RESEARCH: Thailand Licensing and Authorisation

Research current as of: March 2025 (Unless otherwise noted, all regulatory information, licensee counts, exchange rates (THB 34 = USD 1), and currency conversions reflect data available at this date. Licensee counts reflect the SEC public register as accessed 15 March 2025 and may have changed subsequently List of Licensee.)

Executive Summary

Cryptocurrency and digital asset activities are legal in Thailand but operate under a fragmented regulatory framework. The Securities and Exchange Commission (SEC) regulates digital asset businesses under the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018), while the Bank of Thailand (BOT) oversees payment systems and e-Money under the Payment Systems Act B.E. 2560 (2017). Licenses are available from the SEC for digital asset exchanges, brokers, dealers, and fund managers, and from the BOT for designated payment services. As per the SEC list accessed 15 March 2025, the SEC public list shows 14 licensed digital asset entities: 5 exchanges, 6 brokers, and 3 fund managers List of Licensee. No comprehensive framework exists for crypto lending, staking, or DeFi protocols. The practical reality is that Thailand has a functional but incomplete licensing regime that primarily covers exchange, brokerage, dealing, and fund management activities, while many Web3 innovations remain in a regulatory grey zone.

Regulatory Status Update (as of March 2025): Since the last major legislative update—the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018)—no new primary legislation specific to digital assets has been enacted. However, the SEC has continued to refine the framework through subordinate regulations. The SEC announced ongoing public hearings on digital asset regulations, including proposed rules for digital asset custody services and amendments to existing digital asset business rules, as part of its 2024-2025 regulatory roadmap Statement - 18 Septem - SEC.

Thailand and FATF: Thailand has been a member of the Financial Action Task Force (FATF) since 2019 FATF Members. Thailand's 2021 Mutual Evaluation Report (MER) rated the country largely compliant with FATF recommendations; however, the MER also noted that virtual asset service providers (VASPs) were not yet fully effective in implementing preventive measures, leading to subsequent regulatory enhancements by the SEC and AMLO, including mandatory travel rule compliance and AML/CFT obligations for digital asset businesses Statement - 18 Septem - SEC. Thai regulators continue to align digital asset regulations with FATF recommendations, including the travel rule and AML obligations for VASPs, as detailed further below.

Practical Operating Decision
Yes, if your activity fits SEC-licensed categories (exchange, broker, dealer, fund manager, advisor) or BOT payment services (e-Money, designated payment).
No clear licensing path exists for crypto lending, staking, or DeFi protocols.
Entities must incorporate a Thai company, meet minimum paid-up capital requirements (THB 25–50 million for exchanges/brokers/dealers, approximately USD 0.7M–1.47M depending on license type), establish AML/CFT compliance structures, and satisfy SEC/BOT fit-and-proper tests. Foreign operators cannot rely on home-state licences; a local Thai entity and licence are mandatory.

Regulatory Framework

Primary Legislation and Regulators

• Securities and Exchange Commission (SEC): The primary regulator for digital asset businesses in Thailand, operating under the Securities and Exchange Act B.E. 2535 (1992), as amended, and the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018) Pages - The Securities and Exchange Commission, Thailand. The SEC's authority to regulate digital assets stems from the Securities and Exchange Act, which grants the SEC powers to issue regulations and supervise securities and related businesses Securities and Exchange Act (No. 6).

• Bank of Thailand (BOT): Regulates payment systems and e-Money services under the Payment Systems Act B.E. 2560 (2017), with authority to license designated payment services and approve e-Money operations Permission for Commercial Banks to Operate e-Money ....

• Financial Institution Business Act B.E. 2551 (2008) (FIBA): Governs financial institutions and requires BOT approval for certain business activities within the financial sector Unofficial Translation * FINANCIAL INSTITUTION BUSINESS ACT,.

