Applying Thailand's Existing Laws to Control Bitcoin
Keywords:
Bitcoin, Virtual Currency, Virtual Currency ControlAbstract
Thailand has enacted the Royal Decree on Digital Asset Business B.E. 2561(2018) to regulate digital asset businesses. The decree came into force on May 14,
2018, and subsequently, the Securities and Exchange Commission has issued 11 announcements. In addition, this law also provides that other relevant laws such as anti-money laundering law or securities and exchange law be applied to activities and digital asset businesses mutatis mutandis. Furthermore, the decree imposes both criminal and civil sanctions on business operators who violate or fail to comply with this law.
Although Thailand has the specific legislation to regulate digital assets but it still has limitations as it merely aims to control intermediaries and digital asset businesses in Thailand but does not cover the users or transactions without intermediaries or the use of other types of digital assets. This article accordingly explores the laws that might be applicable to digital assets, virtual currency, and
cryptocurrency especially Bitcoin both in Thailand and abroad including Germany, Japan and the United States. The objective is to set guidelines for regulator and
regulatory measures and provide recommendations to improve the existing laws in Thailand and close the gaps in the digital asset law for promoting the business, digital
asset related transactions, virtual currency, cryptocurrency to be more efficient and effective.
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