Overview
Thailand has the broadest licence taxonomy in APAC. Under the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018), in force since 14 May 2018, the Securities and Exchange Commission, Thailand (SEC) licenses six categories. Exchange, Broker, Dealer, Fund Manager, Advisor and Custodial Wallet Provider, each with paid-up capital tiers calibrated to whether the operator holds and controls client assets. The Ministry of Finance approves licences on the SEC's recommendation.
Two 2025 reforms shape the landscape in 2026: a five-year personal-income-tax exemption on digital-asset capital gains via licensed Thai operators (Ministerial Regulation No. 399, effective from 1 January 2025 to 31 December 2029), and the TouristDigiPay national sandbox announced 18 August 2025, an 18-month framework for crypto-to-baht tourist payments via regulated e-wallets.
The regulator. SEC Thailand
SEC Thailand is the primary digital-asset regulator. The Bank of Thailand (BOT) and Anti-Money Laundering Office (AMLO) hold adjacent remits over payments and AML/CFT respectively. SEC notifications continuously supplement the Emergency Decree, the most recent material change is SEC Notification KorThor 28/2567 effective 1 November 2024, which set the Custodial Wallet Provider capital framework. Primary sources: the consolidated SEC Digital Asset rules and the Royal Gazette for statutes and Ministerial Regulations. Corporate filings sit with the Department of Business Development (DBD), and tax matters with the Revenue Department.
Is crypto legal in Thailand, and who is in scope
Cryptocurrency is legal in Thailand and regulated as a digital asset, not as legal tender. The Emergency Decree of 14 May 2018 defines two classes: cryptocurrencies (such as Bitcoin and Ether, traded as mediums of exchange) and digital tokens (investment tokens representing a right or participation, and utility tokens granting access to a product or service). Trading, exchange, brokerage, dealing, fund management, investment advice and custodial wallet services over those assets all require an SEC licence when provided in or into Thailand.
Retail use of crypto for payment is restricted: a joint SEC–Bank of Thailand framework in force since April 2022 bars licensed operators from facilitating the use of digital assets as a means of payment for goods and services, outside narrow exceptions such as the TouristDigiPay sandbox. Businesses in scope of the licensing regime include centralised exchanges, OTC desks, brokers, proprietary traders, token managers and advisers, custodial-wallet providers, and, under the 2025 amendment to the Emergency Decree, offshore platforms that actively solicit Thai clients.
Licence categories and minimum paid-up capital
| Category | Sub-type | Min paid-up capital |
|---|---|---|
| Digital Asset Exchange | With custody | THB 50,000,000 |
| Without access/control of client assets | THB 10,000,000 | |
| Digital Asset Broker | Holding client assets | THB 25,000,000 |
| Asset-keeping, no access/transfer without client approval | THB 5,000,000 | |
| Non-asset-keeping | THB 1,000,000 | |
| Digital Asset Dealer | Holding and controlling client assets | THB 25,000,000 |
| Asset-keeping, no access | THB 5,000,000 | |
| Without access or control | THB 1,000,000 | |
| Digital Asset Fund Manager | Asset-keeping / non-institutional clients | THB 25,000,000 |
| Digital Asset Advisor | Advisory only | THB 1,000,000 |
| Custodial Wallet Provider | Custody (KorThor 28/2567, eff. 1 Nov 2024) | THB 50,000,000 paid-up + THB 20,000,000 owner's equity |
All licensees must also maintain prescribed net capital on an ongoing basis (separate from paid-up capital). Initial application fee is THB 30,000.
Category comparison, scope, capital, typical use
Picking the wrong category is the single costliest drafting error in a Thai digital-asset application. Each of the six categories under the Emergency Decree has a distinct regulated scope; choosing a higher-tier licence than the business model requires inflates paid-up capital, while under-scoping triggers a remedial amendment and an additional MoF approval cycle.
- Digital Asset Exchange, operating a centre or network that matches orders between multiple buyers and sellers of digital assets. Custody model: THB 50,000,000 paid-up. Without access or control of client assets (matching engine only): THB 10,000,000. Typical applicant: centralised spot exchange with order book, KYC'd retail users, on-chain custody infrastructure.
- Digital Asset Broker, receiving orders from clients and routing them to an exchange or counterparty. Three tiers: holding client assets THB 25M; asset-keeping without access or transfer rights THB 5M; non-asset-keeping THB 1M. Typical applicant: brokerage with a wrapper over a foreign venue, OTC desk, or introducing broker.
