New Thai Licensing Requirements for Provision and Offering of Services Related to Cryptocurrency and Digital Tokens

The Royal Decree on the Digital Asset Businesses (No. 2) B.E. 2568 (2025), which amends the Royal Decree on the Digital Asset Businesses B.E. 2561 (2018) (“Digital Asset Business Legislation”) and the Royal Decree on the Measures for Prevention and Suppression of Technology Crimes (No. 2) B.E. 2568 (2025), which amends the Royal Decree on Measures for Prevention and Suppression of Technology Crimes B.E. 2566 (2023) (“Technology Crimes Legislation”) were published in the Government Gazette on 12 April 2025, and became effective on 13 April 2025.

The Digital Asset Business Legislation defines “digital asset” as including cryptocurrency and digital tokens.

The underlying purpose of the amendment to section 26 and section 26/1 of the Digital Asset Business Legislation is to state that the operator of a digital asset business that operates outside Thailand, but is deemed to provide services to persons in Thailand, must obtain relevant licenses from the Thai Minister of Finance, pursuant to the Thai Digital Asset Business Legislation.

The Digital Asset Business Legislation defines “digital asset businesses” as:

(1) a digital asset exchange, which refers to a center or network established for the purpose of trading or exchanging digital assets, which operates by matching orders, arranging for a counterparty, providing a system, or facilitating the ability of a person who wishes to trade or exchange digital assets to be able to enter into an agreement or match an order for those assets, in the normal course of business, excluding a center or network specified in the relevant notification issued by the Securities and Exchange Commission (“SEC”);

(2) a digital asset broker, which refers to a person who provides services or holds itself out to the public as available to provide services as a broker or an agent for any person with respect to trading or exchanges of digital assets in the normal course of business, in consideration of a fee or other remuneration, excluding brokers or agents who act in the manner specified in the relevant notification issued by the SEC;

(3) a digital asset dealer, which refers to a person who provides services or holds itself out to the public as available to provide services with respect to trading or exchanges of digital assets on its own account in the normal course of business outside a digital asset exchange, excluding dealers who act in the manner specified in the relevant notification issued by the SEC; and

(4) other businesses relating to digital assets as prescribed by the Minister on the recommendation of the SEC, which are (i) digital asset fund managers, (ii) digital asset advisors, and (iii) digital asset custody service providers.

Digital asset businesses that operate outside Thailand but engage in any of the following actions are deemed to provide services to persons in Thailand:

(1) All or any part of the content displayed by the digital asset business operator is displayed in the Thai language;

(2) The registered domain name of the digital asset business operator uses “.th”, “.ไทย”, or any name that refers to Thailand, the Kingdom (meaning the Kingdom of Thailand), the Kingdom of Thailand, or the Thai language;

(3) The digital asset business operator operates in a manner such that the service user pays or can opt to pay in Thai Baht currency, or where payments are received via a bank account or electronic wallet in Thailand;

(4) There is a condition stating that Thai law is the governing law of the digital asset trading transaction, or that a dispute relating thereto shall be submitted to Thai courts;

(5) There has been payment of remuneration to the provider of a search engine service to specifically facilitate access by users in Thailand to the service of the digital asset business operator;

(6) There is an office or entity established or personnel to support or assist users in Thailand; or

(7) Any other actions or conducts announced by the SEC.

Pursuant to Section 66 and Section 95 of the Digital Asset Business Legislation, the penalty for operating a digital asset businesses without a license is imprisonment for a term of 2 to 5 years and a fine of THB 200,000 to 500,000, and an additional daily fine not to exceed THB 10,000 for every day during which the violation continues, in which case, the violation cannot be settled by the settlement committee appointed under the Digital Asset Business Legislation.

Digital asset businesses that are required to obtain a license under the Digital Asset Businesses Legislation also are subject to the prevention and suppression of cybercrime set forth in the Technology Crimes Legislation. Among the amendments to the Technology Crimes Legislation, newly amended Section 7/1 and Section 8/12 grant the competent agency the power to order removal of computer data, and the service provider of a telephone network, telecommunications network or social media network that fails to comply with such an order shall be subject to imprisonment for a term not exceeding 1 year or a fine not exceeding THB 100,000 or both.

This newsletter is intended merely to provide a regulatory overview and not to be comprehensive, nor to provide legal advice. Should you have any questions on this or on other areas of law, please do not hesitate to contact: 

Nuttaros Tangprasitti
Partner 

Malinee Kriengkrailipikorn 
Counsel 

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