Overview
Thailand has the broadest licence taxonomy in APAC. Under the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018), in force since 14 May 2018, the Securities and Exchange Commission, Thailand (SEC) licenses six categories — Exchange, Broker, Dealer, Fund Manager, Advisor and Custodial Wallet Provider — each with paid-up capital tiers calibrated to whether the operator holds and controls client assets. The Ministry of Finance approves licences on the SEC's recommendation.
Two 2025 reforms shape the landscape in 2026: a five-year personal-income-tax exemption on digital-asset capital gains via licensed Thai operators (Ministerial Regulation No. 399, effective from 1 January 2025 to 31 December 2029), and the TouristDigiPay national sandbox announced 18 August 2025 — an 18-month framework for crypto-to-baht tourist payments via regulated e-wallets.
The regulator — SEC Thailand
SEC Thailand is the primary digital-asset regulator. The Bank of Thailand (BOT) and Anti-Money Laundering Office (AMLO) hold adjacent remits over payments and AML/CFT respectively. SEC notifications continuously supplement the Emergency Decree — the most recent material change is SEC Notification KorThor 28/2567 effective 1 November 2024, which set the Custodial Wallet Provider capital framework.
Licence categories and minimum paid-up capital
| Category | Sub-type | Min paid-up capital |
|---|---|---|
| Digital Asset Exchange | With custody | THB 50,000,000 |
| Without access/control of client assets | THB 10,000,000 | |
| Digital Asset Broker | Holding client assets | THB 25,000,000 |
| Asset-keeping, no access/transfer without client approval | THB 5,000,000 | |
| Non-asset-keeping | THB 1,000,000 | |
| Digital Asset Dealer | Holding and controlling client assets | THB 25,000,000 |
| Asset-keeping, no access | THB 5,000,000 | |
| Without access or control | THB 1,000,000 | |
| Digital Asset Fund Manager | Asset-keeping / non-institutional clients | THB 25,000,000 |
| Digital Asset Advisor | Advisory only | THB 1,000,000 |
| Custodial Wallet Provider | Custody (KorThor 28/2567, eff. 1 Nov 2024) | THB 50,000,000 paid-up + THB 20,000,000 owner's equity |
All licensees must also maintain prescribed net capital on an ongoing basis (separate from paid-up capital). Initial application fee is THB 30,000.
No earn, lend or yield products
Effective 30 August 2023, SEC Thailand prohibits digital-asset business operators from accepting deposits of digital assets from clients and lending or earning yield on them. The clarification circular Wor. 14/2566 (ว 14/2566) sets the interpretation. Pure protocol-level staking as part of a blockchain consensus mechanism is not prohibited. Operator-offered yield, “earn” and lending products are out of scope of permitted services.
TouristDigiPay national sandbox
Announced 18 August 2025 — an 18-month regulatory sandbox jointly operated by SEC, BOT, MoF, AMLO and the Ministry of Tourism & Sports under the Emergency Decree on Digital Asset Businesses combined with BOT e-money regulations. Tourists convert crypto to THB stored in a regulated e-wallet, then spend via QR at Thai merchants. Merchants receive baht, not crypto. KYC and CDD apply at both digital-asset operators and e-money providers. Evolved from the earlier “Phuket Sandbox” proposal — Phuket remains a key pilot area.
Process and timeline
| Stage | SEC Thailand |
|---|---|
| Pre-application — entity, AML, capital | 3–5 months |
| SEC review (statutory cap) | up to 90 days |
| MoF review | up to 60 days |
| Total realistic | 8–14 months |
Taxation
- Corporate income tax: 20%.
- Personal-income-tax exemption (5-year): capital gains on digital-asset trading via SEC-licensed Thai operators are exempt under Ministerial Regulation No. 399 (B.E. 2568), announced 5 September 2025, applicable from 1 January 2025 to 31 December 2029.
- VAT: 7% generally; trading on licensed Thai exchanges has been VAT-exempt under Royal Decrees since 2022.
The 5-year personal exemption is conditional on the Thai user trading via an SEC-licensed Thai operator — it does not apply to trades on offshore exchanges. For a Thai-licensed exchange this is a structural acquisition advantage versus offshore competitors through 31 December 2029.
FAQ
Which category should an exchange apply for?
Digital Asset Exchange with custody (THB 50M paid-up). Without custody it is THB 10M, but most operating models require holding client assets.
Can I offer a custodial-staking yield product?
No. Operator-offered yield, lending and “earn” products are prohibited since 30 August 2023. Protocol-level staking through users' own keys is not.
Do I need a Thai-incorporated company?
Yes — a Thai-incorporated company is required. Foreign ownership is permitted but subject to the Foreign Business Act for non-exchange activities. Directors and senior officers face fit-and-proper review.
How does Thailand compare with Indonesia?
Indonesia requires IDR 100bn (~USD 6M) under OJK PFAK, much heavier capital. Thailand's THB 50M for Exchange-with-custody is lower and the regime is more category-granular.
What does TouristDigiPay mean for a fresh exchange application?
The sandbox is a payments framework; it does not change the underlying SEC licensing process. But it opens an additional product surface — crypto-to-baht conversion for tourists — that a licensed Exchange or Broker can plug into.