- Digital Asset Dealer, dealing in digital assets on own account with clients (principal basis, not agency). Mirrors the Broker capital tiers, THB 25M / 5M / 1M, depending on custody control. Typical applicant: proprietary market-maker, RFQ desk, high-net-worth dealing book.
- Digital Asset Fund Manager, managing digital-asset portfolios for third parties. THB 25,000,000 for asset-keeping models serving non-institutional clients. Typical applicant: discretionary digital-asset fund, managed account product.
- Digital Asset Advisor, providing recommendations without executing or holding client assets. THB 1,000,000. Typical applicant: research-only advisory, paid-subscription newsletters with recommendation content, robo-advisory without execution.
- Custodial Wallet Provider, safekeeping digital assets for clients as a standalone service. Under SEC Notification KorThor 28/2567 (effective 1 November 2024): THB 50,000,000 paid-up plus a THB 20,000,000 owner's-equity capital fund ring-fenced for client-asset loss events. Typical applicant: qualified custodian servicing exchanges, brokers and institutions.
Net-capital ratios apply on top of paid-up on an ongoing basis and vary per category. A business running both dealing and brokerage must hold both licences or structure its offering to fit one perimeter only; the SEC does not permit blended activities under a single authorisation.
Foreign ownership and the 49% rule
All SEC-licensed digital-asset operators must be Thai-incorporated companies. Where the activity is caught by the Foreign Business Act B.E. 2542 (1999), foreign shareholding is capped at 49% of the issued share capital unless the entity secures a Foreign Business Licence from the Ministry of Commerce or a Board of Investment (BOI) promotion that lifts the cap. Non-exchange digital-asset activities, brokerage, dealing, fund management, advisory, custodial wallet, are treated as services within Schedule 3 of the FBA, and therefore fall inside the 49% perimeter absent an FBL or BOI exemption.
Three restructuring patterns recur in our Bangkok practice. First, BOI promotion under Category 5.7 (digital services), available for qualifying technology businesses; it lifts the foreign-ownership cap and delivers corporate-income-tax benefits but adds a BOI application layer upstream of the SEC filing. Second, Thai-majority structures with preference shares, the 49% foreign equity is supplemented by non-voting preference shares or contractual economic rights, carefully designed to withstand SEC fit-and-proper scrutiny and to avoid nominee-shareholder challenge under the FBA. Third, joint ventures with a Thai strategic partner. Gulf Binance is the best-known example of a majority-Thai JV structure channelling a foreign operator's brand and technology. Directors, senior officers and any shareholder holding 10% or more of voting shares undergo SEC fit-and-proper review; beneficial-ownership disclosures run through to ultimate controllers. Corporate filings are lodged with the Department of Business Development.
KYC tiers, NDID integration and AMLO Travel Rule
Digital-asset operators are reporting entities under the Anti-Money Laundering Act B.E. 2542 (1999) and its implementing notifications, supervised by the Anti-Money Laundering Office (AMLO) alongside the SEC. Customer due diligence is risk-based and tiered, with deeper controls triggered by product risk, volume, geography and client profile.
At onboarding, operators must collect identification, verify identity against reliable sources, establish beneficial ownership for corporate clients, and screen against sanctions lists and politically-exposed-person (PEP) databases. Electronic KYC via NDID, the National Digital ID platform shared across Thai banks, securities firms and digital-asset operators, is the market-standard onboarding channel for Thai retail users, delivering government-source-verified identity in minutes and allowing operators to onboard without in-person visits. Enhanced due diligence applies for PEPs, high-risk jurisdictions and high-volume or complex transactions; ongoing monitoring is mandatory throughout the relationship.
Operators must file suspicious transaction reports (STRs) to AMLO without thresholds when suspicion is formed, and currency-transaction or asset-transaction reports where prescribed. FATF-aligned Travel Rule requirements apply to virtual-asset transfers: originator and beneficiary information must be transmitted alongside transfers above the prescribed threshold, and intermediaries must screen the inbound data before crediting. The SEC interpretive circular Wor. 14/2566 (ว 14/2566) provides guidance on prohibited deposit-taking and lending activities, which also intersects with AML typologies around custodial yield structures.
