The Emergency Decree on Digital Asset Businesses B.E. 2561 (2018) (“Emergency Decree”) establishes the primary framework governing digital assets in Thailand. It distinguishes between “cryptocurrencies” and “digital tokens,” creating separate categories of activity and introducing licensing requirements for business operators.
The Ministry of Finance serves as the licensing authority, while the Securities and Exchange Commission (“SEC”) supervises the ongoing activities of licensed operators. The decree identifies the following categories of regulated businesses: digital asset exchanges, brokers, dealers, ICO portals, custodial wallet providers, fund managers, and advisors. Each of these categories is subject to distinct licensing requirements and compliance obligations, aligning the treatment of digital asset businesses with that of traditional financial institutions under Thai law.
Licensing Landscape for Digital Asset Activities in 2025
As of writing, the SEC has authorised 12 exchanges, 13 brokers, and three dealers, alongside nine ICO portals. Custodial wallet providers, fund managers, and advisors, however, remain rare, with only two operators licensed so far in each category. This demonstrates that while Thailand’s digital asset market is structured, certain services remain underdeveloped. Custody, advisory, and fund management in particular represent areas where licensed operators are comparatively few, notwithstanding increasing regulatory recognition of their importance.
Nonetheless, foreign operators face specific requirements when operating in Thailand or targeting Thai residents. Amendments to the Emergency Decree in 2025 extended licensing obligations extraterritorially, requiring offshore operators who “target” users in Thailand to obtain relevant licences. Targeting is broadly defined as engaging in any of the following activities:
- Using Thai language on websites or customer service offerings.
- Using a “.th” or “.ไทย” domain.
- Accepting or processing Thai Baht payments.
- Applying Thai laws for user agreements.
- Advertising specifically to Thai residents.
- Establishing an office in Thailand and hiring Thai staff.
Foreign operators engaging in such activities are required to obtain a licence from the SEC prior to offering services to Thailand-based residents. Failure to comply may result in criminal penalties, including imprisonment for two to five years and/or fines between 200,000 and 500,000 Baht. Continuing violations attract an additional fine of up to 10,000 Baht per day. Moreover, unlicensed platforms may be subject to blocking under the Computer Crime Act.
Restrictions, Compliance, and Supervisory Standards
Regulators in Thailand maintain a cautious stance towards imported financial products. While spot Bitcoin ETFs have been authorised in the United States and elsewhere, the SEC has confirmed that such products are not currently permitted in Thailand. Licensed securities firms are prohibited from offering products that are not comparable to those authorised under Thai law. As a result, offerings such as the spot Bitcoin ETF and similar exchange-traded products remain inaccessible to Thai investors.
Digital asset business operators are treated as financial institutions for the purposes of Thailand’s Anti-Money Laundering Act. They are required to implement customer due diligence (“CDD”) measures, including enhanced procedures for high-risk clients, and to report suspicious transactions to the Anti-Money Laundering Office. They must also maintain records of client assets and transactions for at least five years, with the first two years in a format that is readily accessible for SEC inspection.
In addition, marketing and promotional activities are closely monitored. For instance, ICO advertisements must not imply guaranteed returns, must include clear risk warnings, and must not pressure investors into impulsive decision-making. Non-compliance may result in the SEC directing issuers to amend or withdraw misleading promotional materials.
Emerging Regulatory Developments
Alongside the licensing regime, regulators continue to refine the scope of permissible digital asset activities. The Bank of Thailand (BOT) maintains its prohibition on cryptocurrencies as a means of payment but has piloted initiatives such as a Retail Central Bank Digital Currency (CBDC), the cross-border “mBridge” project, and programmable payment systems. The Securities and Exchange Commission (SEC) has also launched regulatory sandboxes, including a tourism programme in 2025 allowing visitors to convert digital assets into Baht through licensed operators, showing a willingness to permit limited carve-outs where innovation aligns with policy goals.
The SEC is at the same time tightening rules to prevent digital assets from functioning as currency. Draft regulations would extend payment prohibitions to custodial wallet providers, while March 2025 saw the approval of USDT and USDC for certain transactions under the Emergency Decree. Although these stablecoins cannot be used for general payments, their recognition signals a gradual broadening of the regulatory perimeter.
Fundraising through token offerings remains a supervisory priority. In August 2025, the SEC introduced new requirements for governance, token holder rights, and stricter advertising standards for ICOs, bringing them closer to the protections seen in traditional capital markets. In parallel, amendments to the Cybercrime Law in 2023 created liability for mule accounts and imposed joint responsibility on operators that fail to meet security obligations, underlining the integration of digital asset regulation with financial crime prevention.The tax regime has also been adjusted to encourage activity within licensed markets. Since January 2025, individuals enjoy a five-year exemption on capital gains from trades conducted on licensed exchanges, while issuers of investment tokens remain exempt from corporate income tax and VAT. Together, these measures illustrate Thailand’s dual approach of promoting growth within the regulated ecosystem while maintaining strict controls against unlicensed activity.
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].
