Is crypto legal in Thailand? Rules & regulation (2026)

Legal framework

Emergency Decree on Digital Asset Businesses B.E. 2561 (2018), administered by the Securities and Exchange Commission (SEC) of Thailand under the Ministry of Finance; supplemented by Bank of Thailand (BOT) rules for payments/stablecoins and Revenue Department tax rules.

Status by sub-area

• Stablecoins

  Proposed

  No dedicated in-force stablecoin regime yet. The BOT is finalising a framework for a 1:1 baht-backed stablecoin with public hearings due in late 2026 and formal rules expected late 2026/early 2027. USDT and other foreign stablecoins are only permitted through SEC-licensed operators, with tightened AML oversight of high-value USDT flows in 2026.

  Still pending: BOT baht-backed stablecoin framework with formal rules expected late 2026/early 2027

• Exchanges / VASP

  In force

  Exchanges, brokers and dealers must be Thai-incorporated and hold a licence issued by the Ministry of Finance on SEC recommendation. Capital, governance, cybersecurity, AML and market-integrity rules apply, with active enforcement against unlicensed offshore platforms.

• Token Offerings

  In force

  Public digital token offerings must be approved by the SEC, classified as investment or utility tokens, and conducted through an SEC-approved ICO portal that carries out due diligence, with a filed registration statement and prospectus-style disclosure.

• Custody

  In force

  SEC custody rules effective 16 January 2023 require licensed digital asset business operators holding client assets to run a formal digital wallet and key management system, segregate client assets from firm assets, and document risk-management policies.

• DeFi

  Partial

  No comprehensive DeFi framework exists. The SEC has warned the public that DeFi is unregulated and risky, banned licensed operators from offering crypto 'earn'/yield products since 2022, and indicated that DeFi projects issuing tokens or providing regulated services may need a licence.

  Still pending: No comprehensive DeFi regulatory framework; licensing scope for token-issuing projects still being clarified

• Tax

  In force

  Crypto is taxable under the Revenue Code, but individuals enjoy a 0% personal income tax exemption on capital gains from trades on SEC-licensed Thai platforms from 1 Jan 2025 through 31 Dec 2029, and VAT on transfers via licensed operators is permanently exempt (2024 Royal Decree).

Key points: crypto & digital assets in Thailand

1. 01Core statute & regulator

   The 2018 Emergency Decree on Digital Asset Businesses is the primary law. The SEC licenses digital asset business operators (exchanges, brokers, dealers, fund managers, advisors, custodians, ICO portals) with approval by the Ministry of Finance; AMLO handles AML/KYC oversight.

   sec.or.th nortonrosefulbright.com

2. 02No crypto as means of payment

   Since 1 April 2022 the SEC and BOT jointly prohibit licensed digital asset operators from providing services that use digital assets as a means of payment for goods and services, while allowing investment and trading.

   globallegalinsights.com elliptic.co

3. 03Active enforcement against unlicensed platforms

   In 2025 the SEC filed criminal complaints and, together with MDES, ordered blocks against five major unlicensed offshore exchanges (Bybit, OKX, CoinEx, 1000X, XT.COM). Enforcement continued into 2026 targeting joint local-offshore operations.

   lexbangkok.com ibanet.org

4. 04Crypto tax holiday for licensed-platform gains

   Individuals pay 0% personal income tax on capital gains from crypto sales on SEC-licensed Thai platforms from 1 Jan 2025 through 31 Dec 2029. VAT (7%) on transfers through licensed operators is permanently exempt under a 2024 Royal Decree.

   washingtondc.thaiembassy.org siam-legal.com

5. 05Baht stablecoin framework in the works

   BOT Governor Vitai Ratanakorn confirmed in June 2026 that a design study for a 1:1 baht-backed stablecoin, fully reserve-backed via licensed institutions, is nearing completion, with public hearings in late 2026 and formal rules expected late 2026 / early 2027.

