The Regulatory Framework
All digital asset business activities in Thailand are regulated under the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018). This foundational law, supported by detailed rules from the Ministry of Finance (MOF) and the Securities and Exchange Commission (SEC), establishes the country’s regulatory framework.
An unofficial, consolidated English translation of the Decree is available on the SEC’s website, which also hosts an official portal for all related regulations.
Obtaining a license is a two-step process: the SEC first reviews the application and provides a recommendation, after which the MOF gives the final approval and grants the license.
Licensed operators must also comply with several other key Thai laws, including:
- Anti-Money Laundering Act: Imposes strict AML/KYC duties, supervised by the Anti-Money Laundering Office (AMLO).
- Payment Systems Act: Applies to services involving e-wallets or payment processing.
- Cybersecurity Act & Personal Data Protection Act (PDPA): Governs system security and the handling of user data.
- Foreign Business Act (FBA): Restricts majority foreign ownership of the licensed entity unless a separate Foreign Business License is obtained.
License Categories for Digital Asset Businesses in Thailand
Definition of Digital Assets (Section 3, Emergency Decree B.E. 2561 (2018))
- Cryptocurrency – “An electronic data unit created on an electronic system or network for the purpose of being used as a medium of exchange for the acquisition of goods, services, or any other rights, or the exchange between digital assets, and shall include any other electronic data units as specified in the notification of the SEC.”
- Digital Token – “An electronic data unit created on an electronic system or network for the purpose of:
- specifying the right of a person to participate in an investment in any project or business, or
- specifying the right of a person to acquire specific goods, specific service, or any specific other right under an agreement between the issuer and the holder,and shall include any other electronic data units of right as specified in the notification of the SEC.”
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Definition of “Digital Asset Business”
A digital asset business under the Decree means:
- Digital asset exchange
- Digital asset broker
- Digital asset dealer
- Other businesses relating to digital assets as prescribed by the Minister on the SEC’s recommendation
Core License Types
Digital Asset Exchange
A center or a network established for the purposes of trading or exchanging of digital assets, which operates by matching orders or arranging for the counterparty or providing the system or facilitating a person who wishes to trade or exchange digital assets to be able to enter into an agreement or match the order, in the normal course of business.
Digital Asset Broker
A person who provides services or holds itself out to the public as available to provide services as a broker or an agent for any person with respect to the trading or exchange of digital assets in the normal course of business, in consideration of a fee or other remuneration.
Digital Asset Dealer
A person who provides services or holds itself out to the public as available to provide services with respect to the trading or exchange of digital assets for its own account in the normal course of business outside the digital asset exchange.
Additional Regulated Activities
- Digital Token Portal Service Provider (ICO Portal) A provider of an electronic system for the offering of newly issued digital tokens. Responsible for screening token characteristics, issuer qualifications, and the completeness/accuracy of registration statements, draft prospectuses, and other disclosure documents.
- Digital Asset Fund Manager Manages portfolios or investment funds containing digital assets.
- Digital Asset Advisor Provides investment advice on digital assets in return for a fee.
- Digital Asset Custodial Wallet Provider Offers custody and safekeeping of digital assets and private keys. This activity has been regulated since 2022.
Core Licensing Requirements
To qualify for a digital asset license in Thailand, applicants must satisfy stringent requirements set by the Ministry of Finance and supervised by the Securities and Exchange Commission (SEC). These ensure that only well-capitalized, credible, and operationally prepared businesses can enter the market.
Corporate Setup
- Applicants must establish a Thai-incorporated company with a registered office in Thailand.
- Registration with the Department of Business Development (DBD) must be completed before applying for a license.
Minimum Paid-Up Capital
Capital requirements are currently set by SEC Notification No. KorThor. 28/2567, effective 1 November 2024. The key factor is whether the operator holds client assets in custody, which requires higher capital.
| License Type | Custody Model / Client Type | Minimum Paid-Up Capital (THB) |
|---|---|---|
| Digital Asset Exchange | With custody | 100,000,000 |
| Digital Asset Exchange | Without custody | 50,000,000 |
| Digital Asset Broker | With custody | 50,000,000 |
| Digital Asset Broker | Without custody | 10,000,000 |
| Digital Asset Dealer | With custody | 50,000,000 |
| Digital Asset Dealer | Without custody | 10,000,000 |
| Digital Asset Custodian | Always custody | 50,000,000 |
| Fund Manager | With custody / without custody but serving retail clients | 25,000,000 |
| Fund Manager | Without custody, institutional clients only | 10,000,000 |
| Digital Asset Advisor | – | 1,000,000 |
Existing licensees must reach at least 50% of these amounts by 1 May 2025 and fully comply by 1 November 2025.