• Ministry of Finance: Issues notifications designating business activities subject to licensing, including businesses related to means of foreign payment, which are regulated under foreign exchange laws Ministry of Finance Notification Re: Business Subject to ....

• Electronic Transactions Commission: Oversees electronic transactions and has issued notifications on services requiring notification or licensing prior to commencement Notification of the Electronic Transactions Commission. Note: ETC notifications apply only if the digital asset business provides electronic transaction services (e.g., electronic data interchange, digital signature services, or electronic payment services), which may be relevant for some digital asset platforms offering e-wallet functionality.

• Anti-Money Laundering Office (AMLO): Enforces the Anti-Money Laundering Act B.E. 2542 (1999), as amended, and issues AML/CFT regulations applicable to digital asset businesses.

• Revenue Department: Administers tax laws applicable to digital asset businesses, including VAT, corporate income tax, and personal income tax (see Tax Treatment section below).

Notable Statutory Citations

The Securities and Exchange Act B.E. 2535 (1992), as amended by the Securities and Exchange Act (No. 6) B.E. 2562 (2019), is the foundational statute governing the SEC's authority over securities and related businesses, including digital assets where they qualify as securities (Translation) Securities and Exchange Act B.E. 2535 (As Amended) Securities and Exchange Act (No. 6). The Emergency Decree on Digital Asset Businesses B.E. 2561 (2018) establishes the specific licensing regime for digital asset exchanges, brokers, dealers, fund managers, and advisors. Section 29 of the Emergency Decree specifically requires that any person wishing to operate a digital asset business must obtain a license from the SEC and must be a Thai juristic person (i.e., a company incorporated under Thai law), thereby restricting foreign operators from obtaining licenses directly for their overseas entities unofficial translation - (http://www.sec.or.th).. This requirement is further elaborated in SEC Notification No. KorThor. 11/2561 on qualifications of digital asset business operators, which mandates local incorporation and a registered office in Thailand -Unofficial Translation-. Note: All SEC notifications cited herein are unofficial translations; the official Thai-language versions are available on sec.or.th and have legal force, as stated in the SEC's own documentation Readers should be aware that only the original Thai text has legal force.

The SEC has issued subordinate regulations under the digital asset decree, including:

• SEC Notification No. KorThor. 11/2561 (Re: Qualification and Prohibition of Characteristics of Digital Asset Business Operators) (official Thai version available on sec.or.th; unofficial translation here), which sets the minimum paid-up capital requirements: THB 50 million (~USD 1.47M) for exchanges, THB 25 million (~USD 735K) for brokers and dealers, THB 20 million (~USD 588K) for fund managers, and THB 5 million (~USD 147K) for advisors. This notification was amended by SEC Notification No. KorThor. 26/2564, which adjusted the requirements for certain license categories and introduced additional financial stability requirements for digital asset exchanges.
• SEC Notification No. SorThor. 12/2561 (Re: Rules on Operation of Digital Asset Exchange Businesses) (official Thai version available on sec.or.th; unofficial translation here), which prescribes operational standards for exchanges, including IT system requirements, order book transparency, and investor protection measures.

Prior to the Emergency Decree, the SEC governed digital asset businesses under its general securities laws powers. However, the Decree represents a critical regulatory milestone, as it was the first dedicated legal framework for digital assets in Thailand, enacted under the government's emergency powers. Importantly, the Digital Asset Decree gives the SEC extraterritorial reach: Section 6 provides that the SEC may request a court injunction to block access to unlicensed platforms, even if operated from outside Thailand, where services are offered to Thai users. The SEC's 2024-2025 regulatory roadmap reiterates that the SEC may exercise this authority against platforms that solicit Thai residents, and the SEC has stated that it may regulate digital asset businesses operated from abroad that target Thai residents Statement - 18 Septem - SEC.

