Country overview

#15

Thailand

Country stats

Rating Points

390

This indicator describes the overall rating of a given jurisdiction on several parameters according to cryptocurrency operations - market volume, crypto regulation, business climate, taxation framework.

Crypto Penetration

13%

Estimated percentage of crypto users out of the country's total population based on public data.

Legal Entities

Number of crypto companies registered in the country based on regulator data if available or other types of public data.

Regulation Points

180

An overall assessment of the granularity of crypto regulation in a given country. A high score is also given to countries where cryptocurrency transactions are highly regulated.

Amount of crypto users

9 308 000

Total amount of crypto users out of the country's total population based on public data.

Taxation points

This figure, according to our analysts' calculations, indicates the overall level of tax burden for cryptocurrency transactions in a given country. The higher the indicator, the lower the burden.

Market volume points

168.4

A rough estimate of this jurisdiction's retail crypto market relative to the rest of the world. The higher the indicator, the higher the market potential.

Status of crypto

Legally allowed

General status of cryptocurrency regulation in this jurisdiction.

Crypto payments

Ban

The legal status of cryptocurrency payments for goods and services in a given country based on information from regulators, public data and feedback from our community.

Security Level

Considerable danger

The overall level of security in a given country based on open data.

Crypto Salaries

Ban

The legal status of cryptocurrency salaries to employers in a given country based on information from regulators, public data and feedback from our community.

Business Climate

Bad

Overall assessment of the friendliness of this country for crypto-business. This indicator takes into account the cost of obtaining a license and the attitude towards crypto entities in the country.

Stablecoin Regulation

Low

This indicator is evaluating the regulation of stablecoins in a given country. Complex regulation means that it is possible to issue steiblcoins and obtain a license for this activity. Basic regulation means that the issuance of stablecoins is possible, but not all legal aspects are defined in the law. Standard regulation means that there is a legal practice of steylcoin circulation in a given country.

Bad Factors

This section describes the unfavorable economic factors for crypto-business in a given country. These are countries that are under sanctions or on the FATF grey list and other factors.

Types of licenses

Crypto-to-crypto

This license type allows VASP to provide legal exchange from one cryptocurrency to another.

Crypto-to-fiat

This type of license regulates the exchange from cryptocurrency to fiat.

Wallet/Custody

This country has a legal licensing procedure for companies that store cryptocurrency - - crypto wallet providers and custodians.

ICO/STO

This indicator describes legal procedures for token sales and security token issuance. This country has a clear regulation framework and licensing procedures for entities that provide this activity.

Good

Medium

Bad

intro

Thailand is a country with a large expat community and a popular vacation spot. In addition, the country has a strong economy (9th place by GDP in Asia) and about 65 mln people living there. It also actively maintains economic relations with the US, China, and other countries in the region. attractive for crypto-business. Finally, local crypto regulation framework is modeled after Korea and Japan. But in 2014 Thailand has provided some innovations in the field of fintech.

If you want to move to Thailand, please read the detailed guide of its visa rules and residence permit opportunities .

Security level

Thailand has a considerable danger security level according to our rating. Jurisdiction has 61.7 points (from 100) for safety level in Numbeo crime rating (1). Homicide level (2) is 4.8 per 100,000 inhabitants a year.

Crypto Payments

Crypto payments are banned (3).

Crypto Salaries

Since crypto payments are banned, crypto salaries are illegal in the country, too. This restriction includes barter exchange.

Legal

Type of license	License
#cryptotocrypto	Digital Asset Business: Digital Asset Exchange
#cryptotofiat	Digital Asset Business: Digital Asset Exchange
#wallet	Digital Asset Business: Digital Asset Custodial Wallet Provider
#cryptofund	Digital Asset Business: Digital Asset Fund Manager
#tokenissuance	Offering of digital tokens
#custodian	Digital Asset Business: Digital Asset Broker
#custodian	Digital Asset Business: Digital Asset Dealer

The Thai SEC is (3¹) the country's crypto regulator. In 2018, the SEC passed the Emergency Decree on Digital Asset Businesses, which laid out the licensing, disclosure, and legal requirements for issuing, distributing, or carrying out service provisions using cryptocurrencies.

Crypto regulation framework is based on that decree, and in simple form, it can represented in the image below:

If you want to know more about cryptocurrency regulation in Thailand, you can read it here - EMERGENCY DECREE ON DIGITAL ASSET BUSINESSES (4).

On Jan. 17, the Thai SEC issued (5) regulations requiring virtual asset service providers (VASP) to establish a digital wallet management system to guarantee efficient custody. The new rules target crypto custodians or VASPs that provide crypto storage services.

More cases need to be evident, but the legislation allows token issuance.

In 2017, the Thai authorities introduced (6) new progressive legislative standards that increased the transparency and control of cryptocurrency turnover. Exchanges, exchangers, and other sellers of non-fiat funds must pass a registration with the regulator - the Securities and Exchange Commission (the SEC). It issues a license for the cryptocurrency exchange control to implement the rules, including the payment of taxes.

