In Thailand, the regulation of digital assets is governed by the Royal Decree on Digital Asset Businesses B.E. 2561 (2018) (the “Digital Asset Decree”), which defines “digital assets” as referring to “cryptocurrencies and digital tokens.”
在泰國，數位資產的監管受佛曆2561年(西元2018年)數位資產業務皇家法令(“數位資產法令”)管轄，此法令將“數位資產”定義為“加密貨幣和數位代幣”。
The Securities and Exchange Commission in Thailand (“SEC”) has updated its regulations on digital asset operators and exchanges to impose stricter governance standards on digital asset business operators and to align digital asset exchange rules with international standards. The revised regulations were published in the Government Gazette on 16 August 2024, with most of the provisions taking effect on the same date. Details are as follows:
泰國證券交易委員會(“SEC”)更新對數位資產經營者和交易所的法規，對數位資產業務經營者實施更嚴格的治理標準，並使數位資產交易規則與國際標準接軌。修訂後的規定於 2024 年 8 月 16 日在政府公報上公佈，大部分規定於同一天生效。詳細資訊如下：
1. Corporate Governance Structure
公司治理結構
Large-sized digital asset business operators (those with at least 10,000 customers and holding customer assets of at least THB 500 million), who do not provide digital asset custodian services must have at least 5 directors, at least 2 of them must be independent directors. In addition, the business operators must establish an audit committee, with at least 2 members being independent directors, to create an appropriate “check and balance” mechanism within the organizational structure. Current digital asset business operators must comply with the requirements within 180 days from 16 August 2024. For digital asset consulting businesses, including small businesses that hold customer assets of less than 500 million baht and have fewer than 10,000 clients, an exemption from compliance with these regulations is granted.
不提供數位資產託管服務的大型數位資產業務經營者(擁有至少 10,000 名客戶且持有客戶資產至少 5 億泰銖的經營者)必須擁有至少 5 名董事，其中至少 2 名獨立董事。此外，經營者必須設立審計委員會，其中至少有2位獨立董事，在組織架構內建立適當的“制衡”機制。目前的數位資產業務經營者必須在2024年8月16日起180天內遵守要求。對於數位資產諮詢企業，包括持有客戶資產低於 5 億泰銖且客戶數量低於10,000名的小型企業，可豁免遵守這些法規。
2. Operational Standards
經營標準
Check-and-balance mechanisms are required for every major operational system. Business operators must establish a customer asset management policy, and all customer assets in the business operator’s custody, be managed in accordance to the security risk and by separate personnel from other operational personnel that may have a conflict of interest. Business operators must also provide customer service system that is suitable to the risk and complexity levels of the relevant types of digital assets.
每個主要作業系統都需要制衡機制。經營者必須建立客戶資產管理政策，經營者保管的所有客戶資產必須根據安全風險進行管理，並由與可能有利益衝突的其他經營人員分開管理。經營者還必須提供與相關類型數位資產的風險和複雜程度相適應的客戶服務系統。
3. Qualification for director & executives
董事及高階主管的資格
Directors, authorized personnel, and managers of Thai digital assets business operators must have work experience for 3-5 years in relevant industry, including roles in financial institutions, money or capital markets, managerial positions relevant to digital asset business, or as academic or professional experts in fields like accounting, finance, economics, law, or information technology. In addition, they must have 1 year experience in digital asset-specific work, like blockchain and smart contract development, financial advisory, ICO analysis, or risk management in digital asset investment.
泰國數位資產業務經營者的董事、授權人員和經理必須具有相關行業3-5年的工作經驗，包括在金融機構、貨幣或資本市場、與數位資產業務相關的管理職位、或學術或專業人士的工作經驗像是會計、金融、經濟、法律或資訊科技等領域的專家。此外，他們還必須具有1年數位資產特定工作經驗，例如區塊鏈和智慧合約開發、財務諮詢、ICO 分析或數位資產投資中的風險管理。
On the other hand, they can meet the requirement by completing SEC-approved training courses. Also, they are required to complete corporate governance training courses approved by the SEC. For example: 1. Blockchain Technologies: Business Innovation and Application is a course offered by the Massachusetts Institute of Technology (MIT). 2. Decentralized Finance and Blockchain is a course offered by Chulalongkorn University. These who currently are in these positions without prior training in corporate governance courses must complete the required training within 1 year from 16 August 2024.
另一方面，他們可以透過完成 SEC 批准的培訓課程來滿足要求。此外，他們還必須完成美國證券交易委員會批准的公司治理培訓課程。例如: 1.區塊鏈技術: 商業創新與應用是麻省理工學院(MIT)開設的課程。 2. 去中心化金融和區塊鏈是朱拉隆功大學開設的課程。目前擔任這些職位且未接受過公司治理課程培訓的人員必須在 2024 年 8 月 16 日起的 1 年內完成所需的培訓。
4. Listing Rules
上市規則
Digital assets exchanges are permitted to establish their own listing rules, which needs the SEC’s approval. The rules must include criteria for listing and delisting digital assets, together with guidelines and procedures for trading, clearing, and settlement. In addition, the rules should include criteria for approaching liquidity providers (market makers), if applicable.
數位資產交易所可以製定自己的上市規則，這需要獲得 SEC 的批准。這些規則必須包括數位資產上市和下市的標準，以及交易、清算和結算的指南和程序。此外，如果適用，規則應包括接觸流動性提供者(市商)的標準。
Additionally, it is stipulated that the approval of the exchange rules for digital asset exchanges falls under the authority of the SEC. Digital asset exchanges are required to disclose their exchange rules on their official websites or through other accessible channels for investors.
此外，規定數位資產交易所的交易規則的批准屬於SEC的權限。另外，數位資產交易所還需要在其官方網站或其他投資者可訪問的管道披露其交易規則。
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