Crypto regulation in Thailand

May 2, 2023
pileh blue lagoon phi phi island thailand

Today we will look at a very popular jurisdiction for starting your own crypto biz – Thailand. This article will describe the process of cryptocurrency exchange registration in Thailand.

Administration of crypto regulation of country 

Currently, the SEC has approved a number of states inclusive Bitcoin (BTC), Ethereum, Ripple, Stella and others as legally traded e-currencies, as well as a number of virtual asset interchange, brokers and dealers as licensed operators. (list later in this article). All new and existing crypto fund managers and deposit advisors must apply for digital asset licenses in Thailand starting February 24, 2021. Crypto interchanges must promptly disclose user information whenever transfers between firms occur, especially information regarding know-your-customer (KYC). In the case of initial coin offerings (ICOs), newly issued digital tokens must be approved by the SEC, accompanied by a draft prospectus, registered with all required materials, and issued through an SEC-approved portal.

Thailand and Cryptocurrency Actions

The digital asset biz in country is divided into three types:

  1. Digital asset interchange.
  2. Digital asset broker means a person who provides services of a broker or agent to any person in connection with the trading or interchange of virtual assets.
  3. Virtual asset dealer means a person who provides services for the trading or exchange of digital assets for his own account in the course of ordinary activities outside a virtual asset interchange, except for dealers acting in the manner specified in the notification SEC.

All these operators must get a crypto blockchain license in Thailand from the Minister on the recommendation of the SEC and meet certain regulatory requirements.

Advantages of crypto exchange license in Thailand

The main advantages of permission is:

  • A high-level Cryptocurrency exchange license in Thailand for ambitious projects;
  • Proven structure with one of the largest number of licensees in Asia;
  • A crypto and business friendly country;
  • Clear and transparent process;
  • Build credibility and promote yourself as a regulated crypto biz.

Taxation on digital asset license in Thailand

For tax purposes, any yield derived from trading or exchanging digital assets in Thailand is subject to the general principles of taxation set out in the Royal Decree and the 2018 Tax Code Amendment.

Virtual assets are overviewed capital gains intangible assets subject to a fifteen percent income tax applicable to both resident and non-resident individuals. As a general rule, individual taxpayers must include such income on their annual returns, although the tax withheld will be credited against their tax liability. On the other hand, there is no law that determines the rate of maintenance tax on capital revenues from transfers with digital assets made by legal entities.

Can I withdraw crypto in Thailand?

A bank card is not needed to receive Thai baht. Cash can be withdrawn from almost any ATM in Thailand without a card using a one-time code and without a 220 baht withdrawal fee. Also, the exchange takes place at a cross rate, without a commission for withdrawing funds. But from April 2022, cryptocurrency trades is not available in country.

Is crypto trading allowed in Thailand?

The turnover of digital currency capitals must be carried out strictly through accredited operators for working with cryptocurrencies

How do you trade crypto in Thailand?

Although laws and controls regarding crypto in this jurisdiction are in their infancy, the management is expected to expand the scope of adjustment of crypto businesses in the country. For example, the Bank is enabling monetary institutions to offer crypto favors or invest in digital currencies by testing and developing such services as part of a regulatory sandbox program. For detailed information and assistance in opening a crypto company, we recommend contacting our company. Our lawyers will guide you through all stages of inspections and prepare all necessary documents.

Related insights

5 Best jurisdictions for Gaming license

In the vibrant realm of online-gaming, selecting a jurisdiction for achieving gaming permission transcends a mere adjustment formality; it’s a crucial decision impacting field access, tax obligations, and the brand’s prestige. A wise choice can unlock doors to profitable fields, build trust among players and partners, and ensure a stable legal framework conducive to growth….

Read more 17.04.2024

In which countries is it better to buy Real Estate in 2024?

