You are using an outdated browser and your browsing experience will not be optimal. Please update to the latest version of Microsoft Edge, Google Chrome or Mozilla Firefox. Install Microsoft Edge

November 14, 2024

Fintech Insights: Digital Asset Business Regulations in Thailand

Subscribe to Updates

In recent years, Thailand has taken significant steps to regulate and integrate digital assets into its financial ecosystem. This article explores the regulatory framework governing digital asset businesses in Thailand, focusing on the key legislation, regulated activities, and recent developments in this rapidly evolving sector.

Regulatory Environment

In 2018, Thailand enacted the Emergency Decree on Digital Asset Businesses, marking a pivotal moment in the country’s approach to cryptocurrencies and digital tokens. This decree, supervised by the Securities and Exchange Commission (SEC) and the Ministry of Finance, provides a comprehensive regulatory framework for both the primary and secondary markets of digital assets.

For the primary market, the decree regulates the issuance and sale of digital assets through initial coin offerings (ICOs). A key feature of this regulation is the requirement for ICOs to be conducted through SEC-approved ICO portals. This approach aims to provide a structured and supervised environment for companies seeking to raise funds through digital token sales.

In the secondary market, the decree outlines the regulatory framework for various digital asset intermediaries, including digital asset exchanges, brokers, dealers, advisory services, fund managers, and custodians.

In implementing its digital asset-related policies, the SEC imposes ongoing obligations on licensed digital asset intermediaries. These include restrictions on the listing of certain digital assets on digital asset exchanges, and limitations on intermediaries facilitating digital assets as a means of payment.

Regulatory Trends and Outlook

The SEC has demonstrated a commitment to regularly revising its digital asset regulations to keep pace with global trends and market developments. A notable example of this approach is the SEC’s efforts to refine the classification of nonregulated ready-to-use utility tokens by dividing these tokens into two groups:

  • Group 1: Ready-to-use utility tokens issued for consumption purposes or as a digital representation of a certificate (e.g., NFTs with specific rights for holders, carbon credit certificates).
  • Group 2: Ready-to-use utility tokens not specified in Group 1 (e.g., native/governance tokens and exchange tokens) that the issuer has no intention of listing on digital asset exchanges in Thailand.

Another interesting potential development is the SEC’s proposed establishment of a regulatory sandbox specifically for digital asset businesses. This sandbox would allow participants to test their innovations within a controlled environment for up to one year, and participants would likely be exempt from digital asset business licensing requirements during their participation period.

Looking Ahead

Thailand’s approach to governing digital asset businesses in the country combines clear regulatory frameworks with an understanding that continuous updates are necessary to maintain support for advances in the market.

For businesses operating in or looking to enter the Thai digital asset space, staying informed about the latest regulatory updates and being prepared to adapt to new requirements can provide an important competitive advantage, potentially opening up new opportunities to participate in the digital asset ecosystem in Thailand.

