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​ 

January 9, 2024
As of January 1, 2024, all films distributed in cyberspace in Vietnam must display ratings and warnings (if required) for viewers, following the phased-in effectiveness of Decree No. 131/2022/ND-CP of the Government dated December 31, 2022, guiding the implementation of the Law on Cinematography (Decree 131). While Decree 131 took effect on January 1, 2023 (the same date as the Law on Cinematography), it provided a grace period of one year for films to be distributed in cyberspace without the display of ratings or warnings. Now, for continued distribution in cyberspace of such films, distributors must add ratings and warnings in compliance with regulations issued under Circular No. 05/2023/TT-BVHTTDL of the Ministry of Culture, Sports and Tourism (MOCST) dated April 5, 2023 (Circular 05). Film Rating Film distributors can either carry out the film rating by themselves or request the MOCST to provide the rating. In the former case, the distributor must request the MOCST to recognize its eligibility for self-rating. (Based on our experience successfully obtaining this recognition for a client, this procedure may take about two to three months for completion, depending on the availability of required information and materials.) If a distributor cannot obtain recognition for film self-rating eligibility, it must request the MOCST to provide the film rating for each and every film it distributes in cyberspace. Display of Ratings and Warnings Circular 05 requires that the film rating must be displayed clearly and prominently in the introduction of a film in order for a user to make an informed decision to access that film or not. Moreover, the rating must be displayed on the left or right corner of the screen during the entire distribution time. Warning contents must be in words or sound which must be displayed three seconds after the beginning of
Read More
January 4, 2024
On December 25, 2023, Thailand’s Personal Data Protection Committee (PDPC) issued two notifications under sections 28 and 29 of the Personal Data Protection Act 2019 (PDPA) that address essential aspects and criteria for the cross-border transfer of personal data. These notifications are scheduled to come into effect on March 24, 2024. Key points in the notifications are outlined below. Adequate Data Protection Standards (Section 28) Unless otherwise provided by the PDPA, the destination country or international organization that receives the transferred personal data must have “adequate data protection standards,” as determined by the following factors: Legal measures and mechanisms. The destination country or international organization must have legal measures or mechanisms aligned with the personal data protection laws in Thailand. Specifically, the obligations of data controllers need to include providing appropriate security measures, implementing personal data protection measures that are suitable and that enable the exercise of data subjects’ rights, and establishing effective legal remedial measures. Regulatory authority. The presence of an agency or organization entrusted with the duties and authority to enforce laws and regulations related to personal data protection is also a critical factor. In addition, this notification empowers the Office of the PDPC to refer cases, either independently identified or proposed by a data controller, to the PDPC for adjudication. The PDPC retains the discretion to make decisions on a case-by-case basis or to establish a list of destination countries or international organizations that it considers to have adequate data protection standards. Binding Corporate Rules and Appropriate Safeguards (Section 29): In the realm of global data exchange, two prominent mechanisms have emerged as key enablers of secure and compliant transfer of personal data: Binding corporate rules (BCRs). Implementation of BCRs involves enforcing an approved policy for safeguarding personal data transferred among affiliated businesses or within the
Read More
January 2, 2024
Myanmar’s Ministry of Commerce (MOC) has released updated information regarding the registration fees for online retail businesses. The fees and criteria, which are included in the MOC’s Export/Import Newsletter No. 17/2023 dated December 28, 2023, are laid out below. Registration Fees The official registration fees vary depending on the applicant type: Companies or other commercial organizations: MMK 70,000 (approx. USD 33.5) for registration and renewal; MMK 3,000 (approx. USD 1.5) for each amendment. Small and medium enterprises (SMEs): MMK 50,000 (approx. USD 24) for registration and renewal; MMK 3,000 (approx. USD 1.5) for each amendment. Individual applicants: 30,000 MMK (approx. USD 14.5) for registration and renewal; MMK 3,000 (approx. USD 1.5) for each amendment. Validity Period Registrations approved from January 1, 2024, will be valid for two years from the date of grant. The requirement for online retail businesses to register their operations was announced in July 2023. Based on statements from the MOC, online retail businesses need to complete their registration by late January 2024 to avoid potential enforcement actions. Regarding SMEs, the MOC will also evaluate their SME registration certificate issued by the Agency Office under the Small and Medium Enterprises Development Law 2015. For assistance completing the registration process, or for more details on any aspect of online retail operations in Myanmar, contact Tilleke & Gibbins at [email protected].
Read More
December 15, 2023
As part of its membership in Lex Mundi, Tilleke & Gibbins has published an updated edition of its Guide to Doing Business in Thailand for 2023. This guide outlines the key factors for starting and operating a business in the Thai market. Issues covered include: Investment incentives Financial facilities Exchange controls Import and export regulations Structures for doing business Requirements for the Establishment of a Business Operation of the Business Cessation or Termination of the Business Labor legislation, relations, and supply Tax Immigration requirements This publication is part of Lex Mundi’s Country Guides series prepared by member firms in more than 100 jurisdictions worldwide. The guides serve as a useful resource for planning international business strategy and researching new markets. The full Guide to Doing Business in Thailand is available through the button below.
Read More