# Thailand crypto regulation From the Four Pillars Asia Digital Asset Policy Center. Cite as: Four Pillars Asia Digital Asset Policy Center, "Thailand crypto regulation", reviewed 2026-10-05, https://policy.4pillars.io/thailand. Free to reuse with attribution: cite "Four Pillars Asia Digital Asset Policy Center" and link to the page the fact comes from (each market has its own URL), and to the primary source where one is given. Terms: https://policy.4pillars.io/developers#attribution Page: https://policy.4pillars.io/thailand Region: Southeast Asia. Last reviewed: 2026-10-05. > An early crypto licensing regime that welcomes onshore trading, bars crypto payments and now blocks unlicensed offshore platforms. 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. 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. ### Snapshot - Exchange licensing: Comprehensive. MoF licences on SEC advice since 2018; 7 exchanges and 14 brokers licensed as of October 2026 - Stablecoin regime: Developing. No issuance regime; USDT and USDC tradable since 2025; SEC proposing 5m baht daily transfer caps - Tokenisation & RWA: Partial. Investment-token ICOs run via 8 SEC-approved portals; G-Token approved; digital securities bill pending - Retail access: Comprehensive. Retail may trade on licensed platforms; Bybit, OKX and other unlicensed venues blocked since June 2025 - Tax clarity: Comprehensive. Gains on licensed Thai platforms exempt from personal income tax for 2025 to 2029 (Ministerial Reg. 399) ### Quick answers **Is crypto legal in Thailand?** Yes. Individuals can buy and sell crypto onshore through licensed providers. Retail may trade on licensed platforms; Bybit, OKX and other unlicensed venues blocked since June 2025. Four Pillars rates retail access in Thailand as comprehensive (reviewed 5 Oct 2026). **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. ### Key numbers - 7 Licensed digital asset exchanges (as of 2026-10-05) - 14 Licensed digital asset brokers (as of 2026-10-05) - 0% Personal income tax on gains via licensed Thai platforms, 2025 to 2029 (as of 2025-09-05) - 5m baht Proposed daily stablecoin transfer cap per person per operator (as of 2026-09-03) ### 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. ### Regulators - **SEC**, Securities and Exchange Commission, Thailand: Supervises digital asset businesses and token offerings under the 2018 Emergency Decree and recommends licences. Thailand's capital markets regulator. It supervises securities and derivatives firms, approves public offerings and fund products, and enforces the Securities and Exchange Act. 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. - **MOF**, Ministry of Finance: Grants and revokes digital asset business licences on SEC recommendation; issuer of the G-Token. Thailand's finance ministry. It sets fiscal and tax policy, manages public debt and oversees the Revenue Department and other revenue agencies. 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. - **BOT**, Bank of Thailand: Sets policy on crypto payments and baht stablecoins, and supervises banking groups' digital asset activity. 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. 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. - **AMLO**, Anti-Money Laundering Office: Receives transaction reports from licensed operators, which count as financial institutions under AML law. 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. 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. - **RD**, Revenue Department: Administers income tax on digital asset gains, including the 2025 to 2029 exemption. The Ministry of Finance department that collects personal and corporate income tax, VAT and specific business tax under the Revenue Code. 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. ### Licences #### Digital asset exchange licence - Regulator: SEC - Legal basis: Emergency Decree on Digital Asset Businesses B.E. 2561 (2018), s.26, as amended in 2025 - Covers: Operating a centre or network that matches orders or otherwise facilitates trading of cryptocurrencies and digital tokens. - Requirements: Thai limited company licensed by the Minister of Finance on SEC recommendation; Minimum paid-up capital and ongoing net capital rules set by SEC notification; Segregation of client money and digital assets, with client-level records; KYC, CDD and suspicious transaction reporting to AMLO as a financial institution; SEC approval of directors, executives and major shareholders; Travel Rule data transmission for transfers from 27 February 2027 - Holders: 7 (as of 2026-10-05) - Notable holders: Bitkub Online, Gulf Binance, Upbit Exchange (Thailand), Orbix Trade, GMO-Z.com Cryptonomics (Thailand), Thai Digital Assets Exchange, WAAN Exchange - Official register: - Page: https://policy.4pillars.io/thailand/licences#lic-1 #### Digital asset broker licence - Regulator: SEC - Legal basis: Emergency Decree on Digital Asset Businesses B.E. 2561 (2018), s.26, as amended in 2025 - Covers: Acting as broker or agent for clients buying, selling or exchanging digital assets for a