Crypto License Thailand: Capital, SEC Approval & Tax Benefits 2026

Thailand is now one of Southeast Asia’s top places for crypto. The country has a clear set of rules for crypto businesses. This change took the sector from early stages to bigger companies. If you want to start a legal crypto business in Thailand by 2025, you need to follow the Emergency Decree on Digital Asset Businesses. The process goes through the Securities and Exchange Commission (SEC) and the Ministry of Finance (MOF).

This guide explains every step you need to take. It tells you about starting money you need (from THB 1M to THB 100M, based on the license), fees for applying, rules to follow, and real timeframes (it takes about 6 to 12 months from starting your business to getting the license to run it).

Thailand does not have unclear rules for crypto like some other places. Instead, the country asks all crypto businesses to get licenses. If someone runs a crypto company without a license, they can go to jail for 2 to 5 years and pay fines of up to THB 500,000 every day.

For people who want to start or grow their crypto company, this setup can feel tough at the start. It is hard to start, but if you get the license, you have a big chance to get ahead of others.

Contents

Part 1: Understanding Thailand’s Crypto Regulatory Framework

The Legal Foundation

Thailand’s crypto world stands on three main things:

1. Emergency Decree on Digital Asset Businesses B.E. 2561 (2018)
This Royal Decree says that digital assets are a new kind of asset. The law says that you must have a license to run any business in this area. The law covers cryptocurrencies like Bitcoin, Ethereum, and stablecoins. It also includes digital tokens, such as investment tokens and tokens used for services.

2. Securities and Exchange Commission (SEC)
The SEC is the top group in charge. It looks over applications and checks that people follow the rules. The SEC also keeps the list of approved operators for the public. The SEC Board gives its final policy advice to the Ministry of Finance.

3. Ministry of Finance (MOF)
The MOF gives the last okay for every digital asset business license. It also has the power to take back a license if a business does not follow the rules.

Why Thailand Regulates Crypto Differently

Thailand does things in a different way than other places like El Salvador, Central African Republic, the EU, or the US. There are three ways that stand out.

Clear licensing pathway: It’s a simple choice. You need to get a license or you will be breaking the law. There is no middle ground.
System-wide rules: Groups that handle digital assets must follow the same rules as banks. They have to do strict AML and KYC checks.
Tax breaks for following the rules: There is a five-year break on capital gains tax (until the end of 2029). This helps those with licenses and people who trade on approved sites.

Part 2: Types of Crypto Licenses Available in Thailand

Thailand sees six main types of digital asset businesses. Each one has its own rules for how much money you need to start and what fees you have to pay.

A. Digital Asset Exchange

A platform helps connect buyers with sellers of crypto and tokens. It can use order books, automatic matching, or other ways to trade.

Examples: Bitkub (this is Thailand’s largest), Gulf Binance, and Orbix.

Minimum Paid-Up Capital Requirements:

With custody (holding client money): THB 100,000,000 (~USD 2.8M)
Without custody (settlement only): THB 50,000,000 (~USD 1.4M)

Application Fee: THB 30,000 (non-refundable)

License Granting Fee: THB 2,500,000 (to be paid once it gets approved)

Yearly Supervisory Fee: 0.002% of the total trading value. The fee starts at THB 500,000 and does not go over THB 20,000,000.

Timeline:

Getting ready: 3–6 months
SEC Review: 60–90 days
MOF Approval: 60 days
Must start work within 180 days or license will be taken back

B. Digital Asset Broker

Definition: A person or company that gives services by helping clients trade crypto or tokens. They work as a middle person and get paid a fee for this work.

Examples: Smaller trading platforms, OTC desks.

Minimum Paid-Up Capital:

With custody: THB 50,000,000 (~USD 1.4M)
Without custody: THB 10,000,000 (~USD 280K)

Application Fee: THB 30,000

License Granting Fee: THB 1,250,000

Annual Supervisory Fee: This is 0.001% of the full trading value. The fee will be between THB 250,000 and 10,000,000.

Timeline: This is the same as exchanges. There will be a 150-day time for the review. After that, they have 180 days to start.

C. Digital Asset Dealer

Definition: A trader buys and sells digital coins or tokens from their own supply. This trading is done outside of a licensed exchange.

Examples: Over-the-counter (OTC) platforms, trading companies that use their own money.

Minimum Paid-Up Capital:

With custody: THB 50,000,000
Without custody: THB 10,000,000

Application Fee: THB 30,000

License Granting Fee: THB 1,000,000

Annual Supervisory Fee: 1% of trading profits each year, with a limit of THB 100,000–5,000,000

Timeline: 150 days review + 180 days to commence

D. Digital Asset Fund Manager

Definition: Looks after investment funds or portfolios that have digital items for clients.