Related Professionals

Industries

Fintech

Location

RELATED INSIGHTS​ 

September 11, 2025
Thailand’s Securities and Exchange Commission (SEC) has amended its digital asset regulations to permit the offering, trading, and provision of services related to tokenized environmental commodities by licensed digital asset exchanges, brokers, and dealers. This regulatory development is aimed at facilitating Thailand’s green economy and net-zero goals while diversifying the products available in the regulated digital assets market. The environmental commodities currently being traded on certain market platforms and via over-the-counter channels include: Carbon credits: Tradable certificates representing a reduction of CO₂ emitted into the atmosphere. Renewable energy certificates (RECs): Tradable proof of electricity generated from renewable energy sources. Carbon allowances: Tradable permits to emit a capped amount of greenhouse gases. The tokenization of these instruments is essentially the process of converting them into digital tokens, making it possible to list them on blockchain exchanges for trading purposes. Background Tokenized carbon credits, RECs, and carbon allowances fall under the category of utility tokens for consumption purposes or tokens representing entitlement certificates—that is, group 1 utility tokens, which are not considered financial products. The offering, trading, and provision of secondary-market services of this type of token are exempted from licensing requirements for regulated digital asset businesses under the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018). Under the previous regulatory framework, licensed digital asset business operators were not allowed to provide services involving such unregulated tokens, as it was deemed to be engaging in “other businesses,” which digital asset operators generally cannot engage in without prior SEC approval. Regulatory Amendment Under the amended digital asset regulations, licensed digital asset exchanges, brokers, and dealers may now apply for SEC approval to offer services related to these tokenized assets as “other businesses,” including listing them for trading on digital asset exchanges. Apart from requiring operators to comply with the general conditions
Read More
August 25, 2025
To implement the recently issued Resolution on International Financial Centers in Vietnam (“IFC Resolution”), which is set to take effect on September 1, 2025 (see our previous article), the government of Vietnam is making every effort to formulate and issue guiding decrees—up to eight in total—before the effective date of the resolution. These decrees will establish key principles, define the rights and obligations of stakeholders, and outline permissible business activities within the IFCs, and serve as a foundation for the legal framework of the IFCs. Below are highlights of two draft decrees that have been released for public consultation. Draft Decree on IFC Establishment Ho Chi Minh City: The IFC in Ho Chi Minh City will focus on capital markets integrated with asset management services, fund management, insurance, financial products and financial derivatives; banking systems and money market products; fintech and financial innovation through sandbox mechanisms; specialized exchanges and new trading platforms; commodity markets, commodity and commodity derivatives exchanges linked to domestic and international physical commodity markets; and regional supply chain services, logistics hubs, maritime transport, and seaport infrastructure. Da Nang: The IFC in Da Nang will mainly develop green finance and commercial finance for SMEs and innovative enterprises, non-resident organizations and individuals (i.e., offshore financial services); cross-border trade activities linked to free trade zones, high-tech zones, new economic zones, and industrial zones; pilot control mechanisms for emerging models, such as digital assets, cryptocurrencies, and digital payments and transfers; new exchanges and trading platforms; investment funds, remittance funds, and small and medium fund management companies; startups in financial solutions for consumer services, tourism, e-commerce, logistics, and services within free trade zones; and related support, advisory, development, and legal services. Incentives: The People’s Committees of Ho Chi Minh City and Da Nang will need to decide on their list of
Read More
August 21, 2025
On August 18, 2025, Thailand’s Securities and Exchange Commission (SEC), in collaboration with the Ministry of Finance, the Anti-Money Laundering Office, and the Ministry of Tourism and Sports, announced the launch of TouristDigiPay. The initiative, implemented under the SEC’s Regulatory Sandbox, allows foreign tourists to convert digital assets into Thai baht for use in everyday transactions in Thailand. Foreign tourists who opt to participate in TouristDigiPay must open two accounts once they are in Thailand: An account with a licensed digital asset operator to sell or exchange digital assets for Thai baht; and A tourist wallet account with a licensed e-money operator regulated by the Bank of Thailand. Funds from digital asset sales will be transferred into the tourist wallet, enabling tourists to make payments at participating merchants that accept e-money. Key Regulatory Requirements The TouristDigiPay project will operate for a period of up to 18 months, with the following conditions: Only licensed digital asset brokers, dealers, and exchanges integrated with licensed e-money operators are eligible to participate. Operators must implement anti-money laundering (AML) protocols that are proportionate to the assessed risk level. These include: Conducting know-your-customer and customer-due-diligence (KYC/CDD) checks on all users. For monthly transactions exceeding THB 50,000 per person, verifying the source of the digital assets and assessing AML risk using internationally recognized blockchain forensic tools or equivalent procedures. Suspending or rejecting services if digital assets are transferred from wallets flagged for AML concerns. Ensuring that conversion between digital assets and fiat includes safeguards such as matching account names and returning digital assets only to the original wallet. The following transaction limits apply to participants in the TouristDigiPay initiative: Payments to small vendors are capped at THB 50,000 per month. Payments to vendors who have completed the know-your-merchant (KYM) process are capped at THB 500,000 per
Read More
July 24, 2025
Thai authorities have escalated efforts to block unlawful cross-border digital asset business operators. On June 19, 2025, the Ministry of Digital Economy and Society (MDES) issued a notification empowering it to ban internet access to operations or services offered by digital asset business operators who lack licenses from the Thailand Securities and Exchange Commission (SEC) under the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018). This ban, issued under the 2023 Royal Decree on Measures for the Prevention and Suppression of Technology Crime, particularly aims to block Thai users’ access to services offered by unlicensed offshore digital asset providers via their own apps or websites or through public social media platforms. Compliance Requirements The notification requires internet service providers and social media platforms selected by MDES to immediately impose internet access restrictions on identified apps, websites, and IP addresses of illegal operators upon receiving MDES orders. Takedown Orders There are two tracks for competent officials at MDES to issue orders to operators: If the competent official is notified by the SEC of licensing noncompliance by a particular digital asset business operator, the competent official can issue a takedown order to the operator upon approval from the permanent secretary of MDES. If the competent official independently discovers, or receives a complaint from any third party other than the SEC, that a digital asset business operator may have violated licensing requirements, the competent official can ask the SEC to verify and confirm the relevant facts and noncompliance before seeking approval from the permanent secretary of MDES to issue the takedown order. Streamlined Enforcement Prior to this notification, the SEC could obtain takedown orders only from Thai courts under the 2007 Computer Crime Act to take down or block access to unlicensed digital asset platforms and apps. This was a relatively
Read More