ILCT Ltd.

This legal summary provides an overview of new regulations outlined in SEC notifications effective from June 1st, 2024, concerning the issuance of sustainability-themed digital tokens.The summary is intended for all token issuers in Thailand looking to offer investors opportunities to invest in digital assets linked to sustainability projects. The amended regulations aim to support Thailand’s Environmental Social and Governance fund or ESG fund in investing in sustainability-related products and contributing to the national sustainability strategy, while also fostering the growth of the country’s digital economy. There are four notifications amending regulations on sustainability-themed tokens, detailed as follows: Notification of the Securities and Exchange Commission No. Kor Jor. 9/2567 Re: Initial Public Offering of Digital Tokens (No. 11): Adds a requirement for an independent external reviewer to: Provide opinions or certify that the framework for public offerings of digital tokens meets standards equivalent to issuing debt instruments. Provide opinions or certify impact reports of projects associated with the digital token. The independent external reviewer must possess experience, expertise, or mechanisms for evaluating or certifying related to environment, society, sustainability, or the success of sustainability indicators and goals. This includes experience with sustainability-themed debt instruments or sustainability-related digital tokens. To sell sustainability-themed digital tokens, prospective issuers must first obtain SEC approval. Once approved, issuers must disclose information as required by SEC regulations. In addition, during public offerings of sustainability-themed digital tokens, prospective issuers must disclose additional information outlined in the annex of this notification, in addition to the information listed within. Before the token sale: The issuer must disclose specific sustainability-related information, such as the management and use of sale proceeds, progress reports on sustainability-related projects, investor risks, and project evaluation processes. After the token sale: The issuer must also disclose sustainability-related information post-sale, such as progress on sustainability-related projects, opinions or certifications by an independent external reviewer, any material changes in circumstances, and the appointment of a new external reviewer. Notification of the Securities and Exchange Commission No. Kor Jor. 10/2567: Exempts application and filing fees for the following digital tokens: Green tokens Social tokens Sustainability tokens Sustainability-linked tokens This fee exemption is effective until May 31st, 2025. Notification of the Securities and Exchange Commission No. Kor Jor. 11/2567 Re: Offering of Digital Tokens in a Private Placement (No. 3): The requirements in this notification are identical to those under Notification of the Securities and Exchange Commission No. Kor Jor. 9/2567, with the main distinction being that Notification of the Securities and Exchange Commission No. Kor Jor. 11/2567 pertains to token issuers intending to offer digital tokens through initial coin offering (ICO) portals. Notification of the Securities and Exchange Commission No. Kor Jor. 12/2567 Re: Rules, Conditions, and Procedures for Granting Approval of Initial Coin Offering Portals (No. 11): Sets out requirements for ICO portals, specifically: Requiring token issuers to disclose sustainability-related information as specified by the SEC. Facilitating token issuers in these disclosures. ICO portals are responsible for ensuring that token issuers comply with their disclosure obligations. ICO portals that commenced operations before this notification came into effect have a grace period to comply. This summary provides a brief overview of the new requirements for selling sustainability-themed digital tokens that took effect last month. Compliance with these varied requirements can be complex, and we strongly recommend seeking professional legal assistance. Feel free to contact us at [email protected] for further guidance.  