Based on Freeman Law overview (7), cryptocurrencies are not considered legal tender in Thailand. Instead, cryptocurrencies and other digital tokens are deemed “digital assets” by the Royal Decree on Digital Asset Business, which took effect on May 14, 2018.

In 2022 the Thailand Securities and Exchange Commission (SEC) licensed (8) 21 Virtual Assets Service Providers (VASPs) in the country. According to a report (9) by Thai Inquirer, the four newly approved firms include Krungthai XSpring (KTX) (a broker), T-BOX (an exchange), Coindee (an advisor and fund manager), and Leif Capital Asset Management (a fund manager).

2024 brought regulation updates: local SEC published (10) new rules for crypto funds. Thailand became the second Asian jurisdiction after China launched the Bitcoin ETF. Last, but not least - Binance got Thai SEC approval in partnership with local company GULF. The government stays loyal to crypto, despite the resignation of Srettha Thavissin. His new successor Paetongtarn Shinawatra stays loyal to crypto and innovations.

Taxation

Tax name	Index
PIT tax Min	5
PIT tax Max	35
Corporate tax (CIT)	20
Min Individual CGT (for crypto)	15
Max Individual CGT (for crypto)	15
Wealth tax Min	0
Wealth tax Max	0

PIT

0% - 35% in obedience to PWC(11).

CIT

The corporate income tax (CIT) rate is 20% based on PWC(12).

CGT

Capital gains on the sale of investments derived from or in Thailand by a foreign company not carrying on business in Thailand are subject to a tax of 15%, based on PWC (13). As for personal income you need to be careful. According to the author of this guide, there is a risk that Thailand may require you to pay CGT even if you are a foreigner and crypto assets were sold abroad. For people who live in the country for more than 183 days and are tax residents may now be required to pay taxes on income from any source (including from abroad). Please contact us, if you have detailed information about CGT and other tax procedures for foreign residents of Thailand.

Wealth Tax

Share of profits or any benefits from holding or possessing digital tokens or gains from transferring cryptocurrencies or digital tokens are subject (14) to a WHT at the flat rate of 15%.

Links

1)Crime Index by Country 2023 Mid-Year

2)List of countries by intentional homicide rate

3)Lexology.Thai SEC Bans Cryptocurrency as a Means of Payment

3¹) EMERGENCY DECREE ON DIGITAL ASSET BUSINESSES B.E. 2561 (2018)

4)EMERGENCY DECREE ONDIGITAL ASSET BUSINESSES

5)SEC issues rules on the management of digital wallets for custody of digital assets and keys. Thai SEC.

6)Thailand Cryptocurrency Exchange License. Private Finance.

7)Thailand and Cryptocurrency. Freeman Law.

8)Thai SEC grants operating licenses to 4 more digital assets firms. Coingeek.

9)Thai Inquier. Report.

Last update: October 2024

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In this research we’ve calculated an approximate audience of the TON community before adding wallet to Telegram based on public data

intro

Security level

Crypto Payments

Crypto payments are banned (3).

Crypto Salaries

Since crypto payments are banned, crypto salaries are illegal in the country, too. This restriction includes barter exchange.

Legal

Type of license	License
#cryptotocrypto	Digital Asset Business: Digital Asset Exchange
#cryptotofiat	Digital Asset Business: Digital Asset Exchange
#wallet	Digital Asset Business: Digital Asset Custodial Wallet Provider
#cryptofund	Digital Asset Business: Digital Asset Fund Manager
#tokenissuance	Offering of digital tokens
#custodian	Digital Asset Business: Digital Asset Broker
#custodian	Digital Asset Business: Digital Asset Dealer

Crypto regulation framework is based on that decree, and in simple form, it can represented in the image below:

If you want to know more about cryptocurrency regulation in Thailand, you can read it here - EMERGENCY DECREE ON DIGITAL ASSET BUSINESSES (4).

More cases need to be evident, but the legislation allows token issuance.

Taxation

Tax name	Index
PIT tax Min	5
PIT tax Max	35
Corporate tax (CIT)	20
Min Individual CGT (for crypto)	15
Max Individual CGT (for crypto)	15
Wealth tax Min	0
Wealth tax Max	0

PIT

0% - 35% in obedience to PWC(11).

CIT

The corporate income tax (CIT) rate is 20% based on PWC(12).

CGT

Wealth Tax

Share of profits or any benefits from holding or possessing digital tokens or gains from transferring cryptocurrencies or digital tokens are subject (14) to a WHT at the flat rate of 15%.

Links

1)Crime Index by Country 2023 Mid-Year

2)List of countries by intentional homicide rate

3)Lexology.Thai SEC Bans Cryptocurrency as a Means of Payment

3¹) EMERGENCY DECREE ON DIGITAL ASSET BUSINESSES B.E. 2561 (2018)

4)EMERGENCY DECREE ONDIGITAL ASSET BUSINESSES

5)SEC issues rules on the management of digital wallets for custody of digital assets and keys. Thai SEC.

6)Thailand Cryptocurrency Exchange License. Private Finance.

7)Thailand and Cryptocurrency. Freeman Law.

8)Thai SEC grants operating licenses to 4 more digital assets firms. Coingeek.

9)Thai Inquier. Report.

Last update: October 2024