Minimum Paid-Up Capital:

If you hold on to client funds or help retail clients, you need to have THB 25,000,000 (about USD 700,000).
If you do not keep custody and only serve big clients, you need THB 10,000,000.

Application Fee: THB 30,000

License Granting Fee: THB 500,000

Yearly Supervisory Fee: 0.001% of the money you put in for management (min THB 250,000 – max THB 10,000,000)

Timeline: Standard 150-day regulatory period

E. Digital Asset Advisor

Definition: Gives advice on how to invest in crypto or digital coins for a fee, but does not make trades for you.

Minimum Paid-Up Capital: THB 1,000,000 (~USD 28K) — this is the lowest amount you need to get started.

Application Fee: THB 30,000

License Granting Fee: THB 15,000

Annual Supervisory Fee: Fixed THB 25,000

Timeline: 150 days standard

F. Digital Asset Custodian (Wallet Provider)

This is a service that keeps people’s digital things safe. It also takes care of their private keys, so their things stay protected.

The minimum paid-up capital you need is THB 50,000,000. This amount must always be kept for custody.

Application Fee: The fee is THB 50,000. It can be higher for custodians.

License Granting Fee: THB 1,000,000

Yearly Supervisory Fee: 0.001% of the money held in custody (with a cap of THB 250,000–10,000,000)

Timeline: 150 days

Part 3: Core Requirements to Obtain a License

Besides needing money, the SEC looks at applicants based on strong rules for how they work and manage things. If they do not pass any part, the SEC will not accept their application.

1. Corporate Structure Requirements

Thai Legal Entity (Mandatory)

The company must be a Thai-incorporated limited or public limited company (LLC or PLC).
People from outside Thailand can own the company, but a Foreign Business License may be needed if people from outside Thailand own over 49% for some digital asset work.
The company must have a registered office and a physical place for business in Thailand.
All papers for applying, meeting notes, and papers for rules must be written and turned in using the Thai language.

Meaning: A company from another country cannot start directly. A business from outside needs to make a new company in Thailand. It must hire Thai managers and run things from a real office in Thailand.

2. Capital Requirements & Verification

Paid-Up Capital Deposit

The law says you must put the whole amount in a Thai bank before you turn papers in to the SEC.
You have to keep the money in Thailand. It can’t leave unless the SEC says yes.
The company has to keep the right amount of money in the bank and meet net capital rules all the time.

Net Capital Maintenance (New 2024 Rules)
Starting November 1, 2024, the SEC will bring in a risk-based net capital rule. This will be in addition to paid-up capital.

Fixed minimum: Operators who keep or hold client money need at least THB 25,000,000. Non-custodial operators need at least THB 5,000,000.
Risk-based add-on: There is more capital needed, and it depends on the risks of the business, like custody risk or trading risk.
Example: A digital asset exchange that holds custody needs THB 100M paid-up capital. On top of that, it needs extra capital for the risks, so the total could be between THB 120M to THB 150M in practice.

The total capital a bank needs is often much more than the stated minimum. In many cases, it can be higher by 20–50%.

3. Leadership & Governance Requirements

Fit & Proper Test

All directors, executives, and shareholders who hold more than 10% need to pass an SEC fit and proper assessment.
The check looks at things like who you are as a person, any past crime, how you handle money, and your work experience.
People from other countries are not always left out, but they do have to show papers about any crime record from their country, how they do with money, and proof of their work skills. This may also need translation and be checked by a notary.

Board Composition

At least one director needs to be a Thai national or someone who lives in Thailand.
At least one director should have good work experience in working with money services or the newest tech.
All rules about how companies are run must follow Thai law and what the SEC says to do.

4. Compliance & AML/KYC Infrastructure

Anti-Money Laundering (AML) Obligations

Digital asset operators are seen as financial institutions by Thailand’s Anti-Money Laundering Act B.E. 2542 (1999).
Every transaction must be watched for strange or risky actions and reported to the Anti-Money Laundering Office (AMLO).
A client’s identity check (Know-Your-Customer, KYC) is needed before you can use an account.
A client check (CDD) must look at risk levels and take extra steps for customers who seem high-risk.

Practical Compliance Stack

KYC Software: Automated customer identity check (document scanning, biometric matching) added with national and international watchlists.
Transaction Monitoring: Live flagging of strange patterns (for example, quick fund movements, structuring, use of blacklisted places).
Reporting: Reports for suspicious activity (SARs) must be sent to AMLO in set time.
Record Keeping: All KYC papers and transaction records must be kept for over 5 years.

