Thailand’s Securities and Exchange Commission (SEC) is sending a clear message to offshore digital asset operators. Unlicensed activity targeting Thai users will not be tolerated. In early 2026, the SEC filed criminal complaints against both local brokers and overseas platforms. These entities allegedly ran joint exchange operations without proper authorisation. The enforcement actions form part of a broader regulatory push that began with landmark amendments to the Digital Asset Business Emergency Decree in April 2025.
Businesses in the digital asset space should seek qualified legal counsel in Thailand to stay compliant with the evolving rules.
Thailand SEC Digital Asset Enforcement: The 2025 Regulatory Shift
Two Royal Decrees took effect on 13 April 2025. They fundamentally changed how Thailand regulates foreign crypto platforms. The Royal Decree on Digital Asset Businesses (No. 2), B.E. 2568, introduced an extraterritorial licensing requirement. Any offshore platform that targets Thai residents must now obtain an SEC licence.
The SEC considers a platform to be targeting Thai users based on several factors. These include offering services in Thai, facilitating Thai baht transactions, using a .th domain, or marketing to people in Thailand. Referencing Thai law in terms of service also triggers the requirement. A second decree gave the Ministry of Digital Economy and Society (MDES) the power to block unlicensed platforms without court approval.
How the Thailand SEC Digital Asset Crackdown Unfolded
The SEC wasted no time applying these new powers. On 29 May 2025, it identified five major platforms operating illegally in Thailand. These were Bybit, 1000X, CoinEx, OKX, and XT.COM. By 28 June 2025, MDES had issued blocking orders against all five. The SEC urged Thai investors to withdraw their assets before access was cut off.
The enforcement campaign escalated further in February 2026. The SEC filed a criminal complaint with the Economic Crime Suppression Division. The complaint targeted a licensed Thai digital asset broker, its affiliated overseas platform, and executives of both entities. The regulator alleged that the parties had jointly operated an unlicensed exchange since 2023. This violated the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018).
What the SEC Found During Its Investigation
The investigation revealed coordinated activity designed to funnel Thai customers onto an unlicensed global platform. The overseas operator used Thai-language social media campaigns to attract local users. Customers who registered through the local broker’s app were automatically redirected to the global platform. No separate identity verification was required.
The local broker also provided back-office system support to the overseas entity. The SEC determined that these activities constituted joint operation of an unlicensed exchange. This is a serious violation under Sections 26 and 66 of the Emergency Decree.
Penalties for Unlicensed Digital Asset Operations in Thailand
The consequences of operating without a licence are severe. The Emergency Decree provides for criminal prosecution. The SEC has shown a willingness to pursue both corporate entities and individual executives. In separate proceedings, the SEC also targeted individuals who promoted unlicensed platforms on social media. Channels included Facebook, YouTube, Telegram, Line, and Discord.
Penalties can include imprisonment of up to three years and fines of up to 300,000 Thai baht. The MDES can also order internet service providers to block non-compliant platforms. Companies facing regulatory scrutiny should consult experienced litigation and dispute resolution lawyers to understand their options.
Thailand SEC Digital Asset Rules: What Foreign Operators Must Know
Foreign digital asset platforms that serve Thai users face a clear compliance obligation. The licensing requirement applies regardless of physical presence in Thailand. Thai-language content, local payment methods, targeted marketing, or Thai law references can all trigger the SEC’s jurisdiction.
Operators that fail to obtain a licence risk criminal prosecution and platform blocking. The SEC has made it clear that operating through a licensed local intermediary does not provide a safe harbour. If the underlying arrangement amounts to an unlicensed exchange, both parties face liability.
Steps for Digital Asset Businesses to Stay Compliant
Companies involved in cryptocurrency or digital asset services in Thailand should review their regulatory position immediately. Key steps include assessing whether current operations trigger the licensing requirement. Businesses should also engage with the SEC on licence applications where necessary. It is critical to ensure that partnerships with local brokers do not create the appearance of joint unlicensed activity. Platforms that handle personal data of Thai users must also comply with Thailand’s PDPA requirements to avoid additional enforcement risk.
Proper corporate structuring is essential for any digital asset business entering the Thai market. Our team at Lex Bangkok assists with company registration in Thailand and ongoing corporate secretarial services to keep businesses aligned with regulatory requirements.
Need Guidance on Digital Asset Compliance in Thailand?
Our legal team at Lex Bangkok helps digital asset businesses navigate SEC licensing, corporate structuring, and regulatory compliance across Thailand.