How to Get a Crypto License in Thailand: The SEC Application, the Finance Minister's Approval and the Rules for Offshore Platforms

The short version: In Thailand, running a digital asset exchange, brokerage, dealing desk, fund manager, advisory service or custodial wallet needs a licence from the Minister of Finance, on the recommendation of the Securities and Exchange Commission (SEC) (Emergency Decree on Digital Asset Businesses B.E. 2561, section 26; SEC translation). The applicant must be a limited or public limited company set up under Thai law. Minimum paid-up capital runs from THB 1 million for an adviser to THB 100 million for an exchange that holds client assets (SEC notification, in force 1 November 2024). Applications go in through the SEC's online LCS system in the first five business days of each month, with a THB 30,000 application fee (SEC). Once the file is complete, the SEC Board has 90 days to make its recommendation and the Minister 60 days to decide (Ministry of Finance notification, clause 6). Since April 2025 the licence requirement also reaches platforms abroad that serve people in Thailand. On the SEC list as read on 9 Nov 2026, 32 companies hold 42 digital asset business licences from the SEC in Thailand (SEC list).

VASP Tracker is an independent information service. It is not affiliated with the SEC Thailand, the Ministry of Finance or the Ministry of Digital Economy and Society, and this is not legal advice. Thai terms and quotations are our translations; the English text of the Decree is the SEC's unofficial translation, and the Thai texts prevail.

What Applies

• The Decree. The Emergency Decree on Digital Asset Businesses B.E. 2561 (2018), in force since 14 May 2018 (SEC). Section 26 requires the licence; section 66 sets the penalty for operating without one: 2 to 5 years' imprisonment, a fine of THB 200,000 to 500,000 and up to THB 10,000 for each day the offence continues (Decree, as amended).
• The Ministry of Finance notification on licensing digital asset businesses (2018, consolidated). It lists the 11 licence types, sets who may apply (clause 3), and fixes the procedure, the review periods and the conditions for starting business (clauses 4–9) (SEC publication).
• SEC Capital Market Supervisory Board notifications. These cover paid-up capital, the application form and method, prohibited characteristics of directors and executives, business conduct, net capital, IT systems and fees. The SEC lists them all, with the application forms, on its digital asset business page (SEC, in Thai).

Who Needs a Licence

The Ministry of Finance notification counts 11 licence types: exchange, broker, dealer, fund manager and adviser, each separately for cryptocurrency and for digital tokens, plus custodial wallet provider (clause 2). The SEC's public list groups them into seven (SEC list):

• Exchange: a centre or network that matches orders or otherwise lets people trade or exchange digital assets in the normal course of business;
• Broker: trading or exchanging digital assets as an agent for others, for a fee;
• Dealer: trading digital assets for its own account, outside an exchange, as a business;
• Fund manager and advisory service;
• Custodial wallet provider: holding digital assets or managing the cryptographic keys used to approve transfers, for a fee.

The SEC can carve out activities that do not count as each type by notification (SEC). ICO portals, which the SEC list also shows, are approved under separate token-offering rules and are not covered here.

Platforms abroad. The Emergency Decree on Digital Asset Businesses (No. 2) B.E. 2568, published in the Government Gazette on 12 April 2025, added a third paragraph to section 26: an operator based outside Thailand that serves people in Thailand needs a licence too. Under new section 26/1 it is treated as serving people in Thailand if it has any one of these features (Decree, as amended):

• the service is shown wholly or partly in Thai;
• it uses a “.th” or “.ไทย” domain, a domain in Thai, or one that signifies Thailand;
• it requires or allows payment in baht, or through bank or electronic accounts in Thailand;
• it says Thai law governs, or Thai courts hear disputes;
• it pays a search engine to make it easier for users in Thailand to reach it;
• it sets up an office or entity, or hires staff, to support users in Thailand;
• any other feature the SEC specifies.

Enforcement now runs through access blocks as well as criminal complaints. On the SEC's request, the Ministry of Digital Economy and Society blocked Bybit, 1000X, CoinEx, OKX and XT.COM from 28 June 2025 (SEC news 160/2025) and the Vcex.io platform from 7 November 2026 (SEC news 215/2569). A block on Bitget is scheduled from 5 December 2026 (SEC release 241/2569). Our list of licensed exchanges also shows which global brands are not on the SEC list by name.