fee. - Requirements: Minister of Finance licence on SEC recommendation; Capital and net capital requirements, with segregation of client assets; KYC, CDD and AMLO reporting duties; No facilitation of digital assets as a means of payment for goods and services; Proposed September 2026: liquidity providers and source exchanges must be regulated, and brokers may route orders and custody through Thai-licensed exchanges - Holders: 14 (as of 2026-10-05) - Notable holders: Bitkub Online, Bitazza, InnovestX Securities, Xspring Digital, Coins TH, Satoshi (Kulap), Maxbit Digital Asset, Gulf Binance - Official register: - Page: https://policy.4pillars.io/thailand/licences#lic-2 #### Digital asset dealer licence - Regulator: SEC - Legal basis: Emergency Decree on Digital Asset Businesses B.E. 2561 (2018), s.26, as amended in 2025 - Covers: Buying and selling digital assets for the operator's own account with clients, outside a digital asset exchange. - Requirements: Minister of Finance licence on SEC recommendation; Capital and net capital requirements set by SEC notification; KYC, CDD and AMLO reporting duties; No facilitation of digital assets as a means of payment - Holders: 5 (as of 2026-10-05) - Notable holders: Xspring Digital, Coins TH, Cryptoplat, 1109 Prosper - Official register: - Page: https://policy.4pillars.io/thailand/licences#lic-3 #### Digital asset custodial wallet provider licence - Regulator: SEC - Legal basis: Emergency Decree on Digital Asset Businesses B.E. 2561 (2018), as amended in 2025, and Ministry of Finance notifications - Covers: Safekeeping digital assets and private keys on behalf of clients and other licensed operators. - Requirements: Minister of Finance licence on SEC recommendation; Since January 2025, open to qualified financial groups that meet SEC independence rules; Segregation of client assets and IT and cyber security controls; No facilitation of digital assets as a means of payment; AMLO reporting as a financial institution - Holders: 3 (as of 2026-10-05) - Notable holders: Rakkar Digital, Orbix Custodian, Kryptodian - Official register: - Page: https://policy.4pillars.io/thailand/licences#lic-4 #### ICO portal approval - Regulator: SEC - Legal basis: Emergency Decree on Digital Asset Businesses B.E. 2561 (2018), digital token offering provisions - Covers: Operating the electronic system through which new digital tokens, including investment tokens, are offered to the public. - Requirements: Approval by the SEC before operating; Screening of issuers and token features before any public offering; Retail limit of 300,000 baht per person for most investment tokens, lifted in 2024 for real-estate and infrastructure-backed tokens; Investor suitability assessment at least once every two years (rules amended November 2025); KYC, CDD and AMLO reporting duties - Holders: 8 (as of 2026-10-05) - Notable holders: Token X, Kubix Digital Asset, Xspring Digital, Bitkub Portal, Fraction (Thailand), T-Box (Thailand), Finansia Portal, INT X - Official register: - Page: https://policy.4pillars.io/thailand/licences#lic-5 #### Digital asset fund manager and advisory licences - Regulator: SEC - Legal basis: Emergency Decree on Digital Asset Businesses B.E. 2561 (2018), as amended in 2025, and Ministry of Finance notifications - Covers: Managing digital asset portfolios for clients, or advising clients on digital asset investment (3 fund managers and 2 advisers). Since 16 March 2025, securities firms and asset managers licensed to manage mutual and private funds have not needed a separate digital asset fund manager licence. - Requirements: Minister of Finance licence on SEC recommendation; SEC conduct standards on suitability and disclosure to clients; Fit-and-proper directors and approved personnel; KYC, CDD and AMLO reporting duties - Holders: 5 (as of 2026-10-05) - Notable holders: Merkle Capital, Orbix Invest, Soberin, Altplus Advisory, Cryptomind Advisory - Official register: - Page: https://policy.4pillars.io/thailand/licences#lic-6 ### Timeline - 2018-05-14: Emergency Decree on Digital Asset Businesses takes effect. Exchanges, brokers, dealers and token offerings come under SEC supervision and MoF licensing. - 2021-03-19: Bank of Thailand sets stablecoin policy. Baht-backed stablecoins used for payment may be e-money, and issuers must consult the BOT first. - 2022-04-01: Ban on facilitating crypto payments takes effect. Licensed operators may no longer support the use of digital assets to pay for goods and services. - 2025-03-16: USDT and USDC added to the SEC cryptocurrency list. Exchanges can use the two dollar stablecoins as base trading pairs. - 2025-04-13: 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. - 2025-05-13: Cabinet approves the G-Token. The Ministry of Finance gains a tokenised borrowing tool, starting with a 5 billion baht programme. - 2025-06-28: Unlicensed platforms including Bybit and OKX blocked. The Ministry of Digital Economy and Society restricts access under the amended technology crime decree. - 2025-09-05: Five-year capital gains tax exemption published. Ministerial Regulation No. 