The free market is being undermined, with small traders being excluded and the market increasingly monopolized.

After the Thailand SEC updated the regulations on digital assets to restrict P2P trading in Thailand and centralize activities on exchanges backed by major capital groups and political interests, the police have now begun pressing charges against P2P traders. The country is increasingly moving toward a centralized system similar to a CBDC model

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Digital Assets Thai Decree (Update 13Apr2025)

https://www.sec.or.th/TH/Documents/ActandRoyalEnactment/RoyalEnactment/enactment-digitalasset2561.pdf

“Section 17: Any Initial Coin Offering (ICO) shall be conducted through either a limited company or a public limited company, and shall submit an offering statement and prospectus accordingly to Securities and Exchange Commission(SEC)”

Section 19: The offering of cryptocurrency shall be permitted only when an offering statement and prospectus have been submitted and approved. Additionally, the trading must be conducted through an exchange that is authorized by the Securities and Exchange Commission (SEC) only

Criminal penalty

Any person who offers cryptocurrency in violation of, or without obtaining authorization under, Section 17, or who fails to conduct the offering through an exchange as specified in Section 19, shall be punishable by imprisonment for a term not exceeding two years, or a fine equal to twice the value of the transaction, but not less than 500,000 baht, or both