In the ever-evolving landscape of global real-estate acquisition, the question of where to invest money is crucial. While the past may offer some insights, the future is where depositors aim to position themselves for success. Now, in 2024, various factors come into play when determining the best countries for real-estate acquisition. From economic solidity to…

Read more 16.04.2024

Top 6 Best Offshore Jurisdictions for crypto:

In recent years, the cryptocurrency field has witnessed exponential growth, attracting investors and enthusiasts alike from all corners of the globe. However, navigating the legal landscape surrounding cryptocurrencies can be complex, with adjustments varying significantly from one lawfulment to another. For those looking to establish a crypto-related business or simply seeking a favorable adjustment circumstances…

Read more 08.04.2024

What is important to know when buying Property in Turkey?

Whether you’re considering purchasing a holiday home, an investment in property, or relocating permanently, buying real estate in Turkey can be a rewarding venture. However, like any possessions purchase, it requires careful consideration and research to ensure a smooth transaction and avoid potential pitfalls. In this guide, we’ll explore the key factors to keep in…

Read more 21.03.2024

Top 6 Promising Countries for Real Estate Investment in 2024

In the dynamic world of Investment in Real estate, identifying promising terminus is essential for maximizing returns and mitigating risks. As we navigate through 2024, several states stand out as hotspots for real-estate funding, offering lucrative possibilities and favorable field conditions. From emerging fields to established hubs, investors are eyeing these top six states for…

Read more 14.03.2024

Forex dealer license in Samoa

Admission to foreign-sourced currencies deals is granted to those financially-set establishments, monetary transfer operators and exchange-offices officially-licensed by local regulative authorities – Central Banking facility. Possession of such a permit grants  rights to spread currencies exchanging services for capital-holders and corporate clients.  Possibilities and privileges of Forex-business in Samoa Conducting brokerage-activities on FX-platforms provides stable…

Read more 26.02.2024

Fund in Luxembourg

Because of its privileged location in central part of Europe and widely-extensive expertise in field of financial tools and mechanisms, this duchy remains in demand among entrepreneurs wishing to establish funding structures locally. Commonly-choosing status of the center in EU and second most-considered essential on global level after USA is because of well-developed regulative basis;…

Read more 26.02.2024

Forex Dealer License in Solomon Islands

In a rapidly-evolving financial environment, forex-markets are a rather complex and dynamic space. For those seeking to launch a brokerage firm in this country, getting foreign exchange dealer license is mandatory in accordance with local national laws. Forex trading legal in Solomon Islands: preparation for operation Getting money changer license starts directly with officially-approved registration…

Read more 26.02.2024

Crypto regulation in South Africa

Jurisdiction is quite welcoming and supportive of cryptoassets and promotes their active implementation in local market-spaces. Regulative framework-basis for crypto-sphere is quite ambiguous, nevertheless, any activities in crypto-market are covered by strict control. Country doesn’t set a single law governing crypto-currencies, but there’re a plenty of different normative acts applying to this niche, incl. Exchange…

Read more 26.02.2024

MSB license in Dubai

Dubai International Financial Center is rapidly becoming recognized as a premier hub for MEASA. According to the Global Index, published in March 2023, Dubai occupies a leading position among financial centers in the region. Over the past five years, Dubai has consistently maintained its high position worldwide, specifically for capital-holders wishing to enter financial services…

Read more 29.01.2024

Crowdfunding in Portugal

Such schemes in Portugal continue to expand. Country’s regulator has registered six management companies operating crowdfunding resources, predominantly in area of lending. As industry develops and the number of participants grows, changes are possible due to the adoption of the Regulation on European agents providing crowdfunding services for business-projects. There may also be a move…

Read more 24.01.2024

How to begin a Cook Islands Trust in 2023

In the realm of multinational affluence governance and acquisition safety, trust-companies have long been regarded as powerful tools for safeguarding purchases and ensuring monetary privacy. The Cook Islands, nestled in the heart of the South Pacific, has emerged as a jurisdiction of choice for establishing trust-companies due to its robust lawful substructure and favorable adjustments….

Read more 22.12.2023