399 exempts gains from sales on licensed platforms from 2025 to 2029. - 2026-08-24: 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. - 2026-08-25: 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. - 2026-09-02: SEC issues Travel Rule for digital assets. Operators must transmit originator and beneficiary data with transfers from 27 February 2027. - 2026-09-03: SEC Board approves stablecoin transfer principles. Same-owner transfers and a 5 million baht daily cap go to public consultation. ### Primary sources - [SEC supports amendments to four capital market laws to strengthen supervision of the Thai capital market](https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=13371). Securities and Exchange Commission, Thailand (SEC), 2026-09-23, bill (under review by an extraordinary House committee). The House of Representatives accepted in principle on 23 September 2026 a draft Act amending the Emergency Decree on Digital Asset Businesses, with Securities, Derivatives and Trust Act amendments approved by the Cabinet on 25 August. An extraordinary committee is now reviewing them before the Senate. People behind it: Pornanong Budsaratragoon (Secretary-General, Securities and Exchange Commission, Thailand). - [SEC seeks public comments on draft notifications revising the NC requirements for digital asset business operators to support local activities](https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=13324). Securities and Exchange Commission, Thailand (SEC), 2026-09-11, consultation. Draft rules, following a May 2026 consultation on principles, that would let brokers execute orders and hold client assets through Thai-licensed exchanges and add counterparty, settlement and fund management risk to net capital. Custodians would face tiered custody charges and per-customer wallet segregation. - [SEC seeks public comments on proposed principles for supervising stablecoin transactions to mitigate financial fraud risks](https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=13335). Securities and Exchange Commission, Thailand (SEC), 2026-09-11, consultation. Proposes, after SEC Board approval on 3 September, that stablecoins move only between the customer's own verified wallets, capped at 5 million baht a day each way per operator. It also tightens rules on off-platform deals, market makers, liquidity providers and source exchanges; comments closed on 25 September 2026. - [SEC issues Travel Rule for Digital Assets to strengthen anti-money laundering and prevent technology-related crimes in line with international standards](https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=13277). Securities and Exchange Commission, Thailand (SEC), 2026-09-02, enacted. Notification Sor Thor. 9/2026 requires originator and beneficiary data to travel with transfers and self-hosted wallet checks. It takes effect on 27 February 2027. - [SEC files criminal complaint against Holdstation and UNO application service providers and an alleged supporter for operating an unlicensed digital asset brokerage business, and notifies access blocking effective 1 October 2026](https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=13284). Securities and Exchange Commission, Thailand (SEC), 2026-09-01, guidance. Complaints against the Holdstation and UNO app operators and Tools for Humanity, with access blocked from 1 October 2026. It shows Thai-language app services count as onshore business. - [SEC seeks public comments on proposed amendments to regulations on intermediaries' facilitation of clients' investment in digital asset derivatives overseas](https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=13264). Securities and Exchange Commission, Thailand (SEC), 2026-08-31, consultation. Would let intermediaries offer retail and wealthy clients overseas crypto derivatives that match Thai contract terms and trade on centrally cleared exchanges overseen by IOSCO Signatory A regulators; other products would be for institutions only. Comments closed on 30 September 2026. - [SEC seeks public comments on draft regulations for crypto ETFs in Thailand and enhanced qualifications for foreign digital asset custodians engaged by funds](https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=13237). Securities and Exchange Commission, Thailand (SEC), 2026-08-24, consultation. Draft rules, following an April 2026 consultation on principles, for passive single-asset spot Bitcoin and Ether ETFs with at least 80 percent net exposure, held mainly with Thai-licensed custodians but with qualified foreign custodians allowed where needed. Comments closed on 20 September 2026. - [SEC files criminal complaint with ECD against Bitkub Online Co., Ltd. and its former directors for giving false statements, and against the former directors for making false entries in a juristic person's document to deceive any person](https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=13139). Securities and Exchange Commission, Thailand (SEC), 2026-07-23, guidance. The SEC alleges that Bitkub's daily net capital reports hid the effect of a May 2021 hack of