According to a statement made on May 29, Bybit, 1000X, CoinEx, OKX, and XT.COM will be inaccessible nationwide as of June 28. The SEC stated that the move aims to protect investors and take action against platforms allegedly involved in money laundering and other illegal activities.

In its announcement, the SEC urged users with assets on these platforms to take necessary steps before the June 28 deadline.

New Law Grants Authority to Digital Ministry

This decision follows the Royal Decree on the Prevention and Suppression of Technology Crimes, which came into effect on April 13 in Thailand. Under the updated framework, the Ministry of Digital Economy and Society (MDES) now holds the power to block unlicensed digital asset trading platforms.

Earlier in April, Thailand’s Cabinet approved amendments to emergency laws related to digital asset businesses and cybercrime. These changes aim to prevent foreign-based P2P crypto service providers from operating illegally within the country.

Complaint Filed Over Unlicensed Operations

Following its investigation, the Thai SEC concluded that the five platforms in question were operating without valid local licenses. This violates the Royal Decree on Digital Asset Businesses, prompting the SEC to file an official complaint with the MDES. The complaint is expected to result in these services being blocked throughout the country.

The regulator also issued a public warning about the risks of using unlicensed crypto services, emphasizing that such users are not protected under Thai law and may be exposed to scams and fraud-related risks.

Balanced Regulatory Stance on Crypto Continues

Thailand continues to take a measured approach to crypto regulation. In May, it was reported that the government is working on a solution allowing tourists to make crypto payments through credit card-linked systems.

Additionally, the Ministry of Finance plans to issue $150 million worth of digital investment tokens, enabling retail investors to purchase government bonds. In March, regulators approved the use of stablecoins like USDt from Tether and USDC from Circle on licensed crypto exchanges nationwide.

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This initiative will be implemented following infrastructure and regulatory reviews by the Ministry of Finance and the Bank of Thailand. In this new system, crypto payments made by tourists will be converted in the background, and local merchants will receive payments in Thai baht, often without realizing that cryptocurrencies were used.

Finance Minister and Deputy Prime Minister Pichai Chunhavajira, speaking at an investment seminar in Bangkok on May 26, stated that the system could increase foreign currency inflows and reduce volatility in the local currency.

Major Financial Law Reforms on the Horizon

Beyond crypto usage, the Thai government is working on a broader plan for financial reform. Minister Pichai emphasized the need to consolidate traditional capital markets and digital asset markets under a unified legal framework.

Currently regulated under separate laws, these two financial sectors will be brought into better alignment through upcoming legislative changes. Additionally, institutional investors such as life insurance firms and large funds, which are currently limited to government bonds, may gain flexibility to invest in private sector assets. This change could enable more capital flow into the real economy.

A Fairer and More Innovative Market

The reforms will also address market areas prone to manipulation, such as high-frequency trading. A new draft law aims to grant broader enforcement powers to the Thai Securities and Exchange Commission (SEC), including the ability to bring major cases directly to prosecutors.

Blockchain-Based “G-Token” Era for Government Bonds

Pichai reaffirmed his support for cryptocurrencies, stressing the importance of clear regulations that promote innovation while protecting financial stability. In this context, the newly introduced “G-Token” project will allow retail investors to invest in government bonds using blockchain technology and fractional units.

On May 13, the Ministry of Finance announced plans to issue $150 million worth of digital investment tokens, which will make government bonds more accessible to a wider base of investors.

Meanwhile, in February, a tokenized securities trading platform was proposed for institutional investors. In March, Tether’s USDt and Circle’s USDC were approved for trading on regulated exchanges across the country.

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Thaksin pointed out that the Thai government is losing around $4 billion (100 billion Thai baht) in tax revenue from online gambling. Speaking at an event on January 13, he urged Thai authorities to legalize the online gambling ecosystem.

This recommendation came shortly after Thailand’s cabinet approved the draft of the Entertainment Complex Business Act. The bill aims to allow the establishment of entertainment complexes and casinos and to tax Thailand’s underground gambling industry.

Political Influence on Thai Regulations

Although Thaksin is not part of the current administration, he still holds significant political influence in Thailand. His daughter, Paetongtarn Shinawatra, is currently the country’s prime minister.

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When the draft law was approved, the current Prime Minister highlighted Singapore’s similar implementation, which had a positive impact on the island nation’s tourism and GDP.