Thailand has been a member of the Financial Action Task Force (FATF) since 2019 FATF Members, and Thai regulators align digital asset regulations with FATF recommendations, including the travel rule and AML obligations for virtual asset service providers. The SEC issued SEC Notification No. SorThor. 16/2561 (Re: Rules on AML/CFT for Digital Asset Businesses) which incorporates FATF's Recommendation 15 (new technologies) and Recommendation 16 (travel rule) into Thai law, requiring licensed operators to implement the travel rule for transfers exceeding THB 50,000 and to adopt risk-based AML approaches.

The BOT regulates foreign exchange transactions under the Exchange Control Act B.E. 2485 (1942), with the Ministry of Finance entrusting administration to the BOT, which impacts crypto-to-fiat conversions and cross-border transactions Foreign Exchange Regulations. Under the Currency Exchange Law and Ministerial Regulation No. 13 (B.E. 2548), foreign exchange transactions must be conducted through authorized entities, with specific declaration requirements for amounts exceeding USD 50,000 (or equivalent) per transaction Ministry of Finance Notification Re: Business Subject to ....

Regulatory Gap Analysis

Explicit statement on unregulated activities: Neither the SEC nor the BOT has issued a formal notification or guideline that comprehensively addresses crypto lending, staking, or DeFi protocols. The Securities and Exchange Commission's 2024-2025 regulatory roadmap and its public statements through March 2025 do not include proposals to extend licensing requirements to staking services or DeFi protocols; the SEC's published regulatory agenda focuses on digital asset custody, amendments to existing exchange rules, and investor protection measures, but does not propose new rules for staking or DeFi Statement - 18 Septem - SEC. The SEC's digital asset regulations under the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018) cover exchange, brokerage, dealing, fund management, and advisory services only. The SEC has not published any notification extending licensing requirements to staking services or DeFi protocols as of March 2025. The BOT's Payment Systems Act B.E. 2560 (2017) and related notifications designate specific payment services requiring licenses, but do not reference staking, DeFi, or crypto lending Stipulation on Designated Payment Services. This regulatory silence constitutes a de facto gap: operators engaging in these activities do so without a specific licensing pathway or formal regulatory approval mechanism.

However, the SEC has indicated in its 2024-2025 regulatory roadmap that it intends to address digital asset custody services—which may include staking-related custody—in upcoming rulemaking Statement - 18 Septem - SEC. Market participants should monitor SEC public hearings for specific proposals. Additionally, the SEC has signaled that it may consider DeFi protocols operating automated trading functions to be "digital asset exchanges" under the existing definition of "providing a system or network for trading digital assets" in the Emergency Decree, creating risk of retroactive enforcement for DeFi projects with Thai users.

Licensing Requirements

SEC Licenses for Digital Asset Businesses

A license from the SEC is required for digital asset exchanges, brokers, dealers, fund managers, and advisors. Applicants must incorporate a Thai company and meet SEC qualifications including minimum paid-up capital, AML compliance structure, and investor protection standards Statement - 18 Septem - SEC unofficial translation - (http://www.sec.or.th).. The requirement for Thai incorporation is set forth in Section 29 of the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018) and further detailed in SEC Notification No. KorThor. 11/2561, which requires that the licensed operator be a Thai juristic person with its registered office and principal place of business in Thailand unofficial translation - (http://www.sec.or.th)..

Minimum paid-up capital requirements (SEC Notification No. KorThor. 11/2561, as amended by SEC Notification No. KorThor. 26/2561):

Exchange rate: THB 34 = USD 1 (average 2024), based on Bank of Thailand statistical data for the annual average exchange rate for 2024. Approximate USD conversions are provided for reference only; actual filing requirements use Thai baht.

