Thailand has emerged as a forward-thinking jurisdiction in the regulation of digital assets, establishing a comprehensive legal framework to support innovation while ensuring investor protection and financial stability. Since the enactment of the Emergency Decree on Digital Asset Businesses in 2018, the country has continuously refined its regulatory landscape to keep pace with global developments in blockchain, cryptocurrencies, and tokenized finance.
This guide provides a detailed overview of Thailand’s current digital asset laws as of early 2025, covering key regulations, licensing requirements, compliance obligations, and recent policy shifts. Whether you're an issuer, investor, exchange operator, or fintech innovator, understanding these rules is essential for navigating the Thai digital economy.
Core Keywords
- Digital asset law Thailand
- Cryptocurrency regulation Thailand
- Digital token offering
- SEC Thailand digital assets
- Stablecoin regulation Thailand
- NFT legal status Thailand
- ICO portal licensing
- Anti-money laundering (AML) digital assets
The Regulatory Framework for Digital Assets in Thailand
At the heart of Thailand’s digital asset regulation is the Emergency Decree on Digital Asset Businesses, B.E. 2561 (2018). This foundational law defines digital assets and establishes oversight by the Securities and Exchange Commission of Thailand (SEC). Under this decree, two primary categories of digital assets are recognized:
- Cryptocurrencies: Digital units used as a medium of exchange (e.g., Bitcoin, Ethereum).
- Digital Tokens: Units representing rights to investment, goods, services, or other benefits.
Importantly, instruments already regulated under other laws—such as securities under the Securities and Exchange Act or e-money under the Payment Systems Act—are excluded from the scope of the Digital Asset Decree.
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Key Updates and Trends in 2025
As of 2025, Thailand continues to evolve its regulatory approach in response to technological advancements and international standards. Notable developments include:
- Increased alignment with global frameworks like the EU’s MiCAR.
- Exploration of central bank digital currency (CBDC) use cases through the Bank of Thailand’s (BOT) Programmable Payment Sandbox.
- Enhanced investor protection measures and advertising restrictions for licensed operators.
- Ongoing public consultations on merging "cryptocurrency" and "digital token" into a unified “crypto asset” definition.
These changes reflect a balanced strategy: encouraging innovation while mitigating risks related to fraud, market manipulation, and financial crime.
How Are Cryptocurrencies and Digital Tokens Regulated?
Under Thai law, the distinction between cryptocurrencies and digital tokens hinges on functionality and intent.
| Feature | Cryptocurrency | Digital Token |
|---|---|---|
| Purpose | Medium of exchange | Representation of rights |
| Examples | BTC, ETH | Investment tokens, utility tokens |
| Regulation | SEC oversight | SEC + additional disclosure rules |
However, if a cryptocurrency is issued to raise funds and grants investors rights (e.g., profit-sharing or governance), it may be reclassified as a digital token and subject to stricter offering requirements.
Proposed Amendment: A Unified "Crypto Asset" Definition
In mid-2024, the SEC held public hearings on amending the Emergency Decree to introduce a single category: Crypto Asset. This new definition would require an asset to meet four criteria:
- Issued and represented in digital form
- Intangible
- Owner has control
- Transferable
Additionally, it must have economic value and be technology-neutral. The SEC also proposed a positive list of regulated assets, including native blockchain coins, governance tokens, and asset-backed stablecoins.
Regulatory Regime: Offering Digital Tokens
Two core activities are regulated under Thai law:
- Offering digital tokens to the public
- Operating a digital asset business
1. Public Offering of Digital Tokens
To legally offer digital tokens in Thailand, issuers must comply with strict procedures unless their offering qualifies for an exemption.
Standard Requirements:
- Company registration in Thailand
- Board approval before SEC submission
- Filing of registration statement and draft prospectus
- Offering conducted through an SEC-approved portal
Exemptions apply for certain types of offerings:
✅ Limited Offerings
An offering is exempt if it meets any of the following:
- Targeted at institutional or ultra-high-net-worth investors
- Offered to ≤50 specific individuals within 12 months
- Total value ≤ THB 20 million over 12 months
Even exempt offerings must be conducted via approved portals and include post-offering disclosures.
✅ Ready-to-Use Utility Tokens (Group 1)
Tokens issued for consumptive purposes (e.g., digital vouchers) or as replacements for physical certificates do not require SEC approval—provided they are not listed for trading.
Tokens used within DeFi platforms or exchanges (Group 2) fall under regulation if intended for trading.
Specialized Token Offerings
The SEC has introduced tailored rules for niche asset classes:
🏗️ Real Estate Digital Tokens
Must meet stringent conditions:
- Underlying property fully constructed and dispute-free
- ≥80% of funds invested in real estate
- Appraisal by two SEC-approved appraisers
- Establishment of a trust holding ownership or lease rights
⚙️ Infrastructure Digital Tokens
Apply to projects such as energy plants, transport systems, or telecom networks. Requirements include:
- Technological feasibility assessment
- Revenue from infrastructure must constitute ≥80% of total income
- Trust structure for investor protection
🌱 Sustainability-Related Tokens
Includes green, social, sustainability, and sustainability-linked tokens. Mandatory third-party evaluation required to verify environmental or social impact claims.
