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On 13 April 2025, the Royal Decree on the Operation of Digital Asset Businesses (No. 2) B.E. 2568 took effect. It closed loopholes that foreign crypto platforms had been using to reach Thai users without holding Thai licenses, and it raised the bar substantially for new licensees. The downstream effects are still working through the market in 2026.
What the original 2018 framework allowed
Under the original Emergency Decree of 2018, Thai digital asset rules covered exchanges, brokers, dealers, and token portals operating in Thailand. Foreign platforms could argue they weren’t “operating in Thailand” if they had no Thai office, no Thai bank accounts, and no Thai-language marketing. That argument has now been formally rejected.
What No.2 changes
The amendment defines Thai users as any user accessing services from Thailand, regardless of the platform’s physical presence. Thai-language content, local payment methods, targeted social media campaigns, and even references to Thai law in terms of service all trigger the SEC’s jurisdiction. The capital requirement for a licensed digital asset exchange in Thailand is now ฿50 million minimum.
Foreign operators that previously served Thai users through a “marketing presence only” model now have three choices: obtain a Thai license, partner with a licensed Thai entity that takes operational responsibility, or exit the Thai market. There’s no fourth option.
How enforcement has actually played out
The SEC’s enforcement campaign through 2025 and into 2026 has aggressively targeted joint-operation arrangements that try to thread the needle. The February 2026 criminal complaint against a licensed Thai broker and its affiliated overseas platform is the clearest example — the SEC argued that running back-office support, redirecting users between platforms, and sharing customer flows amounted to operating an unlicensed exchange, even though one party held a Thai license.
The signal: holding a license while supporting an unlicensed affiliate doesn’t provide cover. Both parties face liability.
What this means for Thai users
If you’ve been using a foreign crypto platform that operates “in Thai” — meaning Thai language interface, baht support, Thai social media presence — check its license status. Platforms now listed on the SEC’s compliant list have done the work. Platforms that haven’t may face blocks or your access may end abruptly.
The Ministry of Digital Economy and Society (MDES) has authority to order ISPs to block non-compliant platforms. Several foreign-language crypto sites are already blocked from Thai IPs. Cross-border traffic gets monitored at the network level.
The licensing economics
For foreign platforms still considering the Thai market, the entry cost is real. ฿50 million minimum capital, ongoing AML-CFT compliance with rigorous audits, AMLO reporting integration, IP-based geofencing to ensure local rules apply to local users, and continuous SEC supervision. Total cost of a compliant Thai operation, including first-year capital and overhead, runs higher than ฿100 million for a serious launch.
That’s why the major recent Thai market entries — Gulf Binance, Z.com, ERX — have been joint ventures with deep-pocketed Thai partners rather than direct foreign expansions.
Practical takeaways
For Thai users: stick to platforms on the SEC’s licensed list if you want regulatory protection and the 2025-2029 capital gains tax exemption. The list is public and updated. If a foreign platform you use isn’t on it, factor in regulatory risk to your decision.
For anyone running a crypto-related business that serves Thai users — even peripheral services like analytics, custody, or token issuance — check whether No.2 applies to your activity. The breadth of the jurisdictional reach is wider than many operators initially assumed.