Step 1: The Company

Clause 3 of the Ministry of Finance notification sets the conditions an applicant must meet (MoF notification):

• a limited company or public limited company set up under Thai law;
• an exchange may not also be a licensed dealer, and a dealer may not also be a licensed exchange;
• a custodial wallet provider must be a securities company, a commercial bank, another financial institution the SEC specifies, a securities depository, or a company newly set up for that licence, and may hold no other digital asset licence. Firms with other licence types may not be custodial wallet providers;
• paid-up capital at least at the SEC minimum (Step 2);
• work systems ready for the licence type applied for, and no reason to believe its finances or controls are unsound;
• directors, executives and major shareholders free of the prohibited characteristics (Step 3);
• if the company already runs another business, that business must be related to or support the licence, without unmanaged conflicts of interest. Its latest annual accounts must be audited by an SEC-approved auditor, and it needs consent from any regulator of that other business;
• no refusal or revocation of a licence, and no withdrawn application, in the 6 months before applying (clauses 3(8)–(9));
• no pending SEC complaint, prosecution or final conviction for running an unlicensed digital asset, securities or derivatives business. A final conviction counts unless 10 years have passed since the sentence was served (clauses 3(10)–(11)).

Step 2: Paid-Up Capital

The SEC Capital Market Supervisory Board notification dated 7 October 2024, in force since 1 November 2024, sets the minimum paid-up capital by licence type (SEC notification):

• THB 100 million: an exchange that holds client assets;
• THB 50 million: an exchange that does not hold client assets; a broker or dealer that holds client assets; a custodial wallet provider;
• THB 25 million: a fund manager that holds client assets, or one that does not but serves investors other than institutional investors;
• THB 10 million: a broker or dealer that does not hold client assets; a fund manager that holds no client assets and serves institutional investors only;
• THB 1 million: an adviser.

A company applying for several types must meet the highest amount, and licensees must keep the capital up after authorisation. Firms already licensed before the notification had to reach 50% of the new amount by 1 May 2025 and the full amount by 1 November 2025. Licensees must also maintain net capital under the SEC's rules and report it, with daily and monthly report forms published by the SEC (SEC).

Step 3: Directors, Executives and Major Shareholders

The SEC checks the people behind the company as part of the licence. Directors and executives need SEC approval and must be free of the prohibited characteristics in the SEC's notifications. The SEC publishes qualification tables for authorised directors, managers and independent directors, and lists the digital asset and corporate-governance courses it accepts. Major shareholders need approval under a separate Ministry of Finance notification (SEC). The application set includes the forms for each (Set C):

• form C1 for approval of directors and executives, with a personal history certificate (C1.1) for each person;
• form C2 for approval of each person who is or will be a major shareholder.

The SEC revised how it defines the major shareholders who need approval in 2026 (SEC circular 44/2569, listed on the same page). Check the current text before mapping the ownership chain. Directors, executives and major shareholders are also caught by the 6-month and 10-year bars in Step 1 if they held those roles in a refused, revoked or withdrawn applicant, or took part in an unlicensed business (clause 3(12)).

Step 4: Pre-Consultation (Optional)

The SEC offers a voluntary pre-consultation before filing (SEC):

1. study the licensing rules;
2. complete the SEC's self-assessment form;
3. prepare the business model, a description of the systems, and plans for building systems and hiring;
4. book a meeting with the SEC's digital asset licensing team, using the contact details on the SEC page. A major shareholder, an authorised director or the managing director must attend the first meeting.

The number of meetings depends on the licence type and the systems. The SEC may ask for a draft application in advance.

Step 5: Filing Through the LCS System

The company tells the SEC by email that it intends to apply. The SEC then sends instructions for registering on its electronic LCS system (SEC):

• applications are accepted only in the first five business days of each month; a company that misses the window files the next month;
• the application set has four parts: A, the list of supporting documents; B, the application form (B1); C, the people (above); D, the work systems. Set D has a business and compliance summary (D1), guidance on documents showing readiness (D2), an IT checklist (D3) and an IT and cyber-risk assessment (D4);
• when the file is correct and complete, the SEC issues an invoice for the THB 30,000 application fee, payable by the date it sets;
• the review clock starts only once the file is complete and the fee is paid.

The SEC warns that an incomplete file, or one that does not show enough readiness, can lead the Minister to refuse the licence on its recommendation. A refusal or a withdrawn application bars a new application for 6 months.