Technology Standard

Operators must follow SEC Notification No. กธ. 23/2567 (2024), which gives the rules for IT security:
- Use strong encryption like AES-256 or better when data is being sent or stored.
- Use multi-factor authentication (MFA) for every user and for admin logins.
- Do regular testing and security checks with SEC-approved cybersecurity companies.
- Set up ways to deal with problems fast and keep things watched at all times.

5. Asset Segregation & Client Protection

Segregated Accounts

Client funds and digital assets have to be kept in accounts that are not mixed with company money.
There will be a check of client holdings every day. This has to be done.
It is a good idea to keep digital assets in cold wallets. If you use hot wallets, you need to hold some extra capital with them.

Custody Rules

Operators may not use client assets for their own trading or lending (including staking), except in ways that the SEC has clearly approved.
No re-use or margin loans to third parties.

Insurance & Bonding

The SEC does not make it a law, but the group wants those who run things to have cybersecurity and insurance that guards against theft or loss.

6. Operational Readiness Checklist

Business Plan

A clear 3–5 year look at how much money you may make, with real numbers for how you may get users, earn money, and make a profit.
A description of the target market group (such as retail, institutional, or people from certain countries).
A look at other players in the market and how you plan to stand out from them.

Technical Infrastructure

Write down how the trading systems are set up. Include wallet infrastructure and plans for backup or what to do if things go wrong.
Give code review reports for any smart contracts or systems that keep assets for users.
Share IT security audit reports from groups or vendors that the SEC says are ok.

Human Resources

A chart that shows the main roles in the company, like CEO, CIO, AML Officer, Risk Officer, and others.
The CVs and backgrounds of main team members.
Proof that workers have had training in AML/KYC, cybersecurity, and following the rules.

Auditor Engagement

A contract with a SEC-approved Thai auditor to do yearly money checks.
Auditors have to be listed with the Thai Institute of Certified Accountants (TICA) and they need to meet SEC rules.

Part 4: The Licensing Process Step-by-Step

Phase 1: Pre-Application Preparation (60–90 Days Typical)

1. Company Incorporation

Get help from a Thai lawyer or a company that helps you set up businesses.
Sign up the LLC or PLC with the Department of Business Development (DBD).
Cost: The government fee is THB 5,000–15,000. The lawyer fee is THB 20,000–50,000.
Time needed: It takes 1–2 weeks after all your papers are set.

2. Capital Deposit

Open a bank with a Thai commercial bank (Bangkok Bank, Kasikornbank, SCB, etc.).
Put in the minimum paid-up capital that is needed.
Get a bank letter that says you put in the money and you own the bank.
Cost: Very little (the bank is free; but you must bring your own capital).

3. Document Preparation

Articles of Association and company bylaws.
Business plan in English and Thai.
AML/KYC policy and rules manual in English and Thai.
IT setup and cyber safety papers.
Board notes that give the okay for this license application.
Fit and proper test papers for all directors and everyone with over 10% shares. This includes police records, money records, and CVs.
Governance set-up and risk rules.

Cost & Timeline: The cost will be THB 100,000–300,000. This covers the price for translation, making legal papers, and advice. The process will take about 4–8 weeks.

4. Pre-Consultation with SEC (Optional but Recommended)

Many people who get accepted talk with the SEC in a casual talk before their main application. They do this to find out about any issues early.
The SEC checks your business plan, rules, and how things run to see if they match with what is needed.
Doing this can stop your application from getting turned down. It can also help you avoid spending 3–6 more months to apply again.
You do not have to do this by law, but it is a very good idea if you are applying for the first time.

Cost: THB 50,000–150,000 if you use an SEC-connected legal advisor.
Good thing: It can make the chance of getting rejected drop from about 30% to only 5%.

Phase 2: SEC Application Submission (Formal Application)

1. Application Submission

Send the full application pack to the SEC’s Digital Asset Business Department.
The application must have:
- A license application form written in Thai
- A company registration certificate
- Articles of Association
- A board resolution
- A letter showing you picked an auditor
- A business plan
- A policy for AML/KYC
- IT security documents
- Fit & proper check papers
- A fee to apply (THB 30,000 for exchanges, brokers, or dealers; THB 50,000 for custodians)

2. SEC Review Period: 60–90 Days

SEC staff will do:
- Money check: Look at paid-up capital, net capital steps, and money plans that the company has.
- How things run check: Look at director skills, the shape of the board, and how clear the owners are.
- Rule check: Check if AML/KYC steps follow Thai and FATF rules.
- IT check: Check IT setups, tools keeping things safe, and plans for what to do if things go wrong (they may come to your place).
SEC can ask for More Info (RFIs), and people who apply must answer these in 15–30 days. A few back-and-forths could make the checkup last over 120 days.