Net Capital Maintenance
In addition to paid-up capital, licensed operators must maintain an adequate level of net capital (NC) on an ongoing basis to ensure they remain financially sound throughout their operations. Under the latest SEC regulations, which became effective on November 1, 2024, the NC framework is built on a risk-based model that includes a mandatory fixed minimum capital floor.
The fixed minimum NC requirements are:
- 25 million THB for operators that hold or store client assets.
- 5 million THB for operators that do not hold client assets.
This fixed amount serves as a baseline. On top of this, operators must hold additional capital calculated based on the specific risks of their business, including custody risk (with different capital charges for assets held in hot vs. cold wallets) and trading service risk.
Leadership and Ownership
- Directors, executives, and shareholders holding 10% or more must pass a fit and proper test conducted by the SEC.
- The assessment covers personal integrity, financial standing, and relevant professional experience.
Operational Readiness
Applicants must demonstrate that they are fully prepared to run the business by submitting:
- A comprehensive business plan and governance structure.
- Robust IT and cybersecurity systems, meeting SEC technical standards.
- An AML/KYC framework with systems for customer due diligence, transaction monitoring, and reporting to the Anti-Money Laundering Office (AMLO).
- Proper accounting systems, internal controls, and qualified staff.
Application and Supervisory Fees
One-Time Fees
| Item | Fee (THB) |
|---|---|
| Application fee (per license) | 30,000 (non-refundable) |
| Application fee (custodians only) | 50,000 (non-refundable) |
| Digital Asset Exchange (granting fee) | 2,500,000 |
| Digital Asset Broker (granting fee) | 1,250,000 |
| Digital Asset Dealer (granting fee) | 1,000,000 |
| Fund Manager (granting fee) | 500,000 |
| Advisor (granting fee) | 15,000 |
| Custodian (granting fee) | 1,000,000 |
Annual Supervisory Fees
| License Type | Fee Structure |
|---|---|
| Digital Asset Exchange | 0.002% of total trading value (min. THB 0.5m, max. THB 20m) |
| Digital Asset Broker | 0.001% of total trading value (min. THB 0.25m, max. THB 10m) |
| Digital Asset Dealer | 1% of annual trading profits (capital gains), subject to THB 0.1m–5m |
| Fund Manager | 0.001% of total value under management (min. THB 0.25m, max. THB 10m) |
| Advisor | Fixed annual fee of THB 25,000 |
| Custodian | 0.001% of total value under custody (min. THB 0.25m, max. THB 10m) |
ICO / Token Offering Fees
| Item | Fee |
|---|---|
| Filing (registration statement & prospectus) | 0.05% of token value offered |
| Minimum annual supervisory fee | 10,000 |
Other Costs
Beyond government fees, licensed operators must also plan for:
- Annual financial audits and compliance reviews.
- IT and cybersecurity certifications.
- Implementation and maintenance of AML/KYC systems.
Offshore Operators
The licensing regime no longer applies only to domestic entities. Following the 2025 amendment to the Emergency Decree on Digital Asset Businesses, offshore platforms that actively target Thai users are also brought under the Thai regulatory framework.
A foreign operator is deemed to be operating in Thailand if it:
- uses the Thai language in its platform or services,
- accepts or processes payments in Thai Baht, or
- advertises or markets specifically to Thai residents.
These rules mean foreign crypto businesses can no longer serve Thai customers without obtaining a local license.
For a detailed discussion of these changes and their impact on international operators, see our earlier post:
Thailand Regulates Foreign Crypto Platforms and Strengthens Online Crime Laws
Licensing Process
Obtaining a digital asset license in Thailand is a structured, multi-stage process supervised by both the Securities and Exchange Commission (SEC) and the Ministry of Finance (MOF). While the requirements are strict, the process is predictable if approached methodically.
Preparation Phase
Before a formal application can be filed, the applicant must complete several key steps:
- Company Incorporation: The applicant must be a Thai juristic person (limited or public limited company) with a registered office in Thailand.
- Capital Deposit: The required paid-up capital must be fully deposited in a Thai bank account before submission.
- Application Dossier: The dossier must include a comprehensive business plan, corporate governance framework, IT and cybersecurity documentation, and an AML/CFT compliance program.
- Self-Assessment & Manuals: The SEC provides official checklists and readiness guidelines to help applicants assess compliance before applying.
Pre-Consultation (Optional but Recommended)
The SEC offers an optional pre-consultation process, where applicants can present their business model, governance plans, and systems to SEC officers before filing. While not a legal requirement, pre-consultation is widely regarded as a practical way to de-risk the application. It helps identify compliance issues early, reduces the chance of rejection, and avoids costly delays. For complex business models, this step is highly advisable.
Formal Application and Review
The licensing review process consists of two stages:
- SEC Review (up to 90 days): The SEC evaluates the application, examining financial strength, IT security, AML/KYC readiness, and the integrity of directors and shareholders. Requests for clarification or additional documents are common during this stage.