   thailand-business-news.com nationthailand.com

6. 06Custody, earn-product and ICO rules

   Since 16 Jan 2023 licensed custodians must operate a formal digital wallet & key management system with client-asset segregation. Since 2022, licensed operators are banned from offering crypto 'earn'/interest products. ICOs must be conducted via SEC-approved portals under prospectus-style disclosure; rules were tightened effective 16 Apr 2024.

   sec.or.th silklegal.com tilleke.com

Timeline of decisions

1. 9 Oct 2026Law
   Thailand SEC issues bitcoin and ether ETF rules set to take effect Oct. 16

   The Block

2. 9 Oct 2026Decision
   Thailand opens door to locally listed bitcoin and ether ETFs

   CoinDesk Policy

3. 13 Jul 2026Decision
   Bank of Thailand audits high-volume stablecoin trades to crack down on illicit finance: report

   The Block

4. 25 Jun 2026Decision
   Thailand issues arrest warrant for Chinese businessman tied to $28 million illegal crypto mining probe: report

   The Block

5. 18 Aug 2025Decision
   TouristDigiPay Pilot Launched: Crypto-to-Baht QR Payments for Foreign Visitors

   Thailand officially launched TouristDigiPay, an 18-month sandbox pilot co-supervised by the SEC, Bank of Thailand, AMLO, and Ministry of Tourism allowing foreign tourists to convert BTC, ETH, and other cryptocurrencies into Thai Baht for nationwide QR-code payments. The scheme is Thailand's first live crypto-payment channel since the 2022 payment ban and is designed to capture tourism spending from crypto-holding visitors.

   Nation Thailand

6. 28 Jun 2025Enforcement
   Five Unlicensed Foreign Crypto Platforms Blocked for Thai Users

   Acting on authority granted by the April 2025 extraterritorial amendment, the SEC and Ministry of Digital Economy and Society began blocking Thai access to five unauthorized foreign digital asset platforms; investors were urged to withdraw funds before the cutoff. The action marked Thailand's first use of website-blocking powers against unlicensed crypto exchanges.

   Silk Legal

7. 13 Apr 2025Law
   Extraterritorial Amendment: Offshore Platforms Targeting Thai Users Must Hold SEC Licence

   An amendment to the Emergency Decree on Digital Asset Businesses (published in the Royal Gazette 12 April 2025, in force 13 April) extended the SEC's jurisdiction to foreign operators who solicit Thai users, identified by criteria such as .th domains, Thai Baht pricing, or Thai-law dispute clauses. A companion amendment to the 2023 Technology Crimes Decree simultaneously empowered the Ministry of Digital Economy and Society to block non-compliant platforms.

   DFDL

8. 16 Mar 2025Decision
   SEC Adds USDC and USDT as the First Permitted Stablecoins

   Following a February 2025 public consultation in which a majority supported the proposal, Thailand's SEC officially approved USD Coin (USDC, ~$58 bn market cap) and Tether (USDT, ~$142 bn) for trading on licensed Thai exchanges, the first stablecoins admitted under the regulatory framework. The decision aligns Thailand with global markets where stablecoins are core trading and settlement instruments.

   CoinDesk

9. 1 Jan 2025Law
   Five-Year Personal Income Tax Exemption on Crypto Capital Gains Enacted

   A Royal Decree introduced a personal income tax exemption on capital gains from the sale or exchange of cryptocurrencies and digital tokens traded on SEC-licensed exchanges, effective 1 January 2025 through 31 December 2029. The measure is intended to stimulate domestic trading volumes, migrate retail investors onto regulated platforms, and sharpen Thailand's competitiveness in the regional digital asset market.

   Acclime Thailand

10. 9 Aug 2024Decision
    SEC Opens Digital Asset Regulatory Sandbox

    Thailand's SEC launched a formal regulatory sandbox open to all six classes of licensed digital asset businesses, permitting innovation testing in a supervised environment for a renewable one-year term. The sandbox is intended to incubate emerging products, including crypto ETFs, tokenized bond and fund units, and programmable-payment solutions, within the existing regulatory perimeter.