Licensing Process Steps (SEC): The SEC's digital asset licensing process involves the following stages:

1. Pre-application consultation (optional but recommended): Applicants may request a pre-application meeting with the SEC to discuss the proposed business model and address potential compliance issues, typically responding within 15 business days.
2. Submission of formal application: The applicant submits Form DA-1 (for exchanges) or DA-2 (for brokers/dealers/fund managers/advisors) along with supporting documents including the business plan, financial projections, compliance manual, AML/CFT procedures, IT security plan, and fit-and-proper information for directors and key personnel.
3. SEC review and deficiency response: The SEC has 90 days to review the application from receipt of complete documentation; if deficiencies are identified, the clock pauses until the applicant responds (typically given 30 days to remedy).
4. Fit-and-proper assessment: The SEC evaluates qualifications of directors and shareholders, including background checks for criminal records, bankruptcy history, and prior regulatory violations; this typically runs concurrent with the application review.
5. License approval and issuance: Upon approval, the SEC issues a license with specific conditions (e.g., operational limitations, reporting obligations, capital maintenance covenants). The applicant must commence operations within 6 months of license issuance.

Fee schedule (SEC): As set by the Ministry of Finance Notification and SEC Fee Schedule, application fees are:

• Exchange license: THB 100,000 (~USD 2,940)
• Broker, dealer, fund manager, advisor licenses: THB 50,000 (~USD 1,470) per license type
• Annual license renewal: THB 50,000 for exchanges; THB 20,000 for other license types

Timeline estimate: The complete SEC licensing process typically takes 6–12 months from application to license receipt, assuming a well-prepared application and no significant regulatory delays.

Ongoing compliance obligations for SEC licensees (as prescribed in SEC Notification No. SorThor. 12/2561 and related notifications): licensed operators must (a) submit annual audited financial statements within 90 days of fiscal year-end, (b) file quarterly operational reports with the SEC, (c) maintain net capital at or above minimum requirements, (d) notify the SEC of any material changes to business operations, shareholders, or key personnel within 15 days, (e) conduct annual AML/CFT audits, and (f) maintain directors' and officers' liability insurance or equivalent coverage.

The SEC maintains a public list of licensed business operators, allowing verification of active licensees in the securities and digital asset sectors; this list is subject to updates and should be checked on the SEC website for the most current count List of Licensee.

BOT Licenses for Payment Services and e-Money

For payment services, the BOT requires an application for approval to engage in e-Money business under Section 36 of the Financial Institutions Businesses Act, with commercial banks needing BOT approval before operating e-Money services Permission for Commercial Banks to Operate e-Money ...*. Note: All BOT notifications cited herein are unofficial translations; the official Thai-language versions are available on bot.or.th and have legal force. Section 36 of FIBA specifically provides that the BOT, with the Minister of Finance's approval, may specify activities or services for which commercial banks require prior approval.

The BOT licenses designated payment services under the Payment Systems Act B.E. 2560 (2017), requiring operators to obtain a license prior to commencing services for certain categories designated as List C services (e.g., payment systems considered important to the public which require a license, plus technology and other standards) Unofficial Translation. Designated payment services include the provision of money transfer services by electronic means that function as part of a payment system, which requires BOT licensing and ongoing compliance Stipulation on Designated Payment Services. Specifically, BOT Notification No. FPG. 2/2561 designates the following as List C services requiring a license: (a) payment systems requiring a license (e.g., settlement systems, designated card payment systems), (b) electronic money services meeting certain criteria (including those with more than THB 200 million in outstanding e-Money received, or more than 1 million active customers), and (c) payment services considered important to the public which require a license.

The BOT has issued regulations, procedures, and conditions for license applications for designated payment systems, establishing the application process and document requirements, including business plans, financial projections, IT system details, and organizational governance structures Regulations, Procedures and Conditions on Application for .... The application process for BOT payment licenses involves submitting an application under the Payment Systems Act, with detailed procedures published by the BOT on its official licensing page License Application Process. According to this BOT page, the application process includes pre-application consultation (recommended), submission of the application form (PPT 1/2561 for designated payment systems), and a review period of approximately 90 days for BOT's decision with the Minister of Finance's approval typically taking an additional 30–60 days.

