Thailand has significantly tightened its regulation of the digital asset sector. Two Royal Decrees, which came into effect on April 13, 2025, have expanded the legal framework for cryptocurrency and digital asset businesses, with a particular focus on foreign platforms serving Thai users.
The new regulations aim to close compliance gaps, empower enforcement, and improve investor protection. Foreign platforms that fail to comply may now face blocking orders, legal prosecution, and reputational damage—even if they have no physical presence in Thailand.
New Licensing Rules for Foreign Crypto Platforms
The Royal Decree on the Operation of Digital Asset Businesses (No. 2), B.E. 2568 (2025) expands Thailand’s 2018 digital asset law by introducing extraterritorial application. Under the new rules, foreign crypto platforms must obtain a license from Thailand’s SEC if they target Thai users through Thai-language content, local payment methods, marketing, or contractual references to Thai law.
Key Triggers for Licensing Obligation
Under Section 26/1 of the amended Emergency Decree on Digital Asset Businesses, a digital asset business operator established outside Thailand is deemed to be operating in the country—and must obtain a license from the Thai Securities and Exchange Commission (SEC)—if any of the following characteristics apply:
(a) The digital asset service is offered with the use of the Thai language, either in whole or in part
(b) The service is offered through a domain name containing “.th”, “.ไทย”, or otherwise referring to Thailand
(c) The service facilitates transactions in Thai baht, or involves accounts opened in Thailand with financial institutions or electronic service providers
(d) The platform provides for dispute resolution under Thai law or through Thai courts
(e) The business conducts marketing or advertising—whether through paid ads or SEO—that targets individuals in Thailand
(f) The business maintains a physical presence in Thailand, such as local staff, offices, or user support
(g) Any other characteristics as may be specified by the SEC
Failure to comply with these licensing obligations constitutes a criminal offense under Thai law.
Enhanced Tools to Combat Online Crime and Financial Fraud
The Royal Decree on Measures to Prevent and Suppress Technology Crimes (No. 2), B.E. 2568 (2025) builds on earlier cybercrime legislation and significantly expands the powers of the Ministry of Digital Economy and Society (MDES).
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Key Enforcement Measures
- MDES can now block access to unlicensed digital platforms without court approval
- Digital asset businesses must:
- Perform strict KYC and transaction monitoring
- Suspend suspicious accounts
- Share data with the Anti-Money Laundering Office (AMLO) and other agencies
- Assist in refunding stolen or fraudulently transferred funds
- Wallets and users linked to cybercrime may be blacklisted, and licensed platforms must block transactions involving them
Criminal Penalties for “Mule Accounts”
Individuals who knowingly allow their financial accounts or crypto wallets to be used for unlawful purposes—such as receiving funds from scams—can face:
- Up to 3 years’ imprisonment
- Fines of up to THB 300,000
- Or both
This provision is intended to disrupt the widespread use of “mule accounts” in online fraud schemes.
Thailand to Block Five Unlicensed Crypto Platforms Starting June 28, 2025
On May 29, 2025, Thailand’s Securities and Exchange Commission (SEC) announced that five major international cryptocurrency platforms—Bybit, 1000X, CoinEx, OKX, and XT.COM—are operating illegally in Thailand by offering digital asset services to Thai users without a required license.
Legal Action and Enforcement Authority
The SEC filed formal complaints with the Economic Crime Suppression Division (ECD) for violations of the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018).
To enforce the block, the Ministry of Digital Economy and Society (MDES) issued a notification on 19 June 2025 under the Royal Decree on Measures to Prevent and Suppress Technology Crimes (No. 2), B.E. 2568 (2025). This notification, published in the Royal Gazette (Vol. 142, Part 124 ง), sets out new procedures for restricting access to unlicensed digital asset platforms.
MDES can now issue takedown orders to internet providers, app stores, or social media platforms without court approval. Orders can be based on either (1) SEC confirmation of noncompliance or (2) complaints or internal findings by MDES, subject to SEC verification. All orders must be approved by the Permanent Secretary of MDES.
The scope of blocking includes URLs, IP addresses, mobile applications, or any other access channels. Targeted platforms must block access immediately upon receiving the order.
The first set of platforms blocked under this process includes Bybit, CoinEx, 1000X, OKX, and XT.COM. The block took effect on June 28, 2025.
Investor Warning from the SEC
The SEC has issued a public advisory urging all users in Thailand to withdraw or transfer digital assets from the affected platforms before the blocking date. After June 28, users may no longer be able to access their accounts or retrieve their funds.
For a list of licensed digital asset operators in Thailand, visit the
🔗 Official SEC Registry of Licensed Digital Asset Platforms
What Businesses Must Do
Any foreign digital asset business—even without a legal entity in Thailand—must now assess whether its activities fall under Thai regulatory jurisdiction. Key risk factors include:
- Localized language or marketing
- Thai baht payments
- Use of Thai legal clauses
- Providing support or onboarding to Thai users
If any of these apply, operators are expected to:
- Apply for a license
- Implement robust compliance frameworks
- Avoid further exposure until compliant
Legal and Commercial Implications
Thailand’s updated regime reflects a broader global trend: cross-border digital platforms are no longer beyond the reach of local regulators. These reforms align Thailand more closely with international standards on anti-money laundering, investor protection, and platform accountability.
Crypto businesses seeking long-term access to Thai users must now be ready to meet regulatory expectations similar to those in traditional finance.
References
- Royal Decree on the Operation of Digital Asset Businesses (No. 2), B.E. 2568 (in Thai)
- Royal Decree on Measures to Prevent and Suppress Technology Crimes (No. 2), B.E. 2568 (in Thai)
- SEC press release dated 13 April 2025 (in English)
- SEC Investor Alert dated 29 May 2025 (in Thai)
- SEC License Check – Digital Asset Operators (EN)
- MDES Notification dated 19 June 2025 (in Thai)
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