Introduction
Thailand's Digital Asset Business Emergency Decree B.E. 2561 (2018) (commonly known as the Digital Asset Act) came into effect on May 14, 2018. Over the past three years, the Thai Ministry of Finance (MOF), the Securities and Exchange Commission (SEC), and affiliated offices have issued multiple implementing regulations. This article examines key developments from May 2018 to February 2021.
1. Cryptocurrency Legalization
On September 11, 2018, Thailand’s SEC Office approved seven cryptocurrencies for ICO investments, trading, and use as transactional mediums:
✅ Bitcoin (BTC)
✅ Ethereum (ETH)
✅ Ripple (XRP)
✅ Stellar (XLM)
✅ Bitcoin Cash (BCH) (Removed after 6 months)
✅ Ethereum Classic (ETC) (Removed after 6 months)
✅ Litecoin (LTC) (Removed after 6 months)
👉 Learn more about Thailand’s crypto regulations
Note: The SEC did not recognize these as legal tender.
2. Digital Asset Business Licenses
As of February 15, 2021, the MOF granted 14 licenses to 11 companies, including:
- Bitkub Capital Group (Exchange + Broker)
- Satang Corporation (Exchange)
- ERX (Thailand) (Exchange)
Rejected Applications: Failures were due to inadequate KYC systems, IT security, or AML compliance.
3. ICOs and ICO Portals
Despite interest, no ICO projects launched under the Act.
ICO Portals (licensed by SEC) handle due diligence, whitepaper reviews, and smart contract audits. Four companies received licenses:
- Longroot (Thailand)
- T-Box (Thailand)
- SE Digital
- BiTherb
4. Fund Managers & Advisors
The MOF’s October 19, 2020 notification added two roles:
- Digital Asset Fund Managers
- Digital Asset Advisors
Both require licenses to operate with tokens/cryptocurrencies.
5. Compliance Advisory Units
From January 1, 2021, operators must establish internal advisory units to:
- Monitor compliance
- Update management on regulatory changes
- Submit annual reports
Requirements:
- Independent from management
- Leader must meet SEC qualifications
FAQs
1. Can I trade cryptocurrencies in Thailand?
Yes, but only via SEC-licensed exchanges like Bitkub or Satang.
2. What happened to removed cryptocurrencies (e.g., Litecoin)?
They lost approval due to low adoption or regulatory concerns.
3. Are ICOs safe in Thailand?
Only if conducted through licensed portals.
👉 Explore Thailand’s crypto ecosystem
Conclusion
Thailand’s Digital Asset Act established a regulated crypto framework, balancing innovation with investor protection. Future amendments may address ICO adoption and DeFi integration.