptocurrency payment for goods and services, and initial coin offering of utility tokens for exchange of goods and services of listed companies. This includes dissemination of news related to such investment or payment for goods or services of listed companies.

In addition, on 8 July 2021 the Bank of Thailand (BOT) has warned against the use of digital assets, which are not legal tender, as a means of payment for goods and products. The payers and receivers of digital assets in this manner have to accept all risks involved, including volatility of the value of digital assets, cyberthefts and misuse of digital assets as a tool to back money laundering. Moreover, certain types of digital assets are investment assets that require investors to study and thoroughly understand associated risks. The BOT therefore does not support the use of digital assets as a means of payment for goods and services. 

In this regard, the SEC would like to urge the public and listed companies that plan to invest in digital assets or make any transaction related to such assets to consider the matter thoroughly and cautiously by taking into account both expected interest and potential risks and impacts. In addition, directors and executives of listed companies are required to perform fiduciary duties by considering the matter responsibly, cautiously and honestly for the best interest of the companies. In case of digital asset investment, listed companies must also consider the transaction size and the obligation to comply with the governing regulations. If such transaction is liable to be material, the companies shall be subject to the regulations on obtaining approval of the shareholders’ meeting and disclosure of material information and shall also comply with relevant regulations. Moreover, directors, executives and listed companies should be careful in disseminating news or information related to the companies’ operations because disseminating news or information that is inconsistent with facts or may cause material misunderstanding and subsequently an impact on the securities price or investors’ decisions on securities investment may be liable to be an offense of unfair act under the Securities and Exchange Commission Act B.E. 2535 (1992). 

Any listed company intending to enter into transactions related to digital assets or having inquiries on such transactions are welcome to call and discuss with the SEC at 0-2033-4644.