- MOF Approval (up to 60 days): If the SEC finds the application satisfactory, it forwards a recommendation to the Ministry of Finance, which has the final authority to grant or deny the license.
The combined review period is officially set at 150 days once a complete application is submitted, though the full process including preparation often takes 9–12 months.
Post-Licensing Obligations
Obtaining a license is only the beginning. Licensed digital asset businesses in Thailand operate under continuous supervision by the SEC and must comply with strict operational, financial, and reporting duties.
Commencement of Operations
- Deadline: Under MOF Notification No. 2 B.E. 2563 (2020), a licensed operator must commence business within 180 days of license approval.
- Revocation Risk: If operations do not begin within this period, the Ministry of Finance has the authority to revoke the license.
Ongoing Compliance Duties
Once operations begin, the operator must continuously comply with SEC rules and related legislation, including:
- AML/CFT Framework: Strict adherence to the Anti-Money Laundering Act B.E. 2542 is required, including customer due diligence (KYC), transaction monitoring, suspicious transaction reporting, and record-keeping.
- Segregation of Client Assets: Client funds and digital assets must be held separately from company assets and cannot be used for the company’s benefit.
- Risk Management & Cybersecurity: Businesses must maintain secure and resilient IT systems in line with SEC Notification No. กธ. 23/2567 (2024) and related technical standards.
- Advertising & Investor Protection: Operators must comply with rules on disclosure, risk management, and advertising, and are prohibited from misleading marketing practices.
- Use of Digital Assets in Payments: Following joint SEC–Bank of Thailand announcements, digital asset operators cannot promote or facilitate the use of crypto as a direct means of payment for goods or services.
- Regulatory Reporting: Submit regular financial and operational reports to the SEC and the Anti-Money Laundering Office (AMLO).
Reporting and Supervision
- Regulatory Reporting: Operators must submit periodic financial statements, compliance reports, and risk assessments to the SEC.
- Audit Requirements: Annual audits must be conducted by SEC-approved auditors.
- Supervisory Fees: Operators are subject to ongoing supervisory fees (based on transaction volume or fixed amounts, depending on license type).
Penalties for Non-Compliance
Thailand enforces strict sanctions for violations under the Digital Asset Decree:
- Operating without a license: 2–5 years’ imprisonment and fines of THB 200,000–500,000, plus daily fines.
- Breach of license conditions: Corrective orders, suspension, or full license revocation.
- AML/CFT failures: Criminal liability and possible license loss.
- Misleading information or advertising breaches: SEC fines, suspension of activities, and potential civil claims.
Non-compliance risks not just financial penalties but the loss of license and business closure.
Major Licensed Digital Asset Players in Thailand
Thailand’s digital asset market is dominated by exchanges and platforms backed by large domestic and international firms. The Securities and Exchange Commission (SEC) maintains the official, up-to-date registry of licensed operators. Selected key players include:
- Bitkub – Market leader and one of the first licensees, with the largest retail user base and strong brand recognition in Thailand.
- Gulf Binance – A joint venture between Binance, the world’s largest crypto exchange, and Gulf Energy, a Thai energy conglomerate led by one of the country’s wealthiest businessmen.
- Orbix (Kasikornbank Group) – Formerly Satang Pro, now owned by Kasikornbank. Integrated into KBank’s “Orbix” ecosystem, covering exchange, custody, and fund management services.
- InnovestX (SCB X Group) – The digital asset subsidiary of SCB X, leveraging Siam Commercial Bank’s customer base by offering stocks, funds, and digital assets in one platform.
- Upbit Thailand – Operated as a joint venture between South Korea’s Upbit and influential Thai partners, including members of the CP Group family.
- ERX – ERX, originally a Thai-licensed digital token exchange backed by Thai business figures, was rebranded as KuCoin Thailand in 2025 after being acquired by the global crypto exchange KuCoin. The platform continues its focus on token issuance and tokenization services under the KuCoin banner, combining local regulatory compliance with global technology and liquidity.
- TDX (SET Group) – A subsidiary of the Stock Exchange of Thailand, licensed for investment tokens and utility tokens, linking digital assets with traditional capital markets.
For the current full list of license holders, see the Thai SEC website
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Conclusion
Thailand’s digital asset regime is one of the most detailed and demanding in Asia. The licensing process involves significant capital, strict governance, and continuous regulatory oversight. While exchanges and brokers dominate the market, areas such as custody, fund management, and advisory remain underdeveloped and present potential opportunities for new entrants.
For businesses considering participation, the key takeaway is that Thailand is a serious, highly regulated market, not a “light-touch” jurisdiction. Success requires a compliance-first mindset, careful structuring—often through joint ventures with strong local partners—and a business model prepared to withstand intense regulatory scrutiny from day one.
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