Pursuant the Digital Asset Business Law, as amended, digital asset business operators having any of the following characteristics are deemed to be providing services to persons in Thailand, which requires proper license under the Digital Asset Business Law:
(1) having a digital platform displayed, in whole or in part, in the Thai language;
(2) having a digital platform registered by using a domain name with the extension “.th” or “.ไทย” or any other name that signifies Thailand or the Kingdom of Thailand, or using a domain name in the Thai language;
(3) requiring or allowing service users to make payments in the currency of Thai baht, or accepting payments through deposit accounts or electronic money accounts in Thailand;
(4) specifying a condition that Thai law shall be the governing law for digital asset trading transactions, or specifying that legal cases be resolved in a Thai court;
(5) paying remuneration to providers of search engines for specifically facilitating the access to their services for users in Thailand;
(6) establishing an office or entity, or hiring personnel to support or assist users in Thailand;
(7) having any other characteristic as prescribed by the Notification of the Securities and Exchange Commission.
Concurrently, by virtue of the Cybercrime Law, the Ministry of Digital Economy and Society (DE) is authorized to block websites and applications of foreign digital asset business operators that possess the aforesaid characteristics and are subsequently deemed to be providing services to persons in Thailand without license under the Digital Asset Business Law.
Additionally, the Cybercrime Law requires that digital asset business operators exchange information, screen and suspend transactions or accounts involving in cybercrimes in the same manner as commercial banks. This includes being subject to refunding mechanisms that will expedite refunds for victims. Furthermore, persons or digital asset wallet addresses associated with cybercrime activities must be identified on a blacklist, and digital asset business operators are prohibited from conducting transactions with such persons or digital asset wallets on the list.*
Mr. Anek Yooyuen, SEC Deputy Secretary-General and Spokesperson, said: “Now that both amendments have taken effect, the process of blocking access to digital asset trading platforms that are liable to be an operation of unlicensed digital asset business becomes more streamlined, more efficient, and can be done more swiftly. In addition, individuals who open or allow other persons to use their digital asset accounts as mule accounts for committing criminal offenses shall be subject to penalties including imprisonment for a term not exceeding three years or a fine of up to 300,000 baht, or both.”
The SEC encourages investors to use services from licensed digital asset business operators in Thailand to ensure protection under the Digital Asset Business Law. The SEC closely monitors and inspects compliance with the law. Investors using services from foreign digital asset trading platforms must be cautious, as there is a risk of being scammed, as well as the risk of being used as a channel for money laundering.
Note: * SEC News No. 80/2025 headlined “SEC strengthens measures to combat digital asset mule accounts, elevates blocking the misuse of foreign platforms for money laundering to reduce public harm” released on 8 April 2025: https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=11682