Non-Solicitation Rule Imposed On Unapproved DeFi, CEXes, and DEXes

Thai SEC has implemented new regulation defining what constitutes solicitation and advertising of digital asset services in Thailand - requiring proper licensing in Thailand. The new regulation aligns with similar approaches adopted in Hong Kong, Singapore, and the EU.

What's Changed?

Before April 13, 2025: The regulation primarily focused on "digital asset business operators" located within Thailand under SEC supervision. These "digital asset business operators" are:

• Digital asset exchanges

• Digital asset brokers and dealers

• Digital asset fund managers

• Digital asset advisory services

• Digital asset custodial wallet providers

After April 13, 2025: The scope has significantly expanded. Now any DeFi trading platform, centralized exchange (CEX), or decentralized exchange (DEX) operating outside of Thailand must obtain proper licensing if they engage in solicit activities targeting Thai investors.

What Constitutes "Solicitation" Under the New Rules?

Any platform with one or more of these characteristics is considered to be soliciting Thai investors and requires licensing:

• Having a digital platform displayed in Thai language (fully or partially)

• Using domain extensions ".th" or ".ไทย" or any name signifying Thailand

• Accepting Thai baht or payments through Thai financial accounts

• Specifying Thai law as governing law or using Thai courts for dispute resolution

• Paying search engines to facilitate access for Thai users

• Establishing an office or hiring personnel to support Thai users

• Other characteristics as prescribed by SEC Notification

Important Warning for Content Creators and Personnel in Thailand

The SEC does not consider whether you receive compensation from foreign platforms. If you create content or discuss platforms in a way that solicits, advertises, or invites Thai users to their services, you will be considered as promoting unlicensed services.

The only exception: Content that is purely informational and educational in nature (as determined by the SEC).

For the complete list of characteristics that would require licensing, visit the SEC's official website: https://lnkd.in/gg-9pNSN