Thailand has recently intensified its regulatory enforcement. In June 2025, the SEC will block access to five major cryptocurrency exchanges—Bybit, CoinEx, OKX, 1000X, and XT.COM—for operating without a license. This crackdown is part of broader efforts to prevent money laundering and protect retail investors from unauthorized platforms. Additionally, Thailand has introduced new anti-cybercrime legislation, granting authorities greater power to shut down unlicensed digital services targeting Thai users.
Thailand has taken a measured approach to cryptocurrency regulation, balancing innovation with financial security. The government, through the Bank of Thailand (BOT) and the Securities and Exchange Commission (SEC), has implemented policies that discourage crypto payments while allowing controlled experimentation. This article explores Thailand’s regulatory framework, its impact on businesses and individuals, and the future of digital assets in the country.
A Cautious Yet Open Approach
Thailand’s regulatory authorities have consistently expressed concerns about the volatility of digital assets, cybercrime risks, and potential money laundering. The BOT has discouraged the use of cryptocurrencies for payments, citing their price instability and security vulnerabilities. However, instead of imposing an outright ban, the BOT has classified crypto transactions as barter contracts under the Civil and Commercial Code (CCC), allowing private exchanges under specific conditions.
SEC’s Role in Digital Asset Regulation
The SEC plays a crucial role in overseeing digital asset businesses. In April 2022, it introduced Regulation 5/2565, which prohibits licensed crypto exchanges and custodial wallet providers from facilitating or promoting digital asset payments. This regulation aims to prevent businesses from integrating crypto into everyday transactions while maintaining oversight of the industry. However, private individuals and non-licensed businesses remain free to engage in crypto transactions within the broader BOT framework.
Thailand’s Crypto Timeline
Thailand has been proactive in shaping its crypto regulations. The Royal Decree on Digital Asset Business (2018) established a legal framework for digital assets, allowing exchanges, brokers, and dealers to operate under SEC supervision. Over the years, the government has introduced stricter measures, including mandatory AML/KYC compliance, capital requirements for exchanges, and restrictions on certain tokens. In 2021, the SEC banned meme tokens, fan tokens, and NFTs issued by exchanges, reflecting concerns about speculative assets.
Institutional Adoption and Taxation
Despite regulatory restrictions, Thailand has shown interest in institutional adoption of crypto. In 2022, the government considered a 15% tax on digital asset trading, signaling its intent to integrate crypto into the formal economy. Local banks and financial institutions remain barred from direct involvement in crypto transactions, but licensed exchanges continue to operate under strict guidelines.
Recent Developments: Crypto Spending for Tourists
In May 2025, Thailand announced plans to allow tourists to spend cryptocurrency via credit cards. This initiative aims to modernize the financial system and integrate digital assets into the tourism sector. Under the proposal, tourists will be able to link their crypto wallets to credit card platforms, enabling seamless transactions while ensuring vendors receive Thai baht. This move reflects Thailand’s growing interest in digital finance while maintaining strict controls on domestic crypto payments.
The Future of Crypto in Thailand
Thailand’s approach to crypto regulation reflects a balance between financial security and technological innovation. While the government discourages widespread crypto payments, it allows controlled experimentation through sandbox environments. As global adoption of digital assets grows, Thailand may refine its policies to accommodate emerging trends while maintaining regulatory oversight.
Conclusion
Thailand’s crypto regulations highlight the country’s commitment to financial stability and responsible innovation. By restricting crypto payments while supporting regulated exchanges, the government aims to mitigate risks while fostering a sustainable digital asset ecosystem. As the industry evolves, Thailand’s stance may continue to adapt, shaping the future of crypto in Southeast Asia.
Shogun Lin
