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Thailand

An early crypto licensing regime that welcomes onshore trading, bars crypto payments and now blocks unlicensed offshore platforms.

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7Licensed digital asset exchanges
14Licensed digital asset brokers
0%Personal income tax on gains via licensed Thai platforms, 2025 to 2029

Thailand was one of the first Asian countries to pass a dedicated crypto statute.

The Emergency Decree on Digital Asset Businesses took effect on 14 May 2018, bringing exchanges, brokers, dealers and token offerings under the Securities and Exchange Commission (SEC), with licences granted by the Minister of Finance.

The same decree treats every licensed operator as a financial institution under the anti-money laundering law, and a 2025 amendment extended it to offshore platforms serving people in Thailand.

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The defining policy choice was to treat crypto as an investment, not as money.

After the Bank of Thailand declared the Terra-based THT token illegal in 2021, regulators barred licensed operators from facilitating crypto payments from April 2022, and the central bank capped banking groups' crypto exposure at 3 percent of capital.

The collapse of Zipmex, whose licences were revoked in May 2024, sharpened the SEC's focus on custody and capital.

Since 2025 the state has become more promotional inside that perimeter.

USDT and USDC became approved trading pairs in March 2025, gains made on licensed Thai platforms are exempt from personal income tax for 2025 to 2029, and the Cabinet approved the G-Token, a tokenised government borrowing instrument.

At the same time, Bybit, OKX and three other unlicensed platforms were blocked from 28 June 2025, and the SEC register now lists 7 exchanges, 14 brokers and 8 ICO portals.

For builders the message is simple: license locally or stay out.

A Travel Rule takes effect in February 2027, the SEC proposed in September 2026 to cap stablecoin transfers at 5 million baht a day per person per operator, and the House of Representatives accepted in principle a bill amending the Emergency Decree on 23 September 2026, while the SEC consulted on draft crypto ETF and derivatives rules.

Enforcement now reaches wallet apps as well: in September 2026 the SEC filed complaints over the Holdstation and UNO apps, including against Tools for Humanity, the company behind World.

Who regulates

  • SECSecurities and Exchange Commission, Thailand

    In charge of

    Thailand's capital markets regulator. It supervises securities and derivatives firms, approves public offerings and fund products, and enforces the Securities and Exchange Act.

    On crypto

    Supervises exchanges, brokers, dealers, custodians and ICO portals under the 2018 Emergency Decree and recommends licences to the MOF. It banned crypto payment facilitation from April 2022, issued a Travel Rule effective 27 February 2027 and in September 2026 filed complaints over the Holdstation and UNO apps.

    SEC website
  • MOFMinistry of Finance

    In charge of

    Thailand's finance ministry. It sets fiscal and tax policy, manages public debt and oversees the Revenue Department and other revenue agencies.

    On crypto

    The Minister of Finance grants and revokes digital asset business licences on SEC advice, including the revocation of Zipmex's licences in May 2024. It issued the five-year tax exemption for gains on licensed platforms and runs the G-Token, a tokenised borrowing tool starting at 5 billion baht.

    MOF website
  • BOTBank of Thailand

    In charge of

    Thailand's central bank. It sets monetary policy, supervises commercial banks and financial groups, and regulates payment systems and e-money under the Payment Systems Act.

    On crypto

    Treats baht stablecoins used for payment as possible e-money that needs its consent, and declared the Terra-based THT token illegal in 2021. It caps banking groups' crypto business at 3% of capital, co-designed the 2022 crypto payment ban and has no immediate plan for a retail CBDC.

    BOT website
  • AMLOAnti-Money Laundering Office

    In charge of

    Thailand's financial intelligence unit and AML enforcement agency under the Anti-Money Laundering Act 1999. It receives transaction reports, can seize suspect assets and seeks forfeiture of criminal proceeds.

    On crypto

    Every licensed digital asset operator counts as a financial institution under the AML Act by virtue of the 2018 Emergency Decree, so it must run customer due diligence and file suspicious and threshold transaction reports with the AMLO.

    AMLO website
  • RDRevenue Department

    In charge of

    The Ministry of Finance department that collects personal and corporate income tax, VAT and specific business tax under the Revenue Code.

    On crypto

    Administers Ministerial Regulation No. 399, which exempts individuals from income tax on gains from selling digital assets through SEC-licensed exchanges, brokers or dealers from 1 January 2025 to 31 December 2029. Gains made elsewhere remain taxable.

    RD website

What to watch

  • Final SEC rules on stablecoin transfers following the September 2026 consultation, including the proposed 5 million baht daily cap.
  • The House extraordinary committee's review of the bill amending the Emergency Decree on Digital Asset Businesses, accepted in principle on 23 September 2026.
  • First Thai spot Bitcoin and Ether ETFs and crypto derivatives once the SEC finalises the draft rules it consulted on in August and September 2026.
  • Final net capital rules letting Thai brokers route orders and custody through local exchanges, and Travel Rule go-live on 27 February 2027.