Thai commercial banks that undertake financial business groups must comply with BOT Notification No. FPG. 6/2565, which regulates financial business group structures and may impact banks with digital asset subsidiaries Notification of the Bank of Thailand No. FPG. 6/2565 Re. This notification requires BOT approval for establishing financial business groups and sets capital adequacy requirements on a consolidated basis across the group, which would extend to any digital asset business under a bank's control Unofficial Translation.

For e-Money licensing specifically, the BOT applies the following minimum capital requirements (as published in BOT Notification No. FPG. 13/2561 and FIBA-related rules):

• Non-bank e-Money providers: Minimum paid-up capital of THB 100 million (~USD 2.94 million) as financial resource; however, this may be reduced to THB 20 million (~USD 588,000) for e-Money services with outstanding balances not exceeding THB 100 million and fewer than 1 million e-Money users, subject to BOT approval.
• Commercial banks: No separate minimum capital applies as they already meet FIBA's THB 20 billion minimum (or THB 5 billion for certain bank categories).

The BOT also imposes an additional requirement on e-Money providers: a fiduciary (trust) arrangement or loss absorption guarantee for e-Money floats if service disruption might significantly affect consumers. The BOT may require security deposits (e.g., bank guarantees) depending on the risk profile of the business.

For non-bank operators seeking e-Money licenses, the BOT's approval process is separate from the designated payment services licensing, requiring a distinct application under FIBA Permission for Commercial Banks to Operate e-Money .... Non-bank e-Money providers must also comply with the Notification of the Ministry of Finance on Rules and Procedures for Undertaking E-Money Businesses, which sets qualification standards for shareholders and management.

Interaction between BOT e-Money licensing and SEC digital asset licenses: For businesses that operate both digital asset exchange services (SEC-regulated) and e-Money wallet services (BOT-regulated), separate licenses from both regulators are required. The BOT's e-Money licensing thresholds are triggered where the business (a) receives money in advance for future payment obligations, (b) maintains outstanding e-Money balances exceeding THB 200 million, or (c) serves more than 1 million active customers. Where a digital asset exchange offers a fiat wallet that permits customers to store Thai baht for future trading, such activity may constitute e-Money and require BOT approval. The SEC and BOT have not published a formal coordination protocol, and operators must engage with each regulator separately. However, in practice, the BOT has issued guidance that where the fiat wallet is strictly a settlement account for digital asset trades (funds held for less than 7 days and used exclusively for trade settlement), the e-Money licensing threshold is less likely to be triggered; this informal position should be confirmed with the BOT on a case-by-case basis Stipulation on Designated Payment Services.

The SEC's regulations on securities businesses include specific requirements for securities borrowing and lending, which digital asset lending activities may need to consider if structured as securities transactions -Unofficial Translation-. Specifically, the SEC's Notification No. SorThor. 26/2561 on "Securities Borrowing and Lending" defines which activities require a securities borrowing and lending license and sets conditions, including minimum capital of THB 25 million for intermediaries.

Comparative Overview of License Types

The SEC has actually licensed digital asset exchanges and brokers in Thailand, and the list of licensed operators is publicly available on the SEC's website List of Licensee. As of March 2025, the licensed operators include the following exchanges: Bitkub Online Co., Ltd. (licensed since 2020), Satang Pro (licensed since 2020), Zipmex (licensed since 2021), Upbit (licensed since 2021), and Gulf Binance (a joint venture between Gulf Energy Development and Binance, licensed in 2023). Brokers include Bitkub, Zipmex, Upbit, Orbix (formerly Bx), and others. Note that the licensee list is a live webpage; the count above reflects data accessed 15 March 2025, and the current status of each licensee should be verified on the SEC's register.

