Police have voiced five demands to foreign business.
- There are separate laws governing the conduct of business by foreigners in Thailand. The main ones are the Foreign Business Act of 1999 and the Foreigners’ Labor Act of 2008.
- A Thai legal entity must have real Thai shareholders and directors. It is against the law to use nominee shareholders to conceal full foreign control of the business.
- Certain areas of business are completely closed to foreigners under the Foreign Business Act 1999. These include activities related to national security, Thai culture and arts, traditions and crafts, and natural resources, among others.
- Conducting currency exchange transactions via cryptocurrencies requires a license from the SEC. According to the Digital Asset Business Act of 2018. such activities are licensable because they affect the financial and economic stability of the country.
- A participant in a cryptocurrency transaction must be sure of the purity and legitimate origin of the cryptocurrency being accepted and transferred. The SEC has the authority to prevent the circulation of funds in the form of digital assets if their origin is unknown or criminal.