3. SEC Recommendation

If the SEC thinks the application is good, it gives a favorable recommendation to the Ministry of Finance.
If there are problems, the SEC sends a second notice and asks for changes. The person applying must send the paper again within the given time.

Phase 3: Ministry of Finance Approval (60 Days Typical)

The MOF checks the SEC suggestion and does its own checks on the rules.
When the MOF is happy with everything, it gives out a final approval letter and the license is given for real.
The company is then put in the official Thai Digital Asset Business Operator Registry on the SEC website.

Total Regulatory Timeline: It is 150 days, or about 5 months, from when you send in a full application to when you get your license. This is if there are no requests for more information or any need to send things again.

Phase 4: Commencement of Operations (180-Day Window)

Critical deadline: Licensed operators have to start their business within 180 days after MOF says yes.
“Commencement” means the platform needs to be running, let people sign up, and handle money.
If this deadline is not met, the license will be taken away and there will be no pay given back.

Practical Implication: From the time you get the license to day 180, your team must finish setting up the needed systems, hire people for the work, and start operations.

Part 5: Total Cost Breakdown for License Acquisition

Below is a realistic cost estimate for setting up a Digital Asset Exchange in Thailand. This is the most expensive way to do it.

Cost Category	Estimate (THB)	Estimate (USD)
Incorporation & Legal
Company formation (DBD)	10,000	280
Corporate lawyer (6 months retainer)	200,000	5,600
Tax & accounting setup	50,000	1,400
Regulatory & Compliance
AML/KYC software implementation	500,000–1,500,000	14,000–42,000
SEC pre-consultation (optional)	100,000	2,800
Application preparation & submission	150,000	4,200
Translation & documentation	100,000	2,800
Government Fees
Paid-up capital (without custody scenario)	50,000,000	1,400,000
Application fee	30,000	840
License granting fee (exchange)	2,500,000	70,000
Technology & Operations
Trading platform development/license	2,000,000–10,000,000	56,000–280,000
Wallet/custody infrastructure	1,000,000–5,000,000	28,000–140,000
Cybersecurity audit & certification	500,000–1,500,000	14,000–42,000
Office setup & staffing (6 months)	1,000,000	28,000
First Year Operations
Auditor fees (annual)	500,000–1,000,000	14,000–28,000
Annual supervisory fee (estimated)	500,000–5,000,000	14,000–140,000
Insurance & compliance tools	300,000	8,400
Total Estimated Cost (Non-Custodial Exchange)	THB 58.8M–72M	USD 1.64M–2M
Total Estimated Cost (With Custody)	THB 108.8M–122M	USD 3.04M–3.4M

Notes:

This idea is based on a without-custody exchange (settlement only, not holding client money or things). If custody models are added, it will need THB 50M more capital.
The cost for making things new can change a lot. If you buy a white-label exchange solution, it costs THB 2M–5M. A custom build can go over THB 20M.
Yearly costs for things like an auditor, watching fees, and rules staff will keep going with no end.

Part 6: Compliance Obligations Post-License

Getting a license is just the start. It is not the end. The people who get a license will be watched all the time. There are many strict rules they have to follow for how they work.

Operational Restrictions

Prohibited Activities

Using crypto as payment: Digital asset operators are not allowed to promote or help people use crypto to pay directly for goods or services. This rule started in April 2022 and is still in place.
Deposit-taking and lending: Operators cannot take in money called deposits or give loans, except for a few cases with staking in consensus systems.
Unregulated token listings: They cannot list meme coins, fan tokens, privacy coins, or NFTs unless the SEC says it is okay.

Mandatory Requirements

AML/KYC monitoring: Watch transactions, report if anything looks strange, and make sure you know your customer rules are followed.
Client segregation: Client money and other things should be kept apart and checked every day.
Annual audits: SEC-approved groups must check the business each year.
Regulatory reporting: Papers must be sent to the SEC and AMLO every three months or each year.
Cybersecurity: Follow IT rules set by SEC Notification No. กธ. 23/2567.

Penalties for Violations

Thailand gives out tough punishments for breaking rules.

Violation	Penalty
Operating without a license	2–5 years imprisonment + THB 200,000–500,000 fine + daily fines of THB 10,000
AML/KYC violations	Criminal liability + license suspension/revocation
Misrepresentation in application	Up to 5 years imprisonment
Client asset misappropriation	License revocation + criminal prosecution
Failure to meet net capital requirements	Warning → Corrective order → License suspension/revocation

Part 7: Thailand’s Competitive Crypto Landscape (2025)

By early 2025, the digital asset market in Thailand is led by big names. These companies have deep local ties and connections.

