Executive Summary

Thailand’s digital-asset market in 2025 is regulated and bank-connected. The Securities and Exchange Commission (SEC) defines exchange, broker, and dealer categories; stablecoins such as USDT and USDC appear on the approved-asset list for use on licensed venues; tax policy favors trading via licensed operators; banks sponsor custody and brokerage arms; and enforcement against unlicensed foreign platforms has intensified. This market map outlines the regulated stack and practical entry points for exchanges, enterprises, and advisors, with official references.

Methodology and Sources

Regulatory documents reviewed

SEC overviews of digital-asset businesses, the Emergency Decree framework, and 2025 policy and supervision updates.

Licensed-operator registries consulted

SEC lists for exchanges, brokers, dealers, custody providers, and related approval checkers.

Law-firm analyses referenced

2025 practice notes and deep dives from leading firms on licensing, advertising, custody, and enforcement priorities.

All claims below are aligned to the official SEC website and recent practitioner analyses. Verify live license status before onboarding counterparties.

Regulatory Framework in Thailand (2025)

Supervisory bodies and legal basis

Digital-asset businesses are licensed and supervised by the SEC of Thailand under the Emergency Decree on Digital Asset Businesses. Categories include exchanges, brokers, and dealers, supported by rules, circulars, and disclosure standards.

License categories: exchange, broker, dealer, ICO portal, custody

The SEC framework covers trading venues and intermediaries and recognizes ICO portals that review token offerings. Custody has become a focus area as banks and licensed entities provide safekeeping with segregation and reporting controls.

Key 2025 updates: stablecoins, taxation, foreign-service restrictions

• Stablecoins: USDT/USDC available on the approved-asset list for use on licensed platforms.
• Tax: Cabinet measures exempt capital gains from sales via licensed operators for 2025–2029 (personal-income-tax scope; confirm individual circumstances).
• Foreign services: New measures enable faster restriction of unlicensed foreign platforms soliciting Thai users.

Compliance obligations: AML/CFT, segregation, disclosures

Operators implement KYC/AML, transaction monitoring, and asset segregation, and follow advertising and disclosure rules with emphasis on accurate risk communication.

Licensed Exchanges and Brokers

Market snapshot and selection criteria

Thailand maintains a defined roster of SEC-licensed exchanges and intermediaries. Users and enterprises should verify status on the current SEC list before onboarding, listing, or integrating APIs.

Binance TH / Gulf Binance

A joint venture launched onshore with Thai licenses, offering spot markets under local KYC/AML and disclosure standards.

Upbit Thailand

An SEC-licensed onshore venue; enterprises should confirm permitted products and listing processes against the live SEC registry.

Bitkub Exchange

A multi-licensed local champion operating an exchange and brokerage. Institutional users should corroborate custody pathways and product scope against SEC resources.

Other licensed venues and brokers

Additional exchanges and brokers appear on the SEC list. Always rely on the live registry for category, limitations, and corporate details.

What this means for enterprises and traders

Onshore trading through SEC-licensed venues aligns with approved assets and tax advantages, while reducing enforcement risk versus unlicensed foreign platforms.

Banks, Custodians, and Tokenization

KBank / Orbix

KBank announced a licensed digital-asset custodian (“orbix CUSTODIAN”) targeted for 2025 operations, offering bank-grade controls for institutional safekeeping.

SCB group / InnovestX

SCBX’s digital-asset arm positions brokerage and investment services, creating a bank-linked channel for institutional access and potential tokenization initiatives.

Independent custodians and trust structures

Alongside bank affiliates, licensed custodians operate under SEC oversight. Due diligence should confirm license type, segregation model, and reporting obligations.

Tokenization pilots and settlement use cases

Policy signaling and bank custody platforms support token issuance and settlement pilots. Enterprises should scope pilots with clear compliance, treasury, and tax treatments.

Stablecoins, Tax, and Payments

Approved stablecoins and permitted uses

USDT and USDC are approved for use on licensed venues according to SEC policy. Product availability and limits remain venue-specific.