Adoption of Crypto and Stablecoins

Thaksin developed his previous recommendations on cryptocurrencies and urged for the adoption of stablecoins and other non-volatile cryptocurrencies. He called on Thailand’s Securities and Exchange Commission (SEC) to allow the trading of stablecoins.

Additionally, Thaksin mentioned that Phuket could be a suitable pilot area for testing crypto payment systems. “There is no risk; it is just another currency in the world,” he said.

Digital Baht Payments and Rising Interest

In July 2024, Thailand distributed social benefits to 45 million citizens in digital money. The payments aimed to stimulate the economy, with eligible Thais receiving about $280, costing the government $13.8 billion.

The Bank of Thailand completed a retail central bank digital currency (CBDC) trial in April 2024. At the conclusion of the project, the bank announced there were no immediate plans to officially issue a retail CBDC but would continue to use the insights gained for future studies on improving the payment system.

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Shinawatra did not suggest that Thailand should buy cryptocurrencies but emphasized the importance of understanding digital assets and the global digitalization trends. He stated, “There are already many cryptocurrencies. Some people say that in the future, we will have more currencies than countries. Thai people must think and understand this.”

He also highlighted that the incoming Trump administration’s trade tariffs and the idea of paying off the national debt with Bitcoin make understanding the digital economy even more critical.

Thailand’s Digital Economy Initiatives

• August 2024: The Thailand Securities and Exchange Commission (SEC) announced a regulatory sandbox for crypto service providers, creating a testing environment for experimental financial technologies.
• July 2024: The Pheu Thai Party distributed digital cash worth 10,000 baht (approximately $280) to 45 million residents as an economic stimulus.
• September 2024: Kasikornbank, Thailand’s second-largest bank, launched the country’s first licensed crypto custody service for digital asset businesses.
• October 2024: The Thailand SEC proposed allowing investment funds to access crypto investments.
• October 2024: The Bank of Thailand partnered with the Hong Kong Monetary Authority (HKMA) to test tokenized cross-border payments, as part of HKMA’s Project Ensemble.

These developments reflect Thailand’s proactive efforts in crypto regulations and the digital economy, showcasing its dedication to innovation and adaptation in the global financial landscape.

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New Regulations for Investment Funds

Limitations for Retail Investors

A New Path for Crypto Payments?

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Along with local police, AFP said officers from the Provincial Electricity Authorities stormed a property in Ratchaburi, a province in central Thailand west of Bangkok.

Chief district security officer Jamnong Chanwong apparently clarified that the power interruptions started in the middle of July, most likely when the mine started running. Thai officials claimed the mining operator paid relatively little in fees as compared to the significant electricity consumption. At the mine, the officials did not, however, arrest anyone.

Particularly since China outlawed all crypto mining activities in 2021, Southeast Asian nations have been prominent targets for bitcoin miners drawn by low-cost electricity, trained labor, and developed infrastructure.

As Malaysia continued its assault on power theft connected to bitcoin mining operations last week, police allegedly destroyed 985 bitcoin mining equipment valued at around 1.98 million Malaysian ringgits ($452,500). Earlier this month, seven people reportedly engaged in bitcoin mining activities using stolen electricity were also apprehended by Sepang district police in Malaysia.

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The Sandbox is meant to “facilitate experiments and the development of innovations supporting the efficient provision of digital asset services in a real-life context,” Thailand’s Securities and Exchange Commission said on Friday.

Following the approval of the SEC Board to create the crypto Sandbox in March and a later public hearing in May, the Sandbox launches.

The Sandbox is meant for industry participants in six categories, including digital asset exchanges, brokers, dealers, fund managers, advisers, and custodial wallet providers, as the SEC specifically pointed out.

Applications are welcome in the Sandbox now. Based on their capital adequacy, work systems, and management structures, the Thai regulator said it will evaluate candidates’ qualifications.

Early this year, the Thai government took various crypto-positive actions. For instance, the Ministry of Finance apparently granted value-added tax exemptions for bitcoin trade in February. The Thai SEC changed pertinent rules in March to let professional investors make investments in American spot bitcoin exchange-traded funds.

