Thailand has emerged as a forward-thinking jurisdiction in the digital asset space, establishing a comprehensive legal framework to regulate cryptocurrencies, digital tokens, and related financial technologies. Since the enactment of the Emergency Decree on Digital Asset Businesses (2018), the country has continuously evolved its regulatory approach to balance innovation with investor protection and financial stability.
This guide offers an up-to-date overview of Thailand’s digital asset laws as of early 2025, covering core definitions, regulatory requirements for token offerings and digital asset businesses, anti-money laundering (AML) compliance, and emerging developments such as programmable payments and sustainability-linked tokens.
Understanding Digital Assets Under Thai Law
Digital assets in Thailand are legally categorized into two primary types: cryptocurrencies and digital tokens. While both exist in digital form and rely on blockchain or distributed ledger technology (DLT), their functions and regulatory treatment differ significantly.
Cryptocurrency vs. Digital Token: Key Differences
- Cryptocurrency is defined as an electronic data unit used primarily as a medium of exchange for goods, services, rights, or other digital assets. Examples include Bitcoin (BTC) and Ethereum (ETH), which are recognized by the Securities and Exchange Commission (SEC) of Thailand.
- Digital Token, on the other hand, represents a right—either investment-based (e.g., equity or profit-sharing) or utility-based (e.g., access to a service or product). These are typically issued during Initial Coin Offerings (ICOs) or token sales.
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Importantly, if a cryptocurrency is used to raise funds from the public and grants investors rights to profits or participation in a project, it may be reclassified as a digital token and subject to stricter regulatory oversight.
Proposed Regulatory Harmonization: The Shift to "Crypto Asset"
In mid-2024, the SEC held public hearings on a draft amendment that would consolidate the definitions of “cryptocurrency” and “digital token” under a single umbrella term: Crypto Asset. This aligns Thailand with international standards such as those set by the Financial Action Task Force (FATF) and the EU’s MiCA regulation.
Under the proposed definition, a crypto asset must meet four criteria:
- Issued and represented in digital form.
- An intangible asset.
- Controllable by its owner.
- Transferable.
Additionally, it must possess economic value and be technology-neutral in design.
The SEC also plans to publish a positive list of regulated crypto assets, expected to include:
- Native coins of major blockchains
- Governance tokens
- Asset-backed stablecoins
This shift signals Thailand’s intent to create a clearer, more predictable regulatory environment for digital finance.
Regulatory Framework for Digital Token Offerings
The offering of digital tokens to the public is tightly regulated under Thai law. The process involves strict disclosure requirements, approval from the SEC, and use of licensed ICO portals.
Types of Regulated Offerings
1. Standard Digital Token Offering
To conduct a public offering of investment or non-ready-to-use utility tokens, issuers must:
- Be incorporated in Thailand.
- Obtain board approval prior to SEC submission.
- File a registration statement and draft prospectus.
- Use an SEC-approved ICO portal.
- Limit retail investor participation to THB 300,000 per round (higher limits apply for real estate- or infrastructure-backed tokens).
2. Exempt Offerings
Certain offerings are exempt from full SEC approval:
- Limited Offerings: Targeted at institutional or ultra-high-net-worth investors; capped at 50 individuals or THB 20 million over 12 months.
- Ready-to-Use Utility Tokens: Issued for consumptive purposes (e.g., loyalty points, event tickets) and not intended for trading.
Specialized Token Categories
Real Estate Digital Tokens
These represent ownership or income rights tied to completed real estate projects. Requirements include:
- Minimum investment value: THB 500 million.
- Full title appraisal by at least two SEC-approved appraisers.
- Establishment of a trust structure to protect investor interests.
Infrastructure Digital Tokens
Linked to critical infrastructure sectors like energy, transport, water, and telecoms. Projects must demonstrate technological feasibility and revenue potential.
Sustainability-Related Tokens
Introduced in 2024, these include:
- Green Tokens: Fund environmental initiatives.
- Social Tokens: Support community development.
- Sustainability-Linked Tokens: Yield adjustments based on ESG performance metrics.
Issuers must engage independent third-party evaluators to verify sustainability claims.