    Baker McKenzie — A Complete Guide to Digital Asset Law in Thailand 2025

11. 15 Sept 2022Decision
    SEC Bans Crypto Staking and Lending Services

    Thailand's SEC announced the prohibition of deposit-taking, staking-reward, and lending services offered by licensed digital asset operators after a public hearing, a direct regulatory response to systemic risks exposed by the collapses of Celsius Network and Voyager Digital earlier in 2022. The ban closed a significant gap in consumer protection and drew a clear line between crypto investment and crypto yield products.

    CoinDesk

12. 1 Jul 2022Guidance
    Investor-Protection Rules and Custodial Wallet Licensing Framework Take Effect

    Amended SEC notifications effective 1 July 2022 required crypto operators to administer investor knowledge tests before onboarding retail clients and to publicly disclose service-quality and IT-capacity data; companion regulations simultaneously introduced a formal licensing regime for digital asset custodial wallet service providers approved by the Ministry of Finance. These were Thailand's first detailed retail-investor safeguards in the crypto sector.

    Tilleke & Gibbins

13. 1 Apr 2022Law
    Crypto Banned as a Payment Method for Goods and Services

    An SEC notification issued 23 March 2022 prohibited all licensed digital asset operators from facilitating cryptocurrency use as payment for goods, services, or other obligations, with fines up to THB 300,000 plus THB 10,000 daily penalties, effective 1 April 2022. The ban, driven by concerns over price volatility, money-laundering exposure, and financial-system stability, confined crypto firmly to an investment and trading asset class within Thailand.

    Norton Rose Fulbright

14. 14 May 2018Law · official
    Emergency Decree on Digital Asset Businesses Enters Into Force, Foundational Law

    Royal Decree on Digital Asset Businesses B.E. 2561 came into force on 14 May 2018 (published in the Royal Gazette 13 May 2018), creating Thailand's first comprehensive crypto legal framework: it defined 'digital assets' (cryptocurrencies and digital tokens), vested the SEC as sole regulator, mandated licensing for exchanges, brokers, dealers, and fund managers, and imposed criminal penalties of 2-5 years imprisonment and fines of THB 200,000-500,000 for unlicensed operation. This decree, and its subsequent amendments, remains the primary statute governing all digital asset activity in Thailand today.

    Thai SEC — Official Decree Text (Unofficial English Translation)

Sources

1. 1.sec.or.th/EN/pages/lawandregulations/digitalassetbusiness.aspx
2. 2.nortonrosefulbright.com/en/knowledge/publications/a9c07f1f/regulation-of-digital-assets-takes
3. 3.globallegalinsights.com/practice-areas/blockchain-cryptocurrency-laws-and-regulations/thailan
4. 4.lexbangkok.com/thailand-sec-digital-asset-enforcement/
5. 5.ibanet.org/Thailand-recent-trends-in-digital-asset-regulation
6. 6.washingtondc.thaiembassy.org/en/content/thailand-waives-capital-gains-tax-on-crypto-for-fi?cate=64
7. 7.thailand-business-news.com/banking/317049-bank-of-thailand-sets-2026-2027-timeline-for-baht-stab
8. 8.nationthailand.com/business/digital-assets/40067928
9. 9.sec.or.th/EN/Pages/News_Detail.aspx?SECID=9827
10. 10.silklegal.com/new-sec-rules-to-ban-digital-asset-operators-from-offering-earn-produ
11. 11.tilleke.com/insights/thailand-sec-implements-new-ico-regulations/14/
12. 12.elliptic.co/country-guides/thailand
13. 13.siam-legal.com/thailand-law/crypto-assets-officially-tax-free-in-thailand-for-a-limi