Thailand’s Securities and Exchange Commission (SEC), alongside the Ministry of Digital Economy and Society (MDES), has announced that access to five unauthorized digital asset trading platforms will be blocked within the country starting 28 June 2025. This measure follows a broader regulatory push to enhance oversight of the digital asset and crypto space, including foreign operators engaging Thai users without a license.
The affected platforms include:
- Bybit (bybit.com)
- 1000X (1000x.live)
- CoinEx (coinex.com)
- OKX (okx.com/th)
- XT.COM (xt.com)
According to the SEC, these platforms are operating in violation of the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018) (the “Digital Asset Business Law”) by offering digital asset services to Thailand-based users without the required licenses. Complaints have been filed with the Economic Crime Suppression Division (ECD), and access will be blocked pursuant to the Emergency Decree on Prevention and Suppression of Technology Crime (No. 2) B.E. 2568 (2025).
Legislative Amendments Expand Regulatory Reach
In parallel with enforcement action, the SEC has introduced amendments to two key pieces of legislation: the Digital Asset Business Law and the Emergency Decree on Measures for the Prevention and Suppression of Cybercrime B.E. 2566 (2023) (the “Cybercrime Law”).
These amendments, now in effect following their publication in the Royal Gazette, aim to strengthen the legal framework governing digital asset activity and broaden Thailand’s jurisdiction over foreign digital asset service providers.
A significant feature of the amended Digital Asset Business Law is the inclusion of Section 26/1, which outlines the criteria under which foreign platforms are deemed to be operating in Thailand. These include:
- Use of the Thai language on the platform (in whole or in part)
- Use of a Thai domain name (e.g., “.th”, “.ไทย”) or a domain referencing Thailand
- Acceptance of payments in Thai baht or through Thai banking infrastructure
- Reference to Thai law or courts for dispute resolution
- Paid advertisements targeting Thai users
- Maintaining local personnel or a support presence
- Other criteria as prescribed by the SEC
These provisions make it clear that foreign operators cannot avoid Thai regulatory obligations simply by operating overseas. If they target users in Thailand, they fall within the SEC’s enforcement scope.
The Cybercrime Law has also been revised to allow the MDES to promptly block unlicensed platforms that solicit Thailand-based users. The new procedures reduce bureaucratic delays and enable more immediate responses to digital threats, including scams, fraud, and illicit fundraising schemes.
Moreover, the law now imposes criminal liability on individuals who allow their digital asset accounts to be used for unlawful purposes, such as money laundering. Offenders may face up to three years’ imprisonment, a fine of up to THB 300,000, or both.
To prevent misuse of the digital asset ecosystem, the SEC has also introduced stricter requirements for licensed operators, including:
- Transaction monitoring and suspension of suspicious accounts
- Blacklisting of wallet addresses or users linked to criminal activity
- Mechanisms for refunding fraud victims
- Data-sharing protocols with law enforcement agencies
Operators may also be held jointly liable for damages arising from cybercrime if they fail to meet these compliance obligations, similar to liability frameworks applied to banks, telecom companies, and online platforms.
Given the situation, the SEC has advised investors using the five identified platforms to withdraw or transfer their assets to licensed entities before the 28 June 2025 deadline. Once access is blocked, users in Thailand may no longer be able to log in or retrieve funds.
Compliance Expectations for Foreign Crypto Platforms
Given the revised legal framework, digital asset and crypto businesses with any level of engagement with Thailand-based users should assess whether they fall within the SEC’s jurisdiction. Activities such as offering Thai-language services, processing payments in Thai baht, or targeting local users through search engine marketing may now trigger licensing and compliance obligations.
Operators that fail to comply may face blocking orders, regulatory sanctions, and reputational damage. Those intending to offer services in Thailand are encouraged to seek legal counsel, obtain the appropriate licenses, and implement risk mitigation frameworks aligned with Thai law.
Thailand’s evolving regulatory framework reflects a continued effort to balance innovation in the digital asset sector with robust safeguards for investor protection and financial integrity. The expanded enforcement powers and jurisdiction over foreign operators mark a significant shift in compliance expectations across the region.
For legal advice regarding licensing, compliance, or risk management in Thailand’s digital asset and Web3 sectors, please contact our Technology, Crypto, and Web3 team at [email protected].