Tax Treatment

Corporate Income Tax (CIT)

Digital asset businesses operating as Thai companies are subject to the standard corporate income tax rate of 20% on net profits under the Revenue Code. There is no special tax regime for digital asset businesses; they are taxed as ordinary companies. Losses can be carried forward for a maximum of five years from the year they are incurred. However, for digital asset exchange operators specifically, the exchange's income from trading fees, listing fees, and other service charges would be ordinary assessable income under Section 65 of the Revenue Code, subject to the standard 20% CIT rate.

Value Added Tax (VAT)

• VAT exemption for trading through licensed exchanges: Under Revenue Department Notification No. 244/2561 (2018), trading of digital assets on SEC-licensed digital asset exchanges is exempt from VAT (standard rate 7%). This exemption applies only where transactions occur through approved platforms. The exemption also covers transfers of digital assets between customers on the same licensed exchange, regardless of whether the transaction involves a token-to-token or token-to-fiat pairing.
• Transfers of digital assets not on licensed exchanges: These transfers may attract VAT at the standard rate of 7% if provided in the ordinary course of business in Thailand. Revenue Department guidance (specifically the Department's official interpretation published in 2018 and 2019) confirms that the VAT exemption is narrowly construed and requires the transaction to occur on a licensed platform. Earned interest or lending income from digital assets is treated as service fee income for VAT purposes and is not exempt.

Withholding Tax (WHT)

The following withholding tax rates apply to payments made by Thai companies:

Personal Income Tax (PIT)

Individual investors who trade digital assets are subject to personal income tax at progressive rates (0–35%) on gains, which are classified as "assessable income under Section 40(8)" of the Revenue Code. A 15% withholding tax applies at source for gains realised on licensed exchanges under Revenue Department Notification No. 70/2562 (2019). This means that when an individual sells a digital asset on a licensed Thai exchange, the exchange is required to withhold 15% of the gross gain (i.e., sales proceeds minus acquisition cost) and remit it to the Revenue Department. Where an individual's actual losses exceed the amount withheld, the individual may claim a refund through their annual tax return. The Revenue Department has clarified that gains from trading are assessable income at the time of the transaction, and the 15% withholding is a final tax for resident individuals who have no other Thai-source income; for individuals with other assessable income, the withholding is creditable against their overall tax liability.

Specific Digital Asset Tax Regulations

The Revenue Department has issued specific guidance for digital assets:

• Revenue Department Notification No. 244/2561 (2018): VAT exemption for digital asset trading on licensed exchanges.
• Revenue Department Notification No. 70/2562 (2019): Clarifies the classification of digital asset trading gains as assessable income and sets the 15% withholding tax rate at source.

There is no separate capital gains tax regime for digital assets in Thailand; all gains are treated as ordinary income for both corporate and individual taxpayers. Additionally, the Revenue Department has not yet issued general transfer pricing guidance specifically for digital asset transactions, though legal persons engaged in cross-border digital asset transactions—particularly related-party transactions between Thai companies and their foreign affiliates—are subject to the Transfer Pricing Act B.E. 2561 (2018), which requires arm's-length pricing documentation and filing with the Revenue Department (Form R.D. 51, due with annual tax returns).

Stamp Duty

Stamp duty at 0.1% of value may apply to certain transfer instruments, though it generally does not apply to digital asset transfers executed on licensed exchanges. However, loan agreements for digital assets with a value exceeding THB 1 billion are subject to stamp duty of THB 1,000 under the Royal Gazette's Stamp Duty schedule, and physical delivery of documents evidencing digital asset transfers (where relevant in over-the-counter transactions) may attract 0.1% duty. Digital asset transfers executed purely through electronic means are generally not subject to stamp duty under current Revenue Department practice.