Platform	Type	Ownership Structure	Key Features
Bitkub	Exchange	Thai-owned	Market leader; highest retail user base; strong baht liquidity
Gulf Binance	Exchange	JV: Binance + Gulf Energy (Thai)	Global exchange with local support; institutional focus
Orbix	Exchange/Fund Mgmt	Kasikornbank subsidiary	Bank-integrated; custody + fund management; trust brand
InnovestX	Exchange/Fund Mgmt	SCB X Group (Siam Commercial Bank)	Bank-integrated; stocks + crypto on single platform
Upbit Thailand	Exchange	JV: Upbit (South Korea) + Thai partners	South Korean technology + local networks
KuCoin Thailand	Exchange	KuCoin Global (acquired ERX in 2025)	Global exchange + token issuance services
TDX	Token Exchange	Stock Exchange of Thailand (SET)	Investment tokens + government link; institutional focus

Market Barriers & Opportunities:

Saturation at top: The three largest (Bitkub, Gulf Binance, Orbix) now have about 70% of all trading by everyday people.
Niche opportunities: Fund management, keeping digital assets safe, and trading for big businesses are still not there yet for many people.
Regional play: Foreign exchanges (like Binance and Kraken) now need to get a Thai license if they want to let Thai users join (new rule in 2025).
First-mover tax break: Any new exchange that gets a license by the end of 2025 will get a five-year capital gains tax break that lasts until 2029.

Part 8: Tax Implications & Incentives

Capital Gains Exemption (2025–2029)

Thailand gives a big tax break only to people and companies with a license who deal with digital assets. This is for those who trade on approved websites.

Individual investors: There is no capital gains tax on crypto profits if you trade on licensed Thai platforms until 2029. The usual rate is 15%.
Corporate entities: A 20% tax applies to crypto profits, which is the normal rate. No special rules are given, but some things you spend money on may count.
Withholding tax: This tax will not be charged until 2029 for cross-border money moves. This is done to get more people to invest from other countries.
VAT: This tax will not be added to crypto profits and it is a rule that will not end.

Strategic Implication: With this exemption, Thailand is a good place for both regular and big crypto investors. It lets more people trade, and this helps licensed operators get higher trading numbers and more fees from rules.

Corporate Taxation for Operators

Licensed digital asset operators have to follow these rules:

Company income tax: 20% on the gains that a business makes.
Supervisory fees: 0.001%–0.002% of how much is traded (changes by license type).
Yearly accounting & audit: You must pay these costs.

Part 9: Foreign Investor Considerations

2025 Changes: Foreign Operator Localization

Starting in April 2025, crypto platforms from outside Thailand can no longer let Thai users use their sites unless they have a Thai license. This rule will apply if the platform:

The website uses Thai language for its marketing or in its interface.
You can pay with Thai Baht (THB).
It focuses its marketing on people who live in Thailand.

What really happens: International exchanges like Binance, Kraken, FTX, and others must either:

Get a Thai digital asset license (a complete setup in Thailand).
Block people in Thailand from using your platform and do not let them use it.
Work with a Thai company that has a license (a white-label choice).

Foreign Ownership in Thai Entities

People from outside Thailand can own all shares in a Thai digital asset company.
Still, a Foreign Business License may be required if the company needs to have more Thai owners (it depends on what the business does).
Best way: Talk to a Thai lawyer before you set up who owns the company.

Currency Exchange & Remittance Rules

You can send profits from crypto businesses to other countries, but these points apply:
- Dividend withholding tax: A 10%–15% tax is taken from dividends paid to shareholders in another country. The rate depends on the tax deal between the countries.
- Compliance reporting: You need to register with Thailand’s Revenue Department and the Bank of Thailand (BOT).

FAQ: Comprehensive Answers to Investor & Operator Questions

Licensing & Regulatory Questions

Q1. How long does it take to get a crypto license in Thailand?
A. The normal rule is that it takes 150 days for this. The SEC takes 60–90 days, and then the Ministry of Finance (MOF) takes another 60 days after you send a full application. But the whole process can take about 6–12 months. This is because you have to first set up a company and get your documents ready, and may need some meetings before you give your papers. If this is your first time and you have not done these meetings before applying, the SEC may ask you for more info, which can add more time and make it take 9–15 months.

Q2. What is the minimum capital requirement for a digital asset exchange?
A. The minimum paid-up capital is:

THB 100,000,000 (~USD 2.8M) if the exchange keeps the client’s money or items safe.
THB 50,000,000 (~USD 1.4M) if the exchange does not keep the client’s money or items. This is for settlement-only use.