about 1.7 billion baht in customer assets. Bitkub remains on the SEC licence register. - [SEC prepares to permit digital asset business operators to engage in derivatives-related businesses to support the inclusion of digital assets as underlying assets](https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=12747). Securities and Exchange Commission, Thailand (SEC), 2026-04-20, consultation. After digital assets were designated as derivatives underlyings (Notification Kor Thor. 2/2569 of 5 March 2026), proposes letting licensed crypto operators apply for derivatives licences without forming new entities. Comments closed on 20 May 2026. - [SEC amends regulations to accommodate Tokenized Funds to promote innovation in the investment sector](https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=12706). Securities and Exchange Commission, Thailand (SEC), 2026-04-01, in force. From 1 April 2026, mutual funds may issue units in tokenised form on blockchain, with rules for faster sale and redemption of those units. - [SEC advances five key measures to curb illicit funds and combat mule accounts and investment scams as a national agenda](https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=12712). Securities and Exchange Commission, Thailand (SEC), 2026-04-01, guidance. Tightens KYC, enhanced due diligence and suspicious transaction reporting across securities and digital asset operators to counter mule accounts and scams. - [SEC launches TouristDigiPay, business operator applications start 25 September 2025](https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=12095). Securities and Exchange Commission, Thailand (SEC), 2025-09-25, in force. Rules in force from 24 September 2025 open an 18-month sandbox in which licensed exchanges, brokers and dealers work with BOT-regulated e-money providers so foreign tourists can convert crypto to baht. Merchants are paid only in baht. - [Ministerial Regulation No. 399 (B.E. 2568) issued under the Revenue Code](https://www.rd.go.th/fileadmin/user_upload/kormor/newlaw/mr399A.pdf). Revenue Department, Ministry of Finance (RD), 2025-09-05, in force. 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. - [SEC issues rules on Government Token (G-Token) (SEC News No. 184/2568, Thai only)](https://www.sec.or.th/TH/Pages/News_Detail.aspx?SECID=11911). Securities and Exchange Commission, Thailand (SEC), 2025-07-21, in force. Six SEC notifications in force from 21 July 2025, following a May 2025 consultation, make the Ministry of Finance's G-Token a digital token exempt from offering approval, prospectus and ICO portal rules. Licensed exchanges and securities firms may serve G-Token clients without new licences. - [SEC prepares regulatory framework for digital securities to advance Thailand's capital market as a driver of the digital economy](https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=13200). Securities and Exchange Commission, Thailand (SEC), 2025-06-10, bill (before the House of Representatives). The Cabinet endorsed on 10 June 2025 a Securities and Exchange Act amendment giving legal recognition to securities issued electronically, the basis for tokenised securities outside the digital token regime. People behind it: Pornanong Budsaratragoon (Secretary-General, Securities and Exchange Commission, Thailand). - [SEC issues warning about access restriction of Bybit, 1000X, CoinEx, OKX, and XT.COM platforms on 28 June 2025 to protect investors and prevent illegal platforms from being used as money laundering channels](https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=12047). Securities and Exchange Commission, Thailand (SEC), 2025-05-29, in force. Under the amended technology crime decree (No. 2) B.E. 2568, in force from 13 April 2025, the digital economy ministry blocked five unlicensed platforms from 28 June 2025 at the SEC's request. - [Emergency Decree on Digital Asset Businesses (No. 2) B.E. 2568 (2025) (unofficial English translation)](https://www.sec.or.th/EN/Documents/ActandRoyalEnactment/RoyalEnactment/enactment-digitalasset2025.pdf). Securities and Exchange Commission, Thailand (SEC), 2025-04-13, in force. In force from 13 April 2025, it extends the licensing duty to operators abroad that serve people in Thailand, judged by signs such as a Thai-language platform, a .th domain or baht payments. It underpins the blocking of unlicensed offshore exchanges. - [SEC adds USDC and USDT to the cryptocurrencies list](https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=11613). Securities and Exchange Commission, Thailand (SEC), 2025-03-16, in force. Adds USDC and USDT, from 16 March 2025, to the list of cryptocurrencies usable as exchange base trading pairs and for ICO subscriptions, under Notification Sor Jor. 9/2568. - [SEC amends digital asset business regulations to support greater variety of digital asset custodial wallet providers](https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=11503). Securities and Exchange Commission, Thailand (SEC), 2025-01-16, in force. Allows custodial wallet providers from qualified financial groups to