On January 9, 2026, Thailand’s Securities and Exchange Commission (SEC) filed a criminal complaint with the Economic Crime Suppression Division (ECD) against five individuals for unauthorized operation of a digital-asset dealer business under the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018). This precedent-setting case signals that the regulator is willing to pursue crypto enforcement against natural persons even in the absence of a licensed platform entity.

Background and Implications

The case follows the SEC’s October 2025 public warning about the use of iris-scanning technology in exchange for Worldcoin (WLD) digital tokens. In its warning, the SEC cautioned that exchanging or trading the WLD token with unlicensed service providers exposes users to heightened fraud, scam, and money laundering risks.

Unlike prior regulatory enforcement matters, which involved platform-level administrative fines for operational or compliance failures, this case targets misconduct by individuals who may not be professional traders but openly advertised their willingness to buy WLD from the public, opened individual over-the-counter (OTC) trade channels for WLD, and facilitated off-exchange transactions in a manner resembling ordinary commercial dealing.

This enforcement action establishes a clear precedent that natural persons engaging in public-facing digital-asset dealing may face criminal liability under Thai law, even without operating through a corporate or licensed platform structure.

Outlook

The alleged offenders may not settle this crime by payment of fines. Following the SEC’s referral, the ECD will undertake further investigation, after which prosecutors may review the case and proceed to court. The SEC has stated that it will cooperate fully with enforcement agencies throughout the criminal enforcement process.