Custody, IT security and the KorThor 28/2567 capital fund
Every licensee that holds client assets must segregate them from proprietary assets, maintain written cold and hot wallet policies, comply with SEC-prescribed IT security standards, and run business-continuity and disaster-recovery frameworks with regular testing. Annual IT and system audits are required.
SEC Notification KorThor 28/2567, effective 1 November 2024, overhauled the standalone Custodial Wallet Provider framework. In addition to THB 50,000,000 paid-up capital, the notification requires a THB 20,000,000 owner's-equity capital fund ring-fenced for client-asset loss events, functionally an insurance-style buffer that a custodian must hold on top of its operating capital. Where an Exchange, Broker or Dealer holds client assets directly, it must either keep them with a qualified custodian (another licensed Custodial Wallet Provider or eligible overseas custodian) or run the custody inside its own perimeter under the SEC's operational-risk rules. The full notification text is published via the SEC notifications register.
ICO Portal, IEO listings and the 2022 advertising notice
Primary issuance of digital tokens, investment tokens and certain utility tokens, to Thai retail investors is permitted only through an SEC-approved ICO Portal. The portal is a separate SEC authorisation: it screens issuers, vets smart contracts and disclosures, runs KYC on subscribers, and distributes the offering. Direct-to-retail offerings without a portal are prohibited. Cryptocurrencies (such as Bitcoin and Ether) are not subject to the ICO Portal regime; they are traded as assets on licensed exchanges under their ordinary listing frameworks.
Listing a new token on a Thai exchange, sometimes described colloquially as an “IEO”, is governed by the exchange's own listing committee against SEC-prescribed criteria, with the listing notified to the SEC. Investment tokens and certain utility tokens require SEC filing at the issuer level; the exchange retains ongoing responsibility for market surveillance and delisting.
The 2022 SEC notice on digital-asset advertising tightened the promotion regime. Licensees must display prescribed risk warnings on all advertisements, avoid unverified performance claims, and clearly label promotional content as advertising. Influencer and affiliate arrangements must be disclosed; paid testimonials by retail traders are restricted. Since the 30 August 2023 prohibition, promotion of custodial-staking yield, lending and “earn” products is disallowed even where the underlying product is offered offshore.
Offshore operators and the 2025 amendment
Historically, non-Thai-incorporated platforms served Thai retail traders without a local licence, enforcement focused on Thai-facing entities only. The 2025 amendment to the Emergency Decree on Digital Asset Businesses closed that gap: offshore platforms that actively target Thai users. Thai-language interfaces, THB on-ramp support, Thai marketing, Thai-domiciled customer acquisition, fall within the SEC Thailand perimeter and must either obtain a Thai licence or withdraw from the market. The SEC has also expanded coordination with the Ministry of Digital Economy and Society on website-blocking orders for non-compliant offshore operators. A Thai exchange operated through an SEC-licensed vehicle is therefore the default onboarding route for any operator serving Thai residents in 2026.
No earn, lend or yield products
Effective 30 August 2023, SEC Thailand prohibits digital-asset business operators from accepting deposits of digital assets from clients and lending or earning yield on them. The clarification circular Wor. 14/2566 (ว 14/2566) sets the interpretation. Pure protocol-level staking as part of a blockchain consensus mechanism is not prohibited. Operator-offered yield, “earn” and lending products are out of scope of permitted services.
TouristDigiPay national sandbox
Announced 18 August 2025, an 18-month regulatory sandbox jointly operated by SEC, BOT, MoF, AMLO and the Ministry of Tourism & Sports under the Emergency Decree on Digital Asset Businesses combined with BOT e-money regulations. Tourists convert crypto to THB stored in a regulated e-wallet, then spend via QR at Thai merchants. Merchants receive baht, not crypto. KYC and CDD apply at both digital-asset operators and e-money providers. Evolved from the earlier “Phuket Sandbox” proposal. Phuket remains a key pilot area.
The licensed-operator landscape in 2026
The SEC Thailand register of digital-asset business operators lists roughly a dozen live licensees across Exchange, Broker and Dealer categories as of early 2026, with a smaller Fund Manager and Advisor tier and an emerging Custodial Wallet Provider cohort under Notification KorThor 28/2567. Consolidation has thinned the field since 2019, a number of early licensees exited or merged following the 2022 earn-product fallout and the 2023 deposit-taking prohibition.
