The Bank of Thailand (BOT) and the Securities and Exchange Commission (SEC) announced in July 2026 that they are jointly auditing high-volume stablecoin transactions, with a particular focus on USDT, as part of a wider crackdown on Thailand’s “grey economy” crypto asset operators that don’t fulfil licensing requirements. The review uses data analytics to trace transfers that appear structured to avoid disclosure or move funds outside normal banking and reporting channels.
While the audit’s immediate target is money laundering, it also brings renewed attention to individuals and businesses who exchange or convert crypto assets on a regular basis without holding the required SEC licence. This includes informal crypto dealers, as well as real estate agents who accept crypto assets as a means of payment for property purchases.
This article explains which crypto-related activities require a licence under Thai law, what qualifies as a digital asset business, and why informal exchangers and merchants who accept crypto and later convert it remain squarely within the regulatory net, despite operating outside licensed platforms.
Thailand’s Licensing Regulations for Digital Asset Operators
Thailand regulates digital assets under the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018), alongside related SEC and Ministry of Finance notifications. The Decree applies to any operator, large or small, that regularly offers digital asset trading or exchange services for a fee.
Rather than the size of the operator or the sophistication of the platform, the threshold by the Decree is regularity and public-facing availability. A person or entity that repeatedly buys and sells crypto on behalf of others, or is known to be willing to do so, can meet this definition even if the activity happens over messaging apps or in person.
The SEC recognises several categories of licensed digital asset business, each requiring approval from the Ministry of Finance on the SEC’s recommendation, minimum registered capital, and ongoing AML/KYC and reporting obligations. The categories most relevant to grey-market activity are:
- Digital asset exchange: a centre or platform that matches buyers and sellers or otherwise enables parties to trade digital assets, operated on a regular commercial basis.
- Digital asset broker: a person who acts, or holds themselves out as available to act, as an intermediary or agent for others in the trading or exchange of digital assets, in exchange for a fee.
- Digital asset dealer: a person who buys, sells, or exchanges digital assets for their own account on a regular commercial basis, outside a licensed exchange.
Fund management, advisory, and custodial wallet services are separately regulated. Operating in any of these categories without a licence is a breach of the Emergency Decree, regardless of whether the operator considers the activity to be “informal” or incidental to another line of work, such as a foreign exchange service provider.
A separate rule affects how crypto payments should be treated in deals like real estate purchases. Since 1 April 2022, SEC Notification No. Gor Tor. 5/2565 has barred licensed digital asset operators from supporting the use of digital assets as payment for goods or services. This means that operators are not allowed to advertise payment-facilitation services, convert crypto to fiat for a merchant at point of sale, or otherwise let crypto function as a substitute for Baht.
Where Grey Market Operators Fit
Grey market activity crosses into licensed territory in two common ways. The first is the individual who informally exchanges crypto for Baht (or vice versa) for a fee, on a repeat basis. This tracks the legal definitions of both broker and dealer, where the operator acts as a go-between for others’ trades points to broker activity, while trading on one’s own account to fill client orders points to dealer activity.
It is important to note that having no formal platform or business registration does not exempt these activities from licensing requirements.
The second pattern is real estate agents and developers who accept cryptocurrency as payment and later convert it into fiat through an exchange. Repeated conversion of client-linked crypto proceeds may constitute as dealer activity, while coordinating the crypto side of a deal between buyers and sellers may be construed as brokering.
The recent crackdown initiated by Thai regulators aims to capture these recurring, fee-generating exchange activities,
What This Means for Crypto Operators
The July 2026 audit follows a January 2026 finding that a large share of USDT sellers on Thai platforms were foreign nationals operating outside the regulated market, and it sits alongside new source-of-funds documentation requirements for large cash deposits taking effect in the fourth quarter of 2026. Regulators are visibly extending the analytical tools historically used for cash and gold into digital asset transactions.
The Emergency Decree provides for both criminal and civil sanctions for operating without the required license. Criminal penalties can include a fine of up to THB 1,000,000, imprisonment of up to five years, or both, while civil sanctions can include further fines, trading bans, and bans on acting as a director or executive of a digital asset business. Since 2025, the Ministry of Digital Economy and Society has also gained the power to block access to unlicensed platforms, and the SEC has shown a consistent willingness to pursue both companies and the individuals behind them.
For operators whose business may involve any recurring crypto exchange activity, it may be a good time to consider whether payment-linked crypto arrangements fall within the licensing regime or the payment-use restriction to prevent any penalties or liabilities. It is also recommended to ensure that transaction records can clearly show the commercial rationale, origin, and destination of funds.
Please get in touch with our crypto and Web3 team if you would like to discuss how these requirements may apply to you.
This article is provided for general information purposes only and does not constitute legal advice. While care has been taken to ensure accuracy at the time of writing, laws and administrative practices may change. Specific advice should be sought for individual circumstances.
