Cryptocurrencies in Thailand - statistics & facts
Is cryptocurrency legal tender in Thailand?
Cryptocurrency is not legal tender in Thailand. However, under Thailand’s Emergency Decree on Digital Asset Businesses, cryptocurrencies and digital tokens are considered digital assets. The decree regulates secondary trading in cryptocurrency and initial coin offerings (ICO). Cryptocurrency exchanges must obtain licenses from the Thai Security and Exchange Commission (SEC). Moreover, the digital assets operators, comprised of exchanges, brokers, and dealers, are only allowed to trade or exchange cryptocurrencies listed by the SEC and for Thai Baht. The digital asset operators are classified as financial institutions and must comply with anti-money laundering and financing terrorism regulations. For taxation, only profits from trading cryptocurrency and digital tokens and farming digital tokens are subject to withholding tax. As of January 2025, eight digital asset exchanges and twelve digital asset brokers were licensed to buy and sell cryptocurrencies in Thailand. As of October 2024, individual trader accounts contributed most of the crypto trading volume, indicating substantial adoption.What are the key developments in Thailand's cryptocurrency sector?
In 2018, the Bank of Thailand (BOT) allowed banks to set up branches to invest in or issue cryptocurrencies. By 2021, a cluster of Thais successfully purchased sports cars, houses, and apartments with cryptocurrencies. Briefly, department stores under The Mall Group and several restaurants also accepted cryptocurrency payments facilitated by licensed cryptocurrency exchanges. However, after a 2022 joint public hearing between the Thai SEC and the BOT, the Thai SEC banned cryptocurrency payments for goods and services. Nevertheless, seeing the importance of embracing innovation, the SEC announced its Digital Asset Regulatory Sandbox, offering flexible regulations for testing qualified digital asset services in August 2024. A month later, Kasikorn Bank, one of Thailand’s most renowned banks, was granted a license as a cryptocurrency custodian, prompting it to launch services tailored for digital asset businesses in 2025. The country also has seen the emergence of local cryptocurrencies including KUB, JFIN, and BAND.Thailand has made significant advancements in cryptocurrency regulation, with trading volume growing in line with global trends. Despite regulatory challenges, the country’s framework suggests a positive outlook for the future of cryptocurrencies.