The visible Exchange tier in 2026 is anchored by Thai majors, Bitkub, Gulf Binance (the joint-venture Thai vehicle operating under the Binance TH brand), Bitazza, Orbix (the successor entity to Zipmex Thailand), Upbit Thailand and Satang Pro. In March 2025 the SEC added USDC and USDT to the permitted-asset list for digital-asset transactions, and in early 2026 the SEC has signalled an expansion of the crypto-ETF framework beyond Bitcoin. The live operator count and ancillary registers are published on the SEC Digital Asset Business page.
Process and timeline
| Stage | SEC Thailand |
|---|---|
| Pre-application, entity, AML, capital | 3–5 months |
| SEC review (statutory cap) | up to 90 days |
| MoF review | up to 60 days |
| Total realistic | 8–14 months |
Penalties for operating without a licence
Carrying on a digital-asset business in Thailand without the required SEC licence is a criminal offence under the Emergency Decree. The headline sanctions are imprisonment of 2–5 years, fines of THB 200,000 to THB 500,000, and daily fines (up to THB 10,000 per day of continued non-compliance). Parallel exposures arise under the Anti-Money Laundering Act B.E. 2542 for unfiled suspicious transaction reports or Travel Rule breaches. Directors and senior officers face personal liability alongside the operating entity. SEC Thailand also routinely refers unlicensed offshore operators to the Ministry of Digital Economy and Society for URL-blocking orders, and has power to name and publicly warn against operators marketing to Thai residents without a licence.
Taxation, corporate, withholding, personal and VAT
- Corporate income tax: 20% standard rate on net profits; licensed digital-asset operators file annual audited accounts with the Revenue Department.
- Withholding tax on digital-asset gains: a 15% withholding tax on personal digital-asset gains was introduced under the 2018 Emergency Decree on the Revenue Code (No. 19); its application has been modified by subsequent notifications, and in practice its operability alongside the 5-year personal exemption is handled at platform level by SEC-licensed operators.
- Five-year personal-income-tax exemption: capital gains on digital-asset trading via SEC-licensed Thai operators are exempt under Ministerial Regulation No. 399 (B.E. 2568), announced 5 September 2025, applicable from 1 January 2025 to 31 December 2029. The exemption does not extend to gains from offshore venues.
- VAT: 7% general rate; trading on licensed Thai exchanges has been VAT-exempt under Royal Decrees since 2022, removing a double-taxation overhang that had previously deterred listed-operator models.
The 5-year personal exemption is conditional on the Thai user trading via an SEC-licensed Thai operator, it does not apply to trades on offshore exchanges. For a Thai-licensed exchange this is a structural acquisition advantage versus offshore competitors through 31 December 2029.
FAQ
Is crypto legal in Thailand in 2026?
Yes, cryptocurrency is legal and regulated as a digital asset under the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018). It is not legal tender; retail use of crypto for payment is restricted (outside the TouristDigiPay sandbox), but trading, investing, and operating a licensed exchange, broker or dealer are all permitted activities.
How many crypto exchanges are licensed in Thailand?
The SEC Thailand register lists roughly a dozen live digital-asset licensees across Exchange, Broker and Dealer categories in early 2026. Named Exchange-tier operators include Bitkub, Gulf Binance, Bitazza, Orbix, Upbit Thailand and Satang Pro; smaller cohorts of Fund Managers, Advisors and Custodial Wallet Providers sit alongside. Consult the live SEC Digital Asset Business register for the current count.
Do offshore exchanges need a Thai licence to serve Thai clients?
Yes, if they actively target Thai users. The 2025 amendment to the Emergency Decree brings offshore platforms with Thai-language interfaces, THB on-ramp support or Thai-facing marketing within the SEC perimeter. Non-compliant offshore operators can be referred to the Ministry of Digital Economy and Society for URL-blocking.
What is the penalty for operating a crypto exchange without a licence in Thailand?
Imprisonment of 2 to 5 years plus fines of THB 200,000 to THB 500,000, with daily fines up to THB 10,000 per day of continuing breach. Directors and senior officers face personal exposure alongside the operating entity, with parallel AMLA sanctions where reporting obligations are also missed.
Which category should an exchange apply for?
Digital Asset Exchange with custody (THB 50M paid-up). Without custody it is THB 10M, but most operating models require holding client assets.
Can I offer a custodial-staking yield product?