💳 Debt-Like Tokens
Tokens promising fixed returns must disclose creditworthiness assessments and risk factors clearly.
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Operating a Licensed Digital Asset Business
Entities engaging in certain crypto-related services must obtain licenses from the Ministry of Finance upon SEC recommendation.
Regulated Activities Include:
- Digital asset exchanges
- Brokers and dealers
- Fund managers
- Advisors
- Custodial wallet providers
Exemptions:
- BOT-operated systems
- THB-pegged stablecoin transactions via financial institutions
- Self-custody services limited to issuer’s own tokens
Licensing Requirements by Entity Type
Each business type has specific capital, governance, and compliance requirements.
For Exchanges, Brokers & Dealers:
| Requirement | Exchange | Broker | Dealer |
|---|---|---|---|
| Minimum Paid-Up Capital | ≥THB 100M | ≥THB 50M | ≥THB 10M |
| Net Capital Maintenance | Required | Required | Required |
| AML Compliance | Mandatory KYC/CDD | Mandatory | Mandatory |
For Advisors, Fund Managers & Custodians:
| Role | Minimum Capital | Annual Fee |
|---|---|---|
| Fund Manager | ≥THB 25M (client-facing) | 0.001% of AUM |
| Advisor | ≥THB 1M | THB 25K |
| Custodial Wallet Provider | ≥THB 50M | 0.001% of custody value |
All operators must begin operations within 180 days of approval.
Ongoing Compliance Obligations
Licensed businesses face continuous regulatory duties:
- Custody Rules: Customer assets must be segregated; lending/staking prohibited unless part of blockchain consensus.
- Outsourcing Controls: Must follow SEC-prescribed risk management protocols.
- Listing Restrictions: Meme tokens, fan tokens, NFTs, and exchange-native tokens cannot be listed.
- Advertising Limits: No public promotion of specific cryptocurrencies; ads require prior SEC approval.
- IT Security Standards: Risk assessments, role separation ("three lines of defense"), and alignment with international frameworks required.
- Wallet & Key Management: Policies for hot/cold storage, access controls, and disaster recovery plans mandatory.
NFTs: Legal Status and Marketplace Rules
Non-fungible tokens (NFTs) are generally not regulated—unless they confer investment rights or serve as payment instruments.
An NFT will be considered a digital asset if it:
- Acts as a medium of exchange
- Grants investment participation rights
- Confers rights to goods/services
In such cases, issuance falls under token offering rules, and marketplaces may need a license. However, pure digital art or collectibles stored on-chain without additional rights remain unregulated.
Notably, Thai exchanges cannot list NFTs for trading.
Anti-Money Laundering (AML) Requirements
Digital asset businesses are classified as reporting entities under the Anti-Money Laundering Act.
Key AML Obligations:
- Conduct KYC/CDD based on risk levels
- Verify customer identity beyond ID documents for high-risk cases
- Perform ongoing monitoring and transaction reporting
- Screen against sanctions lists regularly
- Implement internal AML policies and staff training
Failure to comply can result in fines up to THB 500,000.
Stablecoins and the BOT’s Programmable Payment Sandbox
The Bank of Thailand (BOT) has taken a cautious yet innovative stance on stablecoins.
Key Developments:
- THB-backed stablecoins may be classified as e-money, requiring BOT consultation before launch.
- In late 2024, the BOT launched a Programmable Payment Sandbox under an enhanced regulatory framework.
Participants must:
- Peg electronic units 1:1 to THB
- Ensure full redemption rights
- Implement KYC/KYM/CDD
- Prevent misuse outside testing scope
- Avoid misleading promotional claims
This initiative signals growing institutional openness to programmable money solutions.
Frequently Asked Questions (FAQ)
Q: Do I need SEC approval to issue utility tokens?
A: Only if they are not for consumptive use or certificate replacement. If intended for trading or investment purposes, SEC approval is required.
Q: Can foreign investors participate in token offerings?
A: Yes. Both Thai and foreign investors can invest in primary and secondary markets without nationality-based restrictions.
Q: Are NFTs legal in Thailand?
A: Yes—but only if they don’t function as investment vehicles or payment methods. Pure digital collectibles are permitted.
Q: What happens if my business fails to start within 180 days of approval?
A: The license may be revoked unless justified delays are reported to the SEC.
Q: Can I advertise my exchange on TV or social media?
A: No. Advertising specific cryptocurrencies in public spaces is prohibited. Only service advertising via official channels is allowed—with prior SEC approval.
Q: Is staking allowed under Thai regulations?
A: Yes—but only when part of blockchain consensus mechanisms. Promising returns from staking customer assets otherwise is banned.
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Conclusion
Thailand’s digital asset ecosystem is built on a foundation of structured regulation designed to foster innovation responsibly. From clear definitions of crypto assets to robust licensing regimes and consumer safeguards, the country offers a transparent environment for businesses and investors alike.
As global standards converge and technology evolves, staying compliant requires constant vigilance. Whether launching a token offering, operating an exchange, or exploring stablecoin applications, understanding the nuances of Thai law is critical to long-term success.
By aligning with regulators like the SEC and leveraging frameworks such as the BOT sandbox, stakeholders can contribute to a secure, innovative financial future—one blockchain transaction at a time.