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License Cancellation of Zipmex

In a June 11 notification, the SEC announced that, as of May 28, Zipmex was no longer approved to run as a digital asset exchange and broker for cryptocurrencies in Thailand. The regulator told Zipmex to stop providing services to Thai customers in February until it could “correct its financial position and operational shortcomings.” The Finance Minister decided, however, that the trade was “still in contravention” of the directives.

The SEC stated, “Zipmex is required to return assets to its clients or proceed according to their requests.” “If any clients do not notify their requests or claim their assets, Zipmex must deposit the unclaimed assets in a trusted and safe system and must report its proceedings, step by step, immediately to the SEC.”

Investigations and Financial Troubles

The SEC was investigating Zipmex following the fall in the crypto market in 2022. The trade allegedly underwent an investigation into an acquisition by V Ventures and whether it had been running in Thailand without official permission. Saying that the action was an effort to follow rules, Zipmex ceased trading in November 2023.

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Originally licensed by the Thai SEC in 2020, the Singapore-based exchange apparently owed debt relief two years later for $97 million, having first registered with According to Zipmex, as of November 2023, as part of its restructuring activities, it was ready to offer creditors 3.35 cents per dollar for initial claims.

Future Steps of Zipmex

As Zipmex navigates the aftermath of these cancellations, the exchange must focus on complying with the SEC’s directives, ensuring that clients’ assets are either returned or securely managed. This decision highlights the regulatory challenges facing cryptocurrency exchanges and the importance of maintaining robust financial and operational practices.

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Bitkub Capital Group Holdings, the parent company of Bitkub, is currently engaging financial advisers to facilitate its planned initial public offering on the Stock Exchange of Thailand (SET) in 2025. According to CEO Jirayut Srupsrisopa, the IPO is intended to generate fresh capital and enhance Bitkub’s standing in the market.

Despite experiencing a 6% reduction in staff numbers in both 2022 and 2023, Bitkub is actively expanding its workforce. Jirayut revealed that the exchange plans to double its current staff count of 2,000 to 4,000 by 2025.

Bitkub had first announced its intentions to launch an IPO in Thailand in a shareholder letter in 2023, though specifics were not disclosed at the time.

As the largest cryptocurrency exchange in Thailand, Bitkub holds 77% of the market share as of December 2023, based on data from HashKey. The exchange facilitates approximately $30 million in daily trading volumes.

Among other prominent crypto exchanges in Thailand are Upbit, Bitazza, and Zipmex. However, Zipmex ceased trading operations in November 2023 following regulatory pressures.

Thailand has witnessed significant growth in its crypto sector, with over 13 million crypto users reported in 2023, constituting about 18% of the total population. This number is projected to reach 17.7 million users by 2028, as per Statista data.

With increasing adoption, rival cryptocurrency firms are vying for market share in Thailand. Notably, Binance, a major global player, established its local subsidiary in January 2024 and plans to commence operations in the same year.

Moreover, Thailand’s Kasikornbank acquired a majority stake in the Satang crypto exchange in October 2023, underscoring the expanding landscape of crypto-related ventures in the country.

The latest revelations about Bitkub’s IPO plans follow its sale of a 9.2% stake in its crypto exchange unit, Bitkub Online, to tech holding company Asphere Innovations in July 2023, valued at 600 million baht or $16.5 million at the time.

Jirayut anticipates a surge in Bitkub Online’s valuation as trading volumes approach levels reminiscent of the last crypto bull market in 2021. Bitkub Online presently contributes approximately 80% of Bitkub Capital’s earnings.

In 2022, SCB X, a financial entity affiliated with Thailand’s largest bank by market value, scrapped its proposal to acquire a 51% stake in Bitkub Online worth 17.85 billion baht, citing heightened regulatory scrutiny.

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Announced by Pornanong Budsaratragoon, the SEC’s Secretary-General, on Monday, asset managers are now allowed to invest in spot bitcoin (BTC) ETFs listed on U.S. exchanges.

Spot Bitcoin ETFs are reclassified as securities, not digital assets, under the SEC Act. This reclassification extends the opportunity for Thai securities firms to engage in such investments. The SEC is deliberating the possibility of offering this investment avenue to individual investors in the future.

“Asset management firms have approached the SEC seeking exposure to digital assets, particularly bitcoin and spot bitcoin ETFs. However, we must carefully weigh the decision to permit asset management firms to directly invest in digital assets due to their high-risk nature,” stated Pornanong.

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