serve affiliated operators, subject to independence rules. Previously only listed companies and their subsidiaries qualified. - [SEC amends regulations related to the use of digital assets as a means of payment and regulations supporting BOT Programmable Payment Sandbox](https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=11086). Securities and Exchange Commission, Thailand (SEC), 2024-09-06, in force. Extends the payment ban to custodial wallet providers and lets operators approved by the BOT take part in its Programmable Payment Sandbox. Effective 6 September 2024. - [Retail CBDC Pilot Program: Conclusion Report](https://www.bot.or.th/en/financial-innovation/digital-finance/central-bank-digital-currency-tokenization-emerging-payment-technologies/_/Pilot-CBDC-2024.html). Bank of Thailand (BOT), 2024-04-11, guidance. Reports on the retail CBDC pilot run with financial service providers and states the BOT has no immediate plan to issue a retail CBDC. - [SEC amends regulations on the initial coin offering of investment token, digital asset custodial wallet provider, and other provisions related to digital asset business operations](https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=10470). Securities and Exchange Commission, Thailand (SEC), 2024-01-16, in force. Removes the 300,000 baht retail cap for real-estate and infrastructure-backed investment tokens and requires SEC approval before operators take on other businesses. - [Notification of the Bank of Thailand No. FPG. 6/2565 Re: Regulations on commercial banks' financial business groups undertaking digital asset related businesses and transactions](https://www.bot.or.th/content/dam/bot/fipcs/documents/FPG/2565/EngPDF/25650188.pdf). Bank of Thailand (BOT), 2022-10-06, in force. Caps banks' and banking groups' investment in digital asset businesses at 3 percent of capital and requires BOT approval for most crypto activities within the group. - [Banking group's digital asset business: Supervisory approach and management of risks to the financial system](https://www.bot.or.th/content/dam/bot/financial-innovation/resilient-regulation/DA-Supervision-DirectionalPaper-EN.pdf). Bank of Thailand (BOT), 2022-07, guidance. The BOT directional paper explaining why banks may take part in digital asset businesses only through ring-fenced subsidiaries with capital deductions. - [SEC issues regulation prohibiting digital asset business operators from facilitating the use of digital assets as a means of payment](https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=9366). Securities and Exchange Commission, Thailand (SEC), 2022-03-23, in force. Bars licensed operators from promoting or supporting crypto payments for goods and services, effective 1 April 2022. It anchors Thailand's investment-only approach to crypto. - [Joint Press Release: BOT, SEC, and MOF to jointly set guidelines on the usage of digital assets as a means of payment for goods and services](https://www.bot.or.th/en/news-and-media/news/news-20220125.html). Bank of Thailand (BOT), 2022-01-25, guidance. The three authorities announced they would limit crypto payments to protect financial stability, while leaving room for payment innovation that poses no systemic risk. - [Stablecoins Regulation Policy](https://www.bot.or.th/en/news-and-media/news/news-20210319-2.html). Bank of Thailand (BOT), 2021-03-19, guidance. Baht-backed stablecoins intended for payment may be e-money under the Payment Systems Act 2017, and issuers must consult the BOT before operating. - [Thai Baht-denominated Stablecoins](https://www.bot.or.th/en/news-and-media/news/news-20210317-2.html). Bank of Thailand (BOT), 2021-03-17, guidance. Declares activity involving THT, a baht-pegged token on Terra, illegal under Section 9 of the Currency Act 1958. It signals the BOT's defence of baht monetary sovereignty. - [Emergency Decree on Digital Asset Businesses B.E. 2561 (2018) (unofficial English translation)](https://www.sec.or.th/EN/Documents/EnforcementIntroduction/digitalasset_decree_2561_EN.pdf). Securities and Exchange Commission, Thailand (SEC), 2018-05-14, in force. The core statute, in force from 14 May 2018, requiring licences for exchanges, brokers and dealers and approval for token offerings. Section 7 makes licensed operators financial institutions under the AML law. - [Digital Asset Business Operators: rules, manuals and forms](https://www.sec.or.th/EN/Pages/LawandRegulations/DigitalAssetBusiness.aspx). Securities and Exchange Commission, Thailand (SEC), 2018, in force. The SEC's index of licensing rules for exchanges, brokers and dealers, including capital, fit-and-proper and reporting notifications. It is the starting point for any licence application. - [Anti-Money Laundering Act B.E. 2542 (1999) (Consolidated 1-6)](https://www.amlo.go.th/amlo-intranet/media/k2/attachments/AMLAYconsolidatedY1-6Yfinal_4754.pdf). Anti-Money Laundering Office (AMLO), 1999, in force. Sets customer due diligence and reporting duties for financial institutions, which include licensed digital asset operators by virtue of the 2018 Emergency Decree.