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

March 5, 2026

Thai SEC Heightens Enforcement Against Cross-Border Digital Asset Platforms

Subscribe to Updates

Thailand’s Securities and Exchange Commission (SEC) has filed a criminal complaint against a licensed digital asset broker, its overseas trading platform, and its executives for allegedly operating an unlicensed digital asset exchange targeting Thai customers. The case marks an escalation in the SEC’s enforcement efforts against unlicensed offshore platforms that attempt to serve Thai users through local licensed entities.

Criminal Complaint

On February 20, 2026, the SEC filed a criminal complaint with the Economic Crime Suppression Division against a local licensed digital asset broker, its overseas global trading platform, and its executives. The SEC alleges that the parties violated the Digital Asset Business Emergency Decree B.E. 2561 (2018) by cooperatively operating a digital asset exchange business on a cross-border basis since 2023 without the required SEC license.

According to the SEC, the local broker promoted the overseas platform’s services to the public through Thai-language posts on social media channels, with services available exclusively to customers residing in Thailand. Access to the global platform was provided through the local broker’s website and mobile application. Customers who registered for the local broker’s services were automatically granted access to the global platform without having to undergo a separate identity verification process. The SEC also found that the local broker provided back-office system support services to the global platform.

The SEC considers these activities to constitute joint operation of an unlicensed digital asset exchange. The former executives of the local broker are being held liable as the responsible persons during the relevant period. The SEC emphasized that the complaint initiates the criminal process, and the decision to prosecute or convict the accused parties will ultimately be made by law enforcement authorities and the criminal courts.

Platform Blocking

The SEC has also coordinated with the Ministry of Digital Economy and Society to block public access to the global platform under the Emergency Decree on Measures for the Prevention and Suppression of Technology Crime (No. 2) B.E. 2568 (2025). Access is expected to be restricted beginning March 22, 2026. The SEC has cautioned current users in Thailand to take appropriate steps regarding their digital assets held on the platform before the blocking date and reiterated its warning against using the services of unlicensed digital asset operators.

Key Takeaway

This enforcement action reflects the SEC’s heightened scrutiny of unlicensed offshore digital asset platforms and demonstrates that such platforms may not rely on local licensed entities to offer cross-border trading services targeting Thai users.

Related Professionals

Industries

Fintech

Technology

Location

RELATED INSIGHTS​ 

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
July 24, 2025
Vietnam’s Ministry of Public Security recently released a draft version of the 2025 Cybersecurity Law, which is intended to replace both the existing 2018 Cybersecurity Law and the 2015 Law on Network Information Security (LNIS). This consolidation reflects a broader effort by the Vietnamese government to streamline and centralize the legal framework governing cybersecurity, data protection, and information security to be under the sole authority of the Ministry of Public Security, moving away from the previous sharing of responsibility with the former Ministry of Information and Communications (which ceased operations earlier this year and merged with the Ministry of Science and Technology). This shift aims to eliminate overlaps and improve enforcement efficiency. The draft law is built upon the foundation of principles and provisions of both the 2018 Cybersecurity Law and the 2015 LNIS, while also introducing a wide range of amendments and new regulations. By merging the two laws, the government seeks to reduce legal fragmentation and ensure consistency in definitions, obligations, and enforcement mechanisms across related domains like data protection, IT system classification, and cybercrime prevention. The newly introduced amendments include enhanced obligations for service providers, stricter controls on information transmission, classification of IT systems, designation and protection of nationally important information systems, and sector-specific violations and compliance requirements. Highlights of the draft law are discussed below. Definition and Obligations of Service Providers The draft law clearly defines and significantly broadens the scope of entities considered “service providers” under its jurisdiction. This now includes businesses and individuals offering products or services in cyberspace, including both infrastructure and content online services, such as: Internet service providers (ISPs) and providers of telecommunications, hosting, servers, domain names, VPNs, proxy services, and cloud computing; Providers of social networks, websites, and online gaming; Financial institutions, banks, foreign bank branches in Vietnam, e-wallet
Read More
July 23, 2025
On July 4, 2025, Thailand’s Electronic Transactions Development Agency (ETDA) issued two significant notifications that introduce new compliance requirements for ride-hailing platforms operating in the country. The notifications formally designate these platforms as high-impact digital services under section 18(3) of the Royal Decree on Digital Platform Service Businesses and impose a comprehensive set of additional operational obligations. These measures are designed to address regulatory gaps and enhance oversight of digital platforms providing public passenger vehicle or motorcycle ride-hailing services. First, the Notification on the Designation of Ride-Hailing Platforms under section 18(3) formally designates all ride-hailing platforms that have notified the ETDA of their operations as high-impact digital platform services under section 18(3) of the royal decree. Unlike high-risk marketplace platforms, which are named individually, any ride-hailing platform that has notified the ETDA of its operations is automatically subject to these new requirements. Next, the Notification on Additional Obligations for Ride-Hailing Platforms imposes further obligations on ride-hailing platforms, supplementing the general requirements under section 21 of the royal decree. These notifications will come into force 90 days from their publication in the Government Gazette. New Compliance Obligations The new regulatory framework introduces a range of operational, technical, and reporting requirements for ride-hailing platforms, particularly concerning the issues described below. Vehicle and Driver Compliance Operators must: Ensure that all vehicles used on the platform are registered as public vehicles in accordance with Department of Land Transport requirements Verify all drivers hold valid public driving licenses Collect service fees in compliance with applicable fare regulations under the Vehicle Law Digital Platform Features and User Verification Operators must implement robust digital platform features for both drivers and riders, including: Comprehensive identity verification and confirmation processes for drivers and riders, utilizing both face-to-face and non-face-to-face methods, including biometric and digital ID checks Real-time GPS
Read More
July 17, 2025
On July 9, 2025, Thailand issued a notification that introduces comprehensive operational requirements for digital platform service providers operating as goods marketplaces, effective December 31, 2025 (i.e., 180 days after its publication in the Government Gazette). The regulation’s official name is Notification of the Electronic Transactions Committee Re: Other Actions for Digital Platform Service Operators in the Category of Marketplace for Goods with Specific Characteristics under Section 18(2) of the Royal Decree on the Operation of Digital Platform Service Businesses that are Subject to Prior Notification B.E. 2565 (2022), B.E. 2568 (2025). Scope of Application The notification applies exclusively to goods marketplace operators formally designated by the Electronic Transactions Development Agency (ETDA), which on the same day designated 19 platforms that had previously notified the ETDA of their operations. The goods requiring enhanced oversight by these operators are limited to those regulated by the Thai Food and Drug Administration (FDA) and the Thai Industrial Standards Institute (TISI). Development from Earlier Draft An earlier draft of the notification had included a requirement for offshore platforms to establish a local entity, but this requirement was removed from the final notification. Key Obligations Despite the removal of the local entity requirement, the notification imposes a range of additional obligations on designated goods marketplace operators: Transparency. Operators must implement robust transparency measures, including clear, accessible, and understandable disclosures to users in Thai. These disclosures must cover all relevant terms and conditions, comprehensive product information, and complaint management procedures. Operators must also submit an annual compliance report to the ETDA within 60 days after the end of their accounting period, including statistics on regulated goods. Business user registration and identity verification. Before permitting the sale or advertisement of regulated goods, operators must collect and verify business user information, including contact details, identification documents, registration
Read More