This article provides the general background for cryptocurrency,
digital asset businesses and initial coin offerings (ICO) in
Thailand. It describes how these industries are regulated and which
steps have to be taken to get the crypto deal done.
I. Thailand's regulatory environment for crypto
businesses
Thailand's legal environment bases on the civil law system,
originated from Europe with laws and regulations serving as the
primary source of law. This is different from the common law systems, with bases merely on a
judge-made decisional framework and precedential authority of prior court
decisions.
In most jurisdictions, cryptocurrencies, the trade of digital
coins and the financing by so-called Initial Coin Offerings do not
fall under specific laws and regulations. Digital assets are not
deemed to be securities and, therefore, crypto-transactions are not
regulated at all.