Tax treatment in 2025

Capital gains from sales via SEC-licensed operators are exempt from personal income tax for 2025–2029 under Cabinet measures. Corporate tax treatment may differ; obtain professional advice.

Tourism and payments pilots

Authorities have promoted crypto-to-baht pilots for visitors, indicating interest in controlled payment channels tied to local operators and AML/CFT rules.

Legal and Advisory Landscape

Top transactional law-firm resources

Comprehensive 2025 guides and updates from leading firms outline licensing, custody, advertising, and enforcement priorities. Use these to structure applications and marketing reviews.

Licensing timelines, ownership, and frequent pitfalls

Expect multi-agency review timelines and foreign-ownership constraints. Structure equity and operational control early; document AML/CFT and advertising governance.

When to use specialist counsel vs. in-house

Specialist counsel map scope (exchange vs. broker vs. dealer), design AML programs, and calibrate disclosures; in-house teams own implementation and audit-readiness.

Enforcement, Risks, and Controls

Recent SEC actions and common violations

Regulators highlight risks from mule accounts and deceptive promotions. Operators are expected to enhance onboarding checks and suspend suspicious activity promptly.

Operational risk controls for Thai market entry

• Verify counterparties on the live SEC license list.
• Document asset segregation and reconciliation.
• Enhance TM rules for high-risk flows and stablecoin usage.
• Maintain incident-response and disclosure runbooks.

Investor protection and disclosures checklist

• Plain-language risk statements and product disclosures.
• Stablecoin treatment, redemption pathways, and venue policies.
• Custody pathways and withdrawal limits.

Market Opportunities and Entry Playbooks

Exchange partnerships and listings strategy

Prioritize SEC-licensed venues; align listing requests with approved-asset policies and disclosure standards; structure market-making and treasury ops to reflect tax measures.

Enterprise adoption: custody, treasury, stablecoin ops

Use bank-affiliated custody for safekeeping; execute on licensed venues; manage stablecoin settlements per venue disclosures and reporting rules.

Hiring and compliance resourcing in Thailand

Scale compliance, risk, finance ops, and engineering roles familiar with SEC rules and advertising limits. Build interview loops and scorecards that reflect operator obligations.

How Crypto Infos Can Help (Vendor-Neutral)

GTM Pack: Thai/EN explainers, PR, and jobs funnel

Localized explainers, founder interviews, and distribution plans tied to licensed-venue launches and product updates. CTAs to hiring or sales enablement on the Thai market.

Compliance hiring sprint and salary benchmarking

Role scorecards, interview loops, and compensation bands aligned to SEC-driven responsibilities and bank-platform practices. Delivered with our partner Crypto Talents.

Media and founder spotlight assets

On-site event coverage and executive profiles, linking to official SEC and bank resources for credibility.

FAQs

Is crypto legal in Thailand in 2025?

Yes. Thailand regulates digital-asset businesses through the SEC. Transact via licensed operators and approved assets.

Which exchanges are licensed in Thailand?

Consult the SEC’s live license list. Prominent onshore venues typically include Binance TH (Gulf Binance), Bitkub, and Upbit Thailand. Always verify status on the SEC site.

How are stablecoin transactions treated?

USDT and USDC appear on the SEC’s approved-asset list for use on licensed platforms. Venue-specific rules apply.

Do foreign firms need a local license?

Foreign providers targeting Thai users are expected to comply with Thai law. The SEC can restrict unlicensed solicitation. Local incorporation/licensing is commonly required to operate platforms.

References and Official Links

• SEC Thailand — Digital-asset business overview and operator categories.
• SEC Thailand — Current licensed operators (exchanges, brokers, dealers, custodians).
• Policy updates 2025 — Stablecoins on approved list; tax measures for trades via licensed operators.
• Bank announcements — Custody/brokerage initiatives by Thai banks.
• Law-firm guides 2025 — Licensing, advertising, custody, enforcement priorities.

Add exact official URLs during editorial finalization. Keep all claims aligned to primary sources.