On top of this, operators must keep a net capital of over THB 25M for custody operators and over THB 5M for non-custodial ones. They also need to add extra capital based on risk. In practice, the total capital needed is often between THB 120M and THB 150M.

Q3. Can a person from another country set up a crypto exchange in Thailand?
A. Yes, you can, but the company must be set up in Thailand. A foreign person or business can own all of the Thai company. But you must have at least one Thai director and keep a real office in Thailand. To get a license, you need to use documents in Thai and hire a Thai auditor.

Q4. What happens if I don’t start operations within 180 days of license approval?
A. The Ministry of Finance will take back the license with no payment. There will be no extra time given for this. You must have your platform running and doing transactions by day 180.

Q5. Is it cheaper to get licensed as a broker or dealer instead of an exchange?
A. Yes, it is much cheaper:

Broker: You need to have THB 10M to 50M paid-up money, plus there is a THB 1.25M granting fee.
Dealer: You need to have THB 10M to 50M paid-up money, plus there is a THB 1M granting fee.
Exchange: You need to have THB 50M to 100M paid-up money, plus there is a THB 2.5M granting fee.

But the trading volume and the market chance are much smaller for brokers and dealers. Many new people pick the dealer or broker way so they can move up to an exchange license in the future.

Q6. Can I run a crypto exchange in Thailand without a license?
A. No. Running an exchange without a license is a crime. You can go to jail for 2 to 5 years. You can also get fines up to THB 500,000 and you might have to pay THB 10,000 each day. If people from outside the country run an exchange for Thai users without a license, they will get the same punishments, starting in 2025.

Capital & Financial Questions

Q7. Is the paid-up capital requirement a one-time deposit, or must it be kept at all times?
A. The capital must be kept at all times. You cannot take it out or lower it without SEC approval, even after good years. If your capital goes below the minimum because of losses, the SEC can tell you to fix it. If you do not fix it, the SEC can cancel the license.

Q8. Can I borrow the money I need for licensing?
A. Not recommended. The SEC wants to see that your money comes from a good place, like profits from business or money put in by owners. If you use loan money, there may be extra checks and it could get you turned down. It is better to use savings, money from owners, or company funds.

Q9. What are the usual yearly fees for a licensed exchange?
A. Every year, the exchange pays a fee of 0.002% of the total trading value, with:

Minimum: THB 500,000 a year.
Maximum: THB 20,000

For context, if an exchange has a trading volume of THB 1 billion each month (that is THB 12 billion in a year), it will pay close to THB 2.4 million in supervisory fees. This is about 0.002%. On top of that, auditor fees will be between THB 500,000 and 1 million each year.

Q10. Can startup exchanges with minimal trading volume afford the minimum supervisory fee of THB 500K/year?

A. Yes. New exchanges are not left out, and have to pay at least THB 500,000 each year no matter how much trading happens. This can be a big cost for startups that do not have much trading activity.

Compliance & Operational Questions

Q11. What does the SEC’s AML/KYC rule ask for?
A. AML/KYC asks for:

Customer Identification: All users need to give a government ID, proof of where they live, and tell the source of their money before they get started.
Transaction Monitoring: The system checks in real time for any strange patterns (like fast money coming in, breaking up payments, or use of banned places).
Suspicious Activity Reporting (SARs): Report any strange deals to the Anti-Money Laundering Office (AMLO) within the set time.
Record Keeping: Store all KYC files and details of deals for more than 5 years.
Extra Checks for High Risk: Users who are seen as high‐risk (PEPs, big trades) need more checks.

If you do not follow the rules, you can have your license taken away or put on hold. You may also face criminal charges.

Q12. Are there user limits or transaction limits for crypto exchanges in Thailand?

A. There are no set user limits or transaction limits for exchanges. But the SEC in Thailand does ask for the following:

Retail user limits for token offerings (not for exchange trading): The most you can have is THB 300,000 for each person in each offering round. There are some exceptions for real estate and infrastructure tokens.
Transaction reporting: Any trades over certain amounts must be reported to AMLO.
Whitelisting of countries: Operators can’t serve users from countries that the US has placed sanctions on. This includes North Korea, Iran, Syria, and others.

Q13. Can I use crypto as a payment method on my exchange?
A. No. In April 2022, the SEC and Bank of Thailand said that people cannot use crypto for payments. They do not let digital asset operators do this.

Talking about using crypto to pay for goods or services.
Helping stores and sellers take crypto as payment.
Giving ways or tools so people can pay with crypto.
Making money from these crypto payment services.

This ban is still in place as of 2025. People who break it can lose their license.