Step 6: Review, the Minister's Decision and the Licence Fee

Under clause 6 of the Ministry of Finance notification, the SEC Board recommends the application to the Minister within 90 days of receiving a complete application. The Minister decides within 60 days of receiving the recommendation. With the applicant's consent, SEC staff may inspect its premises and computer systems during the review (clause 5) (MoF notification). A licence fee, set in the schedule to the notification, is due on the day the licence is granted (clause 9). We have not verified the current fee schedule, so we give no amounts beyond the THB 30,000 application fee.

Step 7: Readiness Check and Start of Business

A licence does not let the company start trading at once. Under clause 7, it may start only after the SEC has checked that it can show:

• good and effective management;
• effective policies on conflicts of interest, information barriers, internal control and risk management, with monitoring;
• work systems ready for the licensed business;
• enough staff responsible for it.

It must start business within 180 days of receiving the licence. If it cannot show readiness in time for a necessary and reasonable cause, it may apply to the SEC before the deadline for up to 180 more days. It must meet the clause 3 conditions for as long as it operates. A change to the business model that affects the required capital needs SEC permission, which the SEC decides within 30 days. If the conditions are not met, the Minister may revoke the licence on the SEC Board's recommendation (MoF notification).

After the Licence

The SEC's notifications on its licensing page set the ongoing rules (SEC). They cover:

• business conduct, including the listing and delisting criteria for tokens traded on an exchange, market makers and client-asset safekeeping;
• net capital and capital-adequacy reporting;
• IT systems, technology-crime prevention standards and risk management for incoming and outgoing digital asset transfers (SEC notifications 22/2568 and 9/2569);
• advertising and disclosure, and outsourcing;
• annual fees, under a separate SEC fee notification.

The SEC supervises licensees directly. On 5 November 2026 its Board ordered licensee Coins TH to fix its organisation and staffing, its IT and client-asset systems, and to submit its 2024–2025 financial statements, with a report due by 8 December 2026 (SEC news 245/2569).

What Is Not Yet Public

As of 12 Nov 2026, we did not find any of the following in SEC or Ministry of Finance sources:

• statistics on applications filed, refused or withdrawn, or actual processing times;
• the SEC's full list of services exempted from the offshore rule in section 26 (we have not reviewed it);
• the current licence-fee and annual-fee amounts, which we have not verified.

We do not estimate these here.

Thailand Next to MiCA, the UK and Japan

• Who decides. In Thailand the SEC reviews and the Minister of Finance grants the licence. Under MiCA the national competent authority decides, and in the UK the FCA does (MiCA guide, UK guide).
• Time. Thailand sets 90 days for the SEC Board's recommendation plus 60 days for the Minister, from a complete file. Filing is limited to five business days a month. MiCA sets 25 working days for the completeness check plus 40 working days for assessment. The UK has a 6-month statutory decision period for complete applications.
• Money. Thai minimum paid-up capital runs from THB 1 million to THB 100 million by licence type. MiCA's minimum capital is €50,000–€150,000, depending on the services. Japan's floor is ¥10 million (Japan guide).
• Distinctive to Thailand. Licensing and start of business are separate steps, with a 180-day window to pass the SEC's readiness check. An exchange cannot also be a dealer, and custody is a stand-alone licence for most firms. Offshore platforms are caught by seven named tests, and unlicensed ones face access blocks.

Practical Checklist Before You File

1. Map each service to a licence type, and check whether it holds client assets, which sets the capital tier.
2. If you serve Thailand from abroad, test your service against the seven features in section 26/1: Thai language, a Thai domain, baht payments, Thai law or courts, paid search aimed at Thailand, and local staff or offices.
3. Set up a Thai limited or public limited company. Check the exchange–dealer split and the custody-only rule before choosing the structure.
4. Pay up capital at least at the SEC minimum for your highest licence type, and plan for net-capital reporting.
5. Line up directors and executives who meet the SEC's qualification tables and accepted courses. Map every major shareholder against the current definition.
6. Complete the SEC self-assessment, and consider a pre-consultation meeting with a major shareholder or authorised director present.
7. Prepare sets A–D, including the IT checklist and the IT and cyber-risk assessment.
8. Register on the LCS system and file in the first five business days of a month. Pay the THB 30,000 fee when invoiced.
9. After the licence, pass the SEC readiness check and start business within 180 days.

Checked against the Emergency Decree on Digital Asset Businesses B.E. 2561 as amended (SEC unofficial translation), the consolidated Ministry of Finance notification on licensing digital asset businesses, the SEC paid-up capital notification of 7 October 2024, the SEC digital asset business licensing page and the SEC licensee list on 12 Nov 2026. Not published, so not estimated here: processing statistics and current fee amounts beyond the application fee.