Debt-Like Tokens
Offer fixed returns similar to bonds. Full credit risk disclosures are required to ensure informed investing.
Shelf-Filing for ICOs
A new 2024 regulation allows eligible issuers to register multiple token offerings under one application within a two-year window. This applies particularly to soft-power industries like music, film, and arts.
Operating a Licensed Digital Asset Business
Entities wishing to operate exchanges, brokerages, advisory services, or custodial wallets must obtain licenses from the Ministry of Finance (MOF), based on SEC recommendations.
Regulated Activities
| Activity | Key Requirements |
|---|---|
| Digital Asset Exchange | THB 100 million minimum capital; cannot also act as dealer |
| Broker/Dealer | THB 10–50 million capital depending on scope |
| Fund Manager | THB 10–25 million capital; must maintain net capital |
| Advisor | THB 1 million capital; annual fee of THB 25,000 |
| Custodial Wallet Provider | THB 50 million capital; must implement hot/cold wallet systems |
All operators are considered financial institutions under AML laws and must perform KYC/CDD procedures.
Prohibited Activities and Restrictions
Licensed businesses face several operational limits:
- Cannot promote digital assets as payment methods.
- Cannot offer deposit-taking or lending services with promised returns (except staking rewards).
- Cannot list meme tokens, fan tokens, NFTs, or self-issued exchange tokens.
- Advertising must be pre-approved by the SEC and limited to service promotion only.
Ongoing Compliance Obligations
Operators must:
- Reconcile customer assets daily.
- Maintain IT systems compliant with international cybersecurity standards.
- Implement clear policies for wallet and private key management.
- Avoid conflicts of interest when outsourcing operations.
Anti-Money Laundering and Customer Due Diligence
All licensed digital asset businesses are designated as Reporting Entities (REs) under Thailand’s Anti-Money Laundering Act.
KYC and CDD Requirements
During onboarding:
- Collect verified ID documents.
- Conduct risk assessments (low to high).
- Confirm transaction initiators match identity records.
For high-risk customers:
- Enhanced due diligence is mandatory.
- Regular sanction list screening is required.
- Suspicious transactions must be reported immediately.
Failure to comply can result in fines up to THB 500,000 under the 2024 Counter-Terrorism Financing Amendment.
The BOT’s Programmable Payment Sandbox
The Bank of Thailand (BOT) launched a Programmable Payment Sandbox in late 2024 to explore next-generation payment solutions using blockchain technology.
Key features:
- Electronic units pegged 1:1 to THB.
- Predefined conditions for automated payments (e.g., smart contracts).
- Strict KYC/KYM (Know Your Merchant) protocols.
- No public promotion allowed during testing phase.
Participants include major banks and fintech firms, signaling strong institutional interest in CBDC-like innovations.
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Frequently Asked Questions (FAQ)
Q: Are NFTs regulated in Thailand?
A: Generally no—unless an NFT grants investment rights or functions as a utility token. In such cases, it may fall under SEC oversight. Pure digital collectibles (e.g., art files) are not regulated.
Q: Can foreigners invest in Thai digital token offerings?
A: Yes. There are no nationality restrictions for investors in either primary or secondary markets.
Q: What happens if a digital asset business fails to maintain net capital?
A: The MOF may suspend or revoke the license. Continuous monitoring is required to ensure financial soundness.
Q: Is tax applied to crypto gains in Thailand?
A: Yes. Capital gains from transfers are taxable. However, VAT exemptions apply to investment token offerings under the 2023 Royal Decree.
Q: Do I need a license to run an NFT marketplace?
A: Only if your platform facilitates trading of tokens classified as digital assets. Otherwise, standard business registration suffices.
Q: Can stablecoins be issued in Thailand?
A: THB-backed stablecoins may be classified as e-money under existing laws. Operators must consult the BOT before launch.
Final Thoughts
Thailand's digital asset ecosystem reflects a mature blend of innovation and regulation. With clear rules for token issuance, robust licensing frameworks, and active central bank experimentation, the country is positioning itself as a regional leader in responsible fintech development.
As global standards converge and new financial models emerge—from DeFi integrations to ESG-aligned tokens—Thailand’s adaptive legal framework ensures both market confidence and technological progress.
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