On April 12, 2025, Thailand issued an amended digital asset regulation that covers offshore digital asset businesses providing services on a cross-border basis to Thai users. These businesses will now be subject to the licensing requirements of the Royal Decree on Digital Asset Business Operations B.E. 2561 (2018), which is supervised by Thailand’s Securities and Exchange Commission (SEC).

A digital asset business will be deemed as providing services in Thailand—and therefore subject to requirements under the Royal Decree on Digital Asset Business Operations—if the business does any of the following:

• Displays content in Thai, either fully or partially;
• Is registered under a “.th,” or “.ไทย” domain, contains any name relating to Thailand, or uses a domain written in Thai characters;
• Allows or requires payments in Thai baht (THB) or receives payments through Thai bank accounts or e-wallets;
• Chooses Thai law to govern transactions or Thai courts to litigate any dispute;
• Pays online search engines to attract users in Thailand to its services;
• Has an office, establishment, or personnel in Thailand to support or assist users within the country; or
• Meets any other criteria specified by the SEC.

To operate legally in Thailand, offshore operators meeting any of the above criteria will be required to incorporate a local company in Thailand in order to apply for a digital asset business license with the SEC.