Quick answers

Who regulates crypto in Thailand?

Five authorities shape crypto rules in Thailand. SEC (Securities and Exchange Commission, Thailand): supervises digital asset businesses and token offerings under the 2018 Emergency Decree and recommends licences. MOF (Ministry of Finance): grants and revokes digital asset business licences on SEC recommendation; issuer of the G-Token. BOT (Bank of Thailand): sets policy on crypto payments and baht stablecoins, and supervises banking groups' digital asset activity. AMLO (Anti-Money Laundering Office): receives transaction reports from licensed operators, which count as financial institutions under AML law. RD (Revenue Department): administers income tax on digital asset gains, including the 2025 to 2029 exemption.

Do crypto exchanges need a licence in Thailand?

Yes, under a dedicated regime. MoF licences on SEC advice since 2018; 7 exchanges and 14 brokers licensed as of October 2026. The main licences are Digital asset exchange licence from SEC, held by 7 as of 5 Oct 2026; Digital asset broker licence from SEC, held by 14 as of 5 Oct 2026; and Digital asset dealer licence from SEC, held by 5 as of 5 Oct 2026. Four Pillars rates exchange licensing in Thailand as comprehensive (reviewed 5 Oct 2026).

Are stablecoins regulated in Thailand?

Not fully yet: the regime is being built. No issuance regime; USDT and USDC tradable since 2025; SEC proposing 5m baht daily transfer caps. The most recent official text is SEC seeks public comments on proposed principles for supervising stablecoin transactions to mitigate financial fraud risks (Securities and Exchange Commission, Thailand (SEC), 11 Sep 2026, consultation). Four Pillars rates its stablecoin regime in Thailand as developing (reviewed 5 Oct 2026).

How is crypto taxed in Thailand?

Exempt on licensed Thai platforms, 2025 to 2029. Four Pillars rates tax clarity in Thailand as comprehensive (reviewed 5 Oct 2026).

Can real-world assets be tokenised in Thailand?

Yes, though the regime is narrow or still phasing in. Investment-token ICOs run via 8 SEC-approved portals; G-Token approved; digital securities bill pending. Four Pillars rates tokenisation and real-world assets in Thailand as partial (reviewed 5 Oct 2026).

What changed most recently in Thailand's crypto rules?

3 Sep 2026: SEC Board approves stablecoin transfer principles. Same-owner transfers and a 5 million baht daily cap go to public consultation. 2 Sep 2026: SEC issues Travel Rule for digital assets. Operators must transmit originator and beneficiary data with transfers from 27 February 2027.

What should companies watch next in Thailand?

Final SEC rules on stablecoin transfers following the September 2026 consultation, including the proposed 5 million baht daily cap. The House extraordinary committee's review of the bill amending the Emergency Decree on Digital Asset Businesses, accepted in principle on 23 September 2026. First Thai spot Bitcoin and Ether ETFs and crypto derivatives once the SEC finalises the draft rules it consulted on in August and September 2026.

Timeline

  1. SEC Board approves stablecoin transfer principles

    Same-owner transfers and a 5 million baht daily cap go to public consultation.

  2. SEC issues Travel Rule for digital assets

    Operators must transmit originator and beneficiary data with transfers from 27 February 2027.

  3. Cabinet approves bill amending the Emergency Decree

    It is one of four capital market bills; the House accepted all four in principle on 23 September 2026.

  4. SEC publishes draft crypto ETF rules

    Following an April consultation, draft rules cover passive spot Bitcoin and Ether ETFs held mainly with Thai-licensed custodians.

  5. Five-year capital gains tax exemption published

    Ministerial Regulation No. 399 exempts gains from sales on licensed platforms from 2025 to 2029.

  6. Unlicensed platforms including Bybit and OKX blocked

    The Ministry of Digital Economy and Society restricts access under the amended technology crime decree.

  7. Cabinet approves the G-Token

    The Ministry of Finance gains a tokenised borrowing tool, starting with a 5 billion baht programme.

  8. Emergency Decree amended to reach offshore platforms

    Operators abroad that serve people in Thailand, for example through Thai-language platforms or baht payments, now need a Thai licence.

  9. USDT and USDC added to the SEC cryptocurrency list

    Exchanges can use the two dollar stablecoins as base trading pairs.

  10. Ban on facilitating crypto payments takes effect

    Licensed operators may no longer support the use of digital assets to pay for goods and services.

  11. Bank of Thailand sets stablecoin policy

    Baht-backed stablecoins used for payment may be e-money, and issuers must consult the BOT first.

  12. Emergency Decree on Digital Asset Businesses takes effect

    Exchanges, brokers, dealers and token offerings come under SEC supervision and MoF licensing.

Cite this page: Four Pillars Asia Digital Asset Policy Center, “Thailand crypto regulation”, reviewed 5 Oct 2026, https://policy.4pillars.io/thailand. Free to reuse with attribution; also as markdown and JSON.

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