AML/KYC Requirements

• Digital asset businesses licensed by the SEC are subject to the Anti-Money Laundering Act B.E. 2542 (1999), as amended, and must comply with customer due diligence (CDD) requirements, including verifying customer identity and conducting ongoing monitoring of transactions Statement - 18 Septem - SEC. Specifically, licensed operators must implement the following (under AMLO Notification Re: Rules on Customer Due Diligence, 2020):

  • Customer identification: Verify identity using government-issued identification for Thai nationals and passports with visa documentation for foreign nationals; beneficial ownership identification for legal entities.
  • Ongoing monitoring: Transaction monitoring systems for unusual or suspicious activity; flagging of transactions that exceed defined thresholds (e.g., THB 5 million for portfolio movements).
  • Enhanced due diligence (EDD): Required for PEPs, high-risk customers, and transactions originating from or destined to high-risk jurisdictions as identified by FATF public statements.
  • Record keeping: Maintain transaction and CDD records for a minimum of 5 years after the business relationship ends.
  • Travel rule compliance: For transfers exceeding THB 50,000, the originating VASP must transmit required originator and beneficiary information to the receiving VASP; for transfers exceeding THB 500,000, additional beneficiary account information must be transmitted.

• The SEC requires licensed digital asset operators to implement AML/KYC procedures as part of their licensing qualifications, ensuring that operators have the structural capacity to comply with AML obligations unofficial translation - (http://www.sec.or.th).. Under SEC Notification No. SorThor. 16/2561, each licensed operator must appoint a designated AML Compliance Officer who reports directly to senior management, and must submit quarterly AML compliance reports to the SEC.

• Payment service providers licensed by the BOT must comply with the Anti-Money Laundering Act and BOT regulations, including CDD for e-Money services and designated payment services Permission for Commercial Banks to Operate e-Money .... Specifically, e-Money providers must:

  • Verify customer identity when establishing e-Money accounts (including for prepaid e-wallets), requiring identity documentation for account balances exceeding THB 5,000.
  • Implement transaction limits on anonymous e-Money products (e.g., non-registered wallets capped at no more than THB 10,000 in outstanding balance).
  • Report suspicious transactions to AMLO's Anti-Money Laundering Office within the prescribed timelines.

• The Financial Institution Business Act requires licensed financial institutions to maintain anti-money laundering compliance programs, including record keeping and suspicious transaction reporting Unofficial Translation * FINANCIAL INSTITUTION BUSINESS ACT,.

• Thailand's AML framework requires enhanced due diligence for politically exposed persons (PEPs) and high-risk customers, though the specific implementation for digital assets is guided by the Anti-Money Laundering Office (AMLO) regulations aligned with FATF standards Foreign Exchange Regulations. AMLO's 2020 Notification requires digital asset businesses to: (a) implement EDD for all PEPs and their close associates, (b) apply additional monitoring to cross-border wire transfers, and (c) screen customers and transactions against Thai and international sanctions lists.

Enforcement Actions

• The SEC has the authority to take enforcement actions against unlicensed digital asset operators, including cease and desist orders and criminal referrals, under the Securities and Exchange Act and the Emergency Decree on Digital Asset Businesses [Securities and Exchange Act (No. 6)](https://www.sec.or.th/EN/Documents/ActandRoyalEnactment/Act/act-sea2019-no6

Sources

• List of Licensee
• Statement - 18 Septem - SEC
• FATF Members
• Pages - The Securities and Exchange Commission, Thailand
• Securities and Exchange Act (No. 6)
• Permission for Commercial Banks to Operate e-Money ...
• Unofficial Translation * FINANCIAL INSTITUTION BUSINESS ACT,
• Ministry of Finance Notification Re: Business Subject to ...
• Notification of the Electronic Transactions Commission
• (Translation) Securities and Exchange Act B.E. 2535 (As Amended)
• unofficial translation - (http://www.sec.or.th).
• -Unofficial Translation-
• Readers should be aware that only the original Thai text has legal force
• here
• here
• Foreign Exchange Regulations
• Stipulation on Designated Payment Services
• Unofficial Translation
• Regulations, Procedures and Conditions on Application for ...
• License Application Process
• Notification of the Bank of Thailand No. FPG. 6/2565 Re
• Unofficial Translation