The Securities and Exchange Commission (“SEC”) has made key regulatory updates regarding the use of digital assets as Means of Payment (“MOP”) for goods and services, with the aim to promote the fintech innovations under the Bank of Thailand’s (“BOT”) Sandbox Program.
These changes are laid out in the SEC Notification No. GorThor. 25/2567 on Rules, Conditions, and Procedures for the Provision of Services by Digital Asset Business Operators Prohibiting the Use of Digital Assets as a Means of Payment for Goods or Services (No. 2) and the SEC Notification No. SorJor. 22/2567 on List of Cryptocurrencies Prescribed by the SEC Office (No. 3). The laws came into effect on 6 September 2024.
- The scope restriction on the use of digital assets as MOP is expanded to cover all types of digital asset business operators under the SEC, including the Digital Asset Custodial Wallet Providers, that were previously not subject to MOP-related regulations.
- The amendment paves the way for participation in the Programmable Payment Sandbox project initiated by the BOT; the digital asset business operators that receive the BOT’s approval to participate in the Programmable Payment Sandbox project are allowed to use digital assets as MOP under the project’s setting.
- The change further supports the Programmable Payment Sandbox project by updating the list of cryptocurrencies that digital assets business operators, token issuers, and token sale platforms can use in transactions or accept as payment to include cryptocurrencies used in the BOT’s Programmable Payment Sandbox project.