# SEC starts public hearing on prohibiting digital assets as means of payment

- Link: https://www.thailand-business-news.com/banking/151719-sec-starts-public-hearing-on-prohibiting-digital-assets-as-means-of-payment
- Published: 2024-07-17T11:19:25+07:00
- Author: SiamNews PR

**The SEC is inviting public feedback on proposed rule changes that would lift the
ban on digital assets as a form of payment, encompassing various digital asset business
models. The amendments are designed to enable these businesses to engage in the 
BOT’s Programmable Payment Sandbox initiative.**

---

Bangkok, 16 July 2024 – The Securities and Exchange Commission (SEC) is seeking 
public comments on a proposed amendment to the rules prohibiting the use of digital
assets as a means of payment for products or services (MOP) to include all current
types of digital asset business operators.

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The public is also invited to comment on a proposed amendment to allow digital asset
business operators under the SEC’s supervision to participate in the Programmable
Payment Sandbox created by the Bank of Thailand (BOT) to promote the development
of digital financial innovation. 

Recently, the Ministry of Finance has prescribed Digital Asset Custodial Wallet 
Provider as a new type of digital asset business, resulting in the total of six 
digital asset businesses.* In addition, the BOT has revised the scope of the Regulatory
Sandbox Guidelines for the application of digital technologies to further develop
financial innovations and specified additional conditions for automatic programmable
payment.  

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To ensure that the services provided by digital asset business operators without
the characteristics of MOP cover all types of digital asset businesses and that 
the digital asset business operators are able to participate in the BOT’s Programmable
Payment Sandbox  while promoting the development of innovations, the SEC has drafted
relevant amendments which are now open for public consultation. The key points of
the proposed amendments are as follows:   

    ```wp-block-code
    (1)  To revise the rules, conditions and procedures for the provision of services without exhibiting the characteristics of MOP by expanding the scope of service provision to also cover the new type of digital asset business operator: Digital Asset Custodial Wallet Provider; 
    ```

  (2)  To revise the restrictive rules in cases where digital asset business operators
under the SEC’s supervision wish to participate in the BOT’s Programmable Payment
Sandbox, regarding both the use of digital assets as MOP and the conditions for 
accepting cryptocurrencies in transactions. This is to support and provide opportunities
for interested parties to participate in the Sandbox, thereby promoting the digital
development in the money and capital markets.

The consultation paper is available at: [https://www.sec.or.th/TH/Pages/PB_Detail.aspx?SECID=1006](https://www.sec.or.th/TH/Pages/PB_Detail.aspx?SECID=1006)
and the legal hub at: [https://law.go.th/](https://law.go.th/listeningDetail?survey_id=NDA0M0RHQV9MQVdfRlJPTlRFTkQ=).
Stakeholders and Interested parties are welcome to submit comments and suggestions
via the websites or emails: apichayas@sec.or.th, yanisac@sec.or.th and wasu@sec.
or.th. The public hearing ends on 29 July 2024.     

**Source** : [SEC public hearing on the use of digital assets as a means of payment and a proposed amendment to support BOT Programmable Payment Sandbox](https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=10942&rand=113627)