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​ 

May 6, 2026
Thailand has introduced new requirements for online social media platforms to verify the identity of paying advertisers before publishing their advertisements. On May 5, 2026, the Electronic Transactions Commission published the Notification on Measures for Prevention of Technology Crime for Online Social Media (No. 2) in the Government Gazette. The notification, which aims to prevent technology crimes such as fraud and scams, takes effect 180 days after publication (i.e., on November 1, 2026). Mandatory Advertiser Identity Verification Online social media service providers must verify the identity of every advertiser before publishing an advertisement. Verification remains valid for up to one year from the most recent verification date. The notification requires social media providers to use either of the following methods when verifying advertisers: Document-based verification: Examine government-issued identity documents (e.g., national ID, passport, or juristic person registration certificate), cross-check the connection between the advertiser and the identity documents (e.g., facial comparison with photo ID), and ensure that the identity documents are verifiable against reliable sources. Digital identity verification: Use an identity verification system with a level of assurance no lower than that prescribed by the Electronic Transactions Commission. Advertiser Data Collection and Retention Service providers must collect and retain certain data—including name, identification number, and contact details—from the start of the advertising service and for a minimum of 90 days after the end of the advertising service relationship. The same requirements apply where there is a third-party payer, such as an ad agency. Implications for Affected Businesses The notification raises two key areas of concern for affected businesses: Social media platforms must implement know-your-advertiser (KYA) onboarding as described above, including document upload and identity matching processes. The 180-day implementation window requires immediate technical and operational planning. The collection and retention of national ID cards, passport copies, and other personal
Read More
April 30, 2026
Vietnam’s Decree No. 134/2026/ND‑CP, which took effect on 9 April 2026, plays an important role in detailing and implementing Vietnam’s Intellectual Property (IP) Law in the context of rapid digital transformation and the growing application of artificial intelligence (AI). The new decree provides comprehensive guidance on the application of copyright and related‑rights regulations, addressing key issues such as authorship, ownership, statutory exceptions and limitations, registration procedures, and enforcement mechanisms. Through these measures, Decree 134 seeks to achieve an appropriate balance between safeguarding the legitimate interests of rightsholders and fostering innovation, research, and technological advancement, thereby strengthening the state’s framework for the effective management, protection, and exploitation of intellectual property in the digital and AI‑driven environment. Some notable aspects of Decree 134 are discussed below. Copyright for AI-Created Works Decree 134 provides important guidance on the determination of copyright and related rights in works created with the assistance of AI. Article 5a reaffirms the principle that human creativity remains central to copyright protection, clarifying that copyright or related rights arise only where a human makes a substantial and decisive intellectual contribution, exercises effective control over the creative outcome, and assumes responsibility for the content and its legality. At the same time, the provision confirms that AI is regarded solely as a technological tool rather than a rights‑holding subject, thus ensuring consistency with the fundamental concepts of authorship and ownership under the IP Law. By introducing requirements on transparency, proof of human contribution, and compliance with AI‑specific labelling and technical marking obligations, Decree 134 establishes a clear and enforceable legal framework for the responsible use of AI in creative activities. Lawful Use of Copyrighted Texts and Data Article 37a of Decree 134 sets out the specific conditions under which copyrighted texts and data may be lawfully used for scientific research, experimentation,
Read More
April 23, 2026
Vietnam has progressively positioned blockchain as a strategic technology within its broader digital transformation agenda over the past decade. From early policy orientations to more recent legislative developments, the regulatory approach has gradually shifted from high-level recognition to more concrete legal integration. Against this backdrop, a new draft decree regulating activities relating to product and goods identification, authentication, and traceability (the “Draft Decree”) marks a notable turning point. Rather than merely referencing blockchain as a policy priority, the Draft Decree incorporates blockchain directly into a nationwide regulatory system, positioning it as part of the underlying infrastructure for data governance and public administration in relation to the management, verification, and traceability of product-related data. Evolution of Vietnam’s Blockchain Legal Framework: The Draft Decree in Context Vietnam’s blockchain legal framework has developed in several distinct phases. The first phase, beginning around 2019, was characterized by high-level policy recognition in several resolutions of the Party Central Committee. Particularly, blockchain was identified as part of the broader category of digital technologies critical to industrial modernization and participation in the Fourth Industrial Revolution. These resolutions did not regulate blockchain directly, but established its strategic importance at the national level. The second phase (2023 to 2025) saw the introduction of national strategies and technology policies that more explicitly recognized blockchain as a priority technology. Those policies collectively signaled a clear policy commitment to developing blockchain infrastructure and applications. However, these instruments remained largely at a policy-level and did not establish binding regulatory frameworks. The third phase (from 2025) involves the gradual integration of blockchain into sectoral legislation. Laws such as the Law on Digital Technology Industry (2025), the Law on Personal Data Protection (2025), and the Law on Science, Technology, and Innovation (2025) have introduced concepts such as digital assets, crypto assets, and even specific
Read More
April 21, 2026
Thailand’s Personal Data Protection Committee (PDPC) has launched a public consultation period on a draft notification setting out criteria for data subject access requests (DSARs). The draft notification addresses practical uncertainties in handling DSARs by introducing standardized procedural requirements for data controllers. The consultation period runs from April 16 to May 15, 2026. The notification will enter into force 30 days from the date of its publication in the Government Gazette. Key Features of the Draft Notification The draft notification covers the following key areas: Scope of information subject to access. Data controllers must enable data subjects to access at least the following upon request: (1) personal data collected directly from them; (2) personal data obtained from other sources; and (3) the source of personal data obtained from other sources without consent. Information required under section 23 of the PDPA and information that must be recorded pursuant to section 39 of the PDPA—such as the categories of personal data collected and purposes of processing—must also be made available. Submission channels and formal requirements. Data controllers must provide at least in-person and postal channels for DSARs, while electronic or other channels are optional. Requests may be made either directly by the data subject or through an authorized representative, and must be signed and include sufficient identifying information, a preferred response method, and DSAR details. Identity verification documents (and proof of authority if the request is through a representative) are required, and additional documentation may be requested for verification or communication purposes. Data controllers may use different verification methods for DSARs submitted via electronic or other channels, provided this does not create undue obstacles to the exercise of data subject rights. Verification and response timelines. Data controllers must complete preliminary verification within seven business days of receiving a request. If a
Read More