Q14. What insurance or bonding is needed?
A. You are not required by law to have this, but the SEC wants operators to get:

Cybersecurity insurance: This protects you from hacking, data leaks, and business losses. The coverage amount is usually between THB 10M–100M+.
Fidelity insurance: This protects you from staff stealing or lying. The coverage amount is usually between THB 5M–50M.
Professional indemnity: This protects you from breaking rules set by authorities and from your business stopping.

Estimated cost: THB 500K to 2M each year. The price can change based on the amount of coverage and how much you trade.

Competitive & Market Questions

Q15. How many licensed crypto exchanges are there in Thailand as of 2025?
A. There are about 10 to 12 licensed digital asset exchanges in Thailand. Out of these, 8 are now operating, and 2 have licenses but are not open at this time. The SEC keeps the official list here: https://market.sec.or.th/LicenseCheck/views/DABusiness?exchange/en

Q16. Is it realistic for a new exchange to compete against Bitkub, Gulf Binance, and Orbix? A. It is hard for a new exchange to go head-to-head with these big names because more people using a platform means more trading activity, and that pulls in even more users. This is not easy to break. Still, there are some smart ways for new ones to try to get started:

Niche area: Focus on one group of things, like real estate tokens or tokens for being green, or go after one type of customer, like big companies or organizations.
Geographic advantage: Look at places that have less money moving locally, like Laos or Cambodia for sending money.
Better technology: Give advanced tools for pro traders, offer an API, or connect to DeFi so users get more options.
Partnership model: Offer a white-label solution or background help for banks or other big money companies.

Q17. What is the tax exemption on crypto gains in Thailand, and how does it affect exchange adoption?
A. Until the end of 2029:

Individual investors: You will pay 0% capital gains tax on your crypto profits if you trade on licensed Thai platforms. The normal rate is 15%.
Tax break: Exchanges can tell people they are the only legal and tax-free way to trade crypto in Thailand. This helps them get more users.

This gives any exchange that gets a license before the end of 2025 a first-mover advantage. After 2029, this benefit will end. The capital gains tax will go back to 15%.

Q18. Can international investors invest in Thai crypto exchanges as shareholders?
A. Yes. Investors from outside Thailand can buy big shares in Thai digital asset companies. However:

All shareholders who own more than 10% must go through the SEC’s fit and proper check.
Shareholders from outside the country must show criminal check papers and money statements in English. They must also have Thai words with the papers.
When shareholders from away get dividends, there is a 10% to 15% tax taken from the payout. The amount depends on the tax deal.

Technology & Infrastructure Questions

Q19. What are the IT standards required by the SEC?
A. As said in SEC Notification No. กธ. 23/2567 (2024), operators have to keep:

Encryption: AES-256 is used to keep data safe when it is moved or stored.
Authentication: There is multi-factor authentication (MFA) for both user and admin accounts.
Testing: There are yearly security tests and audits by SEC-approved vendors.
Incident response: The team does around-the-clock monitoring with clear steps if there are any problems.
Wallet standards: Custodial operators use both hot and cold wallets that are kept apart, with records checked each day.
Key management: The cryptographic keys are looked after with multi-signature custody.

Non-compliance is grounds for license suspension.

You can build the exchange platform yourself or use a third-party solution. Both ways are allowed. The SEC wants to see good security and that you follow the rules. It does not focus on how you build the platform. However:

Custom builds: Need a check of the code, a look at safety, and clear papers before you use it. This makes the license take 2–3 more months.
White-label solutions: You can set this up faster (in weeks, not months), but you do not own what is inside. The price can be THB 2M–10M, plus you pay for hosting each month.
Hybrid approach: Many top Thai exchanges get white-label parts for what is behind the site and add their own look for Thai language and laws.

The best way is to work with an experienced white-label provider, such as Binance Cloud or BitMex Trading Engine. You can then change what you need to so that it fits Thai compliance.

Q21. What are the disaster recovery and business continuity requirements?

A. The SEC wants to see:

Extra systems: There is a main and a backup data center. They are in different places far from each other.
RTO/RPO times: The Recovery Time Goal (RTO) is less than 4 hours. The Recovery Point Goal (RPO) is less than 1 hour.
Testing: Disaster recovery practice drills happen every three months. All results are written down.
Paperwork: There are business plans for keeping things running. These plans have steps for moving things up to higher levels if needed.

This is looked at during the time you get your license. They also check it during regular audits by supervisors.