In accordance with the regulations of the Kingdom of Thailand, nationals of 93 specific countries and territories are eligible for visa exemption under certain conditions. This exemption applies for purposes such as tourism, business engagements, urgent work, or ad-hoc work, allowing a stay of up to 60 days. An extension of stay for an additional period not exceeding 30 days may be granted at the discretion of the immigration officer. It is important to note that any extension beyond the initial 60 days up to a total of 90 days requires the applicant to apply for an appropriate visa in Thailand. Eligibility and Application Process Nationals eligible for visa exemption include citizens from: Albania, Andorra, Australia, Austria, Bahrain, Belgium, Bhutan, Brazil, Brunei, Bulgaria, Cambodia, Canada, China, Colombia, Croatia, Cuba, Cyprus, Czechia, Denmark, Dominica, Dominican Republic, Ecuador, Estonia, Fiji, Finland, France, Georgia, Germany, Greece, Guatemala, Hong Kong, Hungary, Iceland, India, Indonesia, Ireland, Israel, Italy, Jamaica, Japan, Jordan, Kazakhstan, Korea (ROK), Kosovo, Kuwait, Laos, Latvia, Liechtenstein, Lithuania, Luxembourg, Macao, Malaysia, Maldives, Malta, Mauritius, Mexico, Monaco, Mongolia, Morocco, Netherlands, New Zealand, Norway, Oman, Panama, Papua New Guinea, Peru, Philippines, Poland, Portugal, Qatar, Romania, Russia, San Marino, Saudi Arabia, Singapore, Slovakia, Slovenia, South Africa, Spain, Sri Lanka, Sweden, Switzerland, Taiwan, Tonga, Trinidad and Tobago, Turkey, Ukraine, UAE, UK, USA, Uruguay, Uzbekistan, and Vietnam. The following countries have bilateral agreements for visa exemptions with Thailand: Argentina, Chile, and Myanmar (International Passports Only) For individuals requiring necessary or urgent work or ad-hoc work in Thailand, a notification must be submitted in person at any international airport or labor office within the country. This process, which takes one working day, can only commence after the foreign national has entered Thailand. The work activity must be completed within 15 days. Types of Work Permitted The types of necessary or urgent work permitted include: Organizing conferences, trainings, seminars, exhibitions, or trade fairs Conducting special academic lectures Aviation superintendent Occasional internet audits Technical issue resolution Quality control or inspection of products/goods Inspection or improvement of production processes Machinery and equipment system inspection or maintenance Machinery installation and maintenance Electric train technician Aircraft or aircraft equipment system technician Consulting work on machinery maintenance or control systems Machinery demonstration and testing Movie filming and slide photographing Recruitment for overseas job placement Technical skill testing for overseas job placement Destination Thailand Visa (DTV) Destination Thailand visas can also be applied for through the Thai e-visa website. This type of visa costs 10,000 THB and is valid for 5 years (multiple entries), with a 180-day stay per entry. It is available for foreigners who are digital nomads, remote workers, and freelancers, as well as those participating in activities such as: Muay Thai courses Thai cooking classes Sports training Medical treatment Seminars Musical festivals Spouses and dependent children of DTV holders are also eligible. Visa on Arrival (VOA) Nationals from the following 31 countries and territories are eligible to apply for a visa on arrival at immigration checkpoints for tourism purposes. This visa costs 2,000 THB and allows for a stay of up to 15 days for a single entry. The list of eligible countries and territories is as follows: Armenia, Belarus, Bhutan, Bolivia, Bulgaria, China, Costa Rica, Cyprus, El Salvador, Ethiopia, Fiji, Georgia, India, Kazakhstan, Kyrgyzstan, Malta, Mexico, Namibia, Nauru, Papua New Guinea, Paraguay, Romania, Russia, Saudi Arabia, Serbia, Seychelles, Taiwan, Tunisia, Uzbekistan, Vanuatu, and Venezuela.  Non-ED Plus Visa Non-ED Plus Visas is designed to support international students studying at universities in Thailand at the bachelor's degree level or higher. The benefits of this visa include: Exemption from Re-Entry Permit: Students can leave and re-enter Thailand during their studies without needing a re-entry permit. Extensions of Stay: Universities or institutions will handle visa extension applications on behalf of the students. Extended Stay for Graduates: After graduation, students can extend their stay in Thailand for up to 1 year to seek employment, travel, or engage in other activities. They are also eligible to apply for a new type of visa in Thailand if they secure employment. For more detailed information regarding visa exemptions, extensions, and application procedures, interested parties are advised to contact the Thai Immigration Bureau or the Department of Employment. Additionally, updates and specific requirements can be accessed through the Thai e-Visa portal (www.thaievisa.go.th). The visa exemption scheme facilitates ease of travel and temporary stays for nationals of eligible countries and territories visiting Thailand for tourism, business, or short-term work engagements. It is imperative for travelers to familiarize themselves with the specific conditions and requirements to ensure compliance with Thai immigration regulations. Please reach out to us at [email protected] for any specific legal advice regarding this matter.