The Secretary-General said: "This aims to block access to these platforms, strengthen law enforcement, and prevent scammers from using such platforms to launder unlawfully obtained assets. This marks another step in combating cybercrime."

The warning that must be used is: “Cryptocurrencies are high risk. Please study and understand the risks of cryptocurrencies thoroughly, because you may lose the entire amount invested.” 

The warning message must be clearly visible, and the business operator must arrange for the users to give consent and acknowledge the risks before using the service.

The guidelines also prohibit service providers from using customer funds for lending or investment.

The guidelines come into effect on 31 July 2023.

The SEC said that the proposal aims to promote a clear understanding and a standardised protocol for monitoring and supervising digital asset businesses, and to reduce case-by-case data submission.

According to the regulator, some digital asset brokers, dealers and exchanges have already obtained their respective licenses while others are in the application process, each deploying different data types and structures in their business operation.

"The SEC is therefore proposing draft rules related to preparation and submission of data and information according to specific, standardised formats to facilitate ICO portals, digital asset dealers, brokers and exchanges in this matter while reducing their data submission on a case-by-case basis," the SEC said.

The proposed rules classify the required data into two types:

1. Transaction data, which include the volume and proportion of allocated digital tokens, the allocation price, the trading orders, the trading price and volume, and the transactions related to deposit, withdrawal and transfer of digital assets or money.
2. Profile data, which include customer profile, company profile and product profile, e.g., wallet address, customer account number, digital asset wallet address of digital asset business operators and ICO portals, and information on Regulators and offerors of digital assets.

The SEC believes that a standardised database would not only benefit the supervision of digital asset businesses but would also promote co-operation between business operators and the SEC in optimising the use of relevant data to create a clear picture of the overall digital asset industry, laying out digital asset market development plan, as well as solving problems and preventing risks.

"This regulatory proposal would also contribute to the stability, transparency, fairness and digital asset market integrity in the long run," the SEC said.

The SEC said that bitcoin cash (BCH), ether classic (ETC) and litecoin (LTC) have been removed from the list of eligible cryptocurrencies.

As a result, the only permitted cryptocurrencies are now bitcoin (BTC), ethereum (ETH), ripple (XRP) and stellar (XLM), although the list should not be perceived as "a certification of their legal tender status".

"In any case, the list update has no impact on investors or digital asset businesses because so far no ICO has been launched and the operating digital asset exchanges have never used BCH, ETC or LTC as base trading pairs," the SEC said.

The regulator said it had made the decisions based on various factors, such as relevant developments and news.

The SEC said it provides the list to allow the cryptocurrencies in compliance with the Emergency Decree on Digital Asset Businesses B.E. 2561 (2019).

The list will be updated periodically.