Tax & Accounting Questions

Q22. What is the corporate tax rate for crypto operators in Thailand?
A. Crypto operators pay a 20% corporate income tax on their net profits. There is no special tax rate for them. This is different from individual investors who get a capital gains exemption. The things they can claim as expenses include:

Operating costs include staff, office, and IT systems.
There are costs for rules and licenses.
You need to pay fees for the auditor.
Equipment loses value over time.

Q23. Must I file taxes in Thailand even if I’m a foreign company with a Thai subsidiary?
A. Yes. Any company set up in Thailand must file income tax returns with the Thai Revenue Department (IRD) every year. This is true even if it is fully owned by another company from a different country. The company in Thailand is the one that will have to do the tax filing. The parent company’s tax rules depend on where the parent is based and any tax deal between its country and Thailand.

Q24. Are there any ongoing VAT obligations?

A. No. Digital asset businesses do not have to pay Value Added Tax (VAT) under Thai law. But, if an exchange offers other services, like consulting or advice, these can still be taxed. It is important to talk to a Thai tax advisor about this.

Timeline & Practical Questions

Q25. What is a good timeline from making a choice to starting up (having the license and trading for real)?A.

Months 1–3: Start the company, put in money, get all papers ready.
Months 3–4: Talk with SEC before the main steps. This step is up to you but good to do.
Months 4–7: SEC goes over all papers and MOF gives their yes or no. This takes about 150 days.
Months 7–12: Set up the system, bring in people, test everything, and be ready to start live within 180 days.

Total: 9–15 months. This will depend on how ready you are, what feedback the SEC gives, and how complicated the work is.

Q26. What are the biggest reasons applications get rejected or delayed?A.

There are many reasons why an application may be sent back or take longer to be processed. A few of the most common ones are missing information, unclear documents, or making simple mistakes in the form. Sometimes, people submit papers that do not meet the rules or use old forms. There can also be times you forget to pay a fee or sign where needed. If you give wrong or false facts, it may also lead to a rejection. Make sure you read all the steps, use up-to-date paperwork, and check your entries before you send in your application. This helps avoid problems and saves you time.

Not enough capital: Paid-up money is not all put in or comes from places that seem wrong.
Poor management: Directors are not fit, have shady backgrounds, or the business setup is not good.
Compliance issues: There are not enough AML/KYC checks or the reviews are not done fully.
Tech worries: There is not enough IT security, recovery plans, or places to keep things safe.
Missing papers: Thai-language documents are missing or not translated well.

Keep problems from happening: Get help from skilled Thai legal experts early. It is also good to talk to the SEC before you do anything.

Q27. If my application is rejected, can I reapply?
A. Yes. But:

The rejection letter will say what things are missing.
To apply again, you need to fix all the things listed.
Waiting period: Most of the time, you should wait 6–12 months before applying again, so you can show what you improved.
Reapplication fee: There will be another THB 30,000 fee, and you will not get it back.

Is Setting Up a Crypto Business in Thailand Worth It?

Thailand is a market that has clear rules, good systems, and steps for making sure things are done right. There are checks in place, and there are also some rewards. This is not like other places that let too much happen, or where the rules do not match and can cause problems. In Thailand, people need to have enough money, follow set rules, and agree to checks. For this, they get these things:

✅ Clear regulatory framework (no confusion).
✅ Tax help (no taxes on gains until 2029).
✅ Market chance (Southeast Asia’s biggest crypto market by size).
✅ First-mover edge (new license holders get full tax exemption period).

❌ Very high barriers to entry (THB 50M–100M+ capital).
❌ Strict compliance (AML/KYC rules same as banking).
❌ Long time to start (9–15 months from decision to launch).
❌ Lots of top exchanges (top 3 exchanges have about 70% of the volume).

Best suited for: This is good for fintech companies that are already set up, institutional investors, or crypto businesses focused on one area. It works well for those that already have enough money and rules in place to run their business.

Not ideal for: New startups that have no money or do not have background in working with the rules about financial services.

If you want to enter Thailand’s crypto market, the next step is to talk with a Thai lawyer and an advisor who knows the SEC. You need them to do an early meeting and look at your business plan. They will also look at how your business is run and your money structure. This is to make sure everything fits with what the SEC wants.

Disclaimer: This guide gives you basic and general information about the rules for digital assets in Thailand as of January 2026. It is not legal advice. The laws and rules can change often. You should talk with a qualified Thai lawyer and an SEC-approved compliance advisor before you do anything with crypto licenses or business in Thailand.

Recommended next steps:

Talk to a Thai law firm that works with digital coins or data (for example, AMIC, Nishimura, Baker McKenzie Bangkok).
Meet with the SEC early to check that your business plan will work the right way.
Get your business plan and money setup ready with all the details.
Start setting up your company and finding your money at the same time.