{"id":5599,"date":"2026-05-25T09:00:00","date_gmt":"2026-05-25T02:00:00","guid":{"rendered":"https:\/\/brokerth.com\/?p=5599"},"modified":"2026-05-25T09:00:00","modified_gmt":"2026-05-25T02:00:00","slug":"royal-decree-digital-asset-businesses-no-2-foreign-platforms-en","status":"publish","type":"post","link":"https:\/\/brokerth.com\/en\/royal-decree-digital-asset-businesses-no-2-foreign-platforms-en\/","title":{"rendered":"Royal Decree on Digital Asset Businesses No.2: What Changed for Foreign Platforms"},"content":{"rendered":"<p>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.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_83 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/brokerth.com\/en\/royal-decree-digital-asset-businesses-no-2-foreign-platforms-en\/#What_the_original_2018_framework_allowed\" >What the original 2018 framework allowed<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/brokerth.com\/en\/royal-decree-digital-asset-businesses-no-2-foreign-platforms-en\/#What_No2_changes\" >What No.2 changes<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/brokerth.com\/en\/royal-decree-digital-asset-businesses-no-2-foreign-platforms-en\/#How_enforcement_has_actually_played_out\" >How enforcement has actually played out<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/brokerth.com\/en\/royal-decree-digital-asset-businesses-no-2-foreign-platforms-en\/#What_this_means_for_Thai_users\" >What this means for Thai users<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/brokerth.com\/en\/royal-decree-digital-asset-businesses-no-2-foreign-platforms-en\/#The_licensing_economics\" >The licensing economics<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/brokerth.com\/en\/royal-decree-digital-asset-businesses-no-2-foreign-platforms-en\/#Practical_takeaways\" >Practical takeaways<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_the_original_2018_framework_allowed\"><\/span>What the original 2018 framework allowed<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>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&#8217;t &#8220;operating in Thailand&#8221; if they had no Thai office, no Thai bank accounts, and no Thai-language marketing. That argument has now been formally rejected.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_No2_changes\"><\/span>What No.2 changes<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The amendment defines Thai users as any user accessing services from Thailand, regardless of the platform&#8217;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&#8217;s jurisdiction. The capital requirement for a licensed digital asset exchange in Thailand is now \u0e3f50 million minimum.<\/p>\n<p>Foreign operators that previously served Thai users through a &#8220;marketing presence only&#8221; 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&#8217;s no fourth option.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_enforcement_has_actually_played_out\"><\/span>How enforcement has actually played out<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The SEC&#8217;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 \u2014 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.<\/p>\n<p>The signal: holding a license while supporting an unlicensed affiliate doesn&#8217;t provide cover. Both parties face liability.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_this_means_for_Thai_users\"><\/span>What this means for Thai users<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>If you&#8217;ve been using a foreign crypto platform that operates &#8220;in Thai&#8221; \u2014 meaning Thai language interface, baht support, Thai social media presence \u2014 check its license status. Platforms now listed on the SEC&#8217;s compliant list have done the work. Platforms that haven&#8217;t may face blocks or your access may end abruptly.<\/p>\n<p>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.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_licensing_economics\"><\/span>The licensing economics<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>For foreign platforms still considering the Thai market, the entry cost is real. \u0e3f50 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 \u0e3f100 million for a serious launch.<\/p>\n<p>That&#8217;s why the major recent Thai market entries \u2014 Gulf Binance, Z.com, ERX \u2014 have been joint ventures with deep-pocketed Thai partners rather than direct foreign expansions.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Practical_takeaways\"><\/span>Practical takeaways<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>For Thai users: stick to platforms on the SEC&#8217;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&#8217;t on it, factor in regulatory risk to your decision.<\/p>\n<p>For anyone running a crypto-related business that serves Thai users \u2014 even peripheral services like analytics, custody, or token issuance \u2014 check whether No.2 applies to your activity. The breadth of the jurisdictional reach is wider than many operators initially assumed.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Royal Decree No.2 B.E. 2568 took effect 13 April 2025 and reshaped how foreign crypto platforms can serve Thai users. Here&#8217;s what changed.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_gspb_post_css":"","footnotes":""},"categories":[36],"tags":[],"offerexpiration":[],"class_list":["post-5599","post","type-post","status-publish","format-standard","hentry","category-legal"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Thai Royal Decree No.2 (2025) \u2014 Foreign Crypto Platform Rules<\/title>\n<meta name=\"description\" content=\"The Royal Decree No.2 B.E. 2568 took effect 13 April 2025 and reshaped how foreign crypto platforms can serve Thai users. 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