No. Operator-offered yield, lending and “earn” products are prohibited since 30 August 2023. Protocol-level staking through users' own keys is not.
Do I need a Thai-incorporated company?
Yes, a Thai-incorporated company is required. Foreign ownership is permitted but subject to the Foreign Business Act for non-exchange activities. Directors and senior officers face fit-and-proper review.
How does Thailand compare with Indonesia?
Indonesia requires IDR 100bn (~USD 6M) under OJK PFAK, much heavier capital. Thailand's THB 50M for Exchange-with-custody is lower and the regime is more category-granular.
What does TouristDigiPay mean for a fresh exchange application?
The sandbox is a payments framework; it does not change the underlying SEC licensing process. But it opens an additional product surface, crypto-to-baht conversion for tourists, that a licensed Exchange or Broker can plug into.
How does paid-up capital differ between Broker and Dealer?
Broker and Dealer mirror each other across three tiers. THB 25,000,000 when holding client assets, THB 5,000,000 for asset-keeping without access or transfer rights, and THB 1,000,000 for a non-asset-keeping model. A Digital Asset Fund Manager serving non-institutional clients requires THB 25,000,000 paid-up. Ongoing net-capital thresholds apply on top.
Which tokens can be listed on a Thai exchange?
Each listed asset must clear the exchange's listing committee against SEC-prescribed criteria and be notified to the regulator. ICOs to retail run exclusively through SEC-approved ICO Portals; direct-to-retail issuance is not permitted. Investment tokens and certain utility tokens require SEC filing; the exchange owns market surveillance and delisting duties.
Are there foreign-ownership limits?
A Thai-incorporated company is mandatory. Non-exchange digital-asset activities fall under the Foreign Business Act, which caps foreign ownership at 49% unless you hold a Foreign Business Licence or BOI promotion. Directors, senior officers and 10%+ shareholders face fit-and-proper review.
What KYC tiers apply at onboarding?
Risk-based CDD is required under SEC and AMLO rules, with tiering driven by transaction volume, product risk and PEP/high-risk status. Electronic KYC via NDID is accepted. Enhanced due diligence applies to higher-risk clients, with ongoing monitoring and sanctions screening.
What custody and insurance standards apply?
Client assets must be segregated from proprietary; cold/hot wallet policies and SEC-prescribed IT security standards apply, with business-continuity and disaster-recovery frameworks. A Custodial Wallet Provider under SEC Notification No. KorThor 28/2567 (effective 1 November 2024) needs THB 50,000,000 paid-up plus a THB 20,000,000 owner's-equity fund ring-fenced for client-asset loss events.
What AML obligations apply. Travel Rule and STRs?
Operators are reporting entities under the Anti-Money Laundering Act B.E. 2542. Suspicious transaction reports go to AMLO; FATF Travel Rule requirements apply to virtual-asset transfers (originator/beneficiary information); sanctions and PEP screening are mandatory. Wor. 14/2566 gives SEC interpretive guidance on prohibited deposit-taking and lending, intersecting with AML typologies.
What advertising restrictions apply?
Under the 2022 SEC advertising notice, licensees must display risk warnings, avoid unverified performance claims, and clearly label promotional content. Influencer and affiliate arrangements must be disclosed. Promotion of prohibited products, custodial-staking yield, lending, earn services, is disallowed following the 30 August 2023 prohibition.
Is an ICO Portal licence different from an exchange licence?
Yes. The ICO Portal is a separate SEC authorisation that screens primary issuers, vets smart contracts and disclosures, runs KYC on subscribers and distributes the offering to Thai retail investors. It is the only permitted distribution channel for investment tokens and certain utility tokens into the retail market. A Digital Asset Exchange licence covers secondary trading of listed assets, including an exchange's own listing-committee process for new tokens (colloquially IEOs), but it does not authorise primary issuance to retail.
Can foreign tourists access the TouristDigiPay sandbox?
The TouristDigiPay 18-month sandbox, announced 18 August 2025, is designed specifically for inbound tourists. Tourists convert crypto to Thai baht held in a regulated e-wallet, then spend via QR at participating Thai merchants; merchants receive baht, not crypto. KYC and CDD apply at both the digital-asset operator and the e-money provider layer. The sandbox operates nationally under SEC, Bank of Thailand, AMLO, MoF and Ministry of Tourism & Sports supervision, with Phuket retained as a key pilot area.