Thai Crypto Exchange Licensing Requirements: What You Need to Know in 2025

Thailand isn’t just accepting cryptocurrency-it’s regulating it with precision. If you’re thinking about launching or using a crypto exchange in Thailand, you need to understand the rules. They’re not optional. They’re not suggestions. They’re the law. And since April 2025, the rules have gotten even tighter. This isn’t a country where you can set up a server in a garage and start trading. This is a place where you need capital, compliance, and a physical presence-or you don’t get in at all.

Why Thailand’s Rules Matter

Thailand has one of the clearest, most structured crypto licensing systems in Southeast Asia. Unlike countries that ban crypto outright or ignore it completely, Thailand says: “If you want to operate here, here’s how.” The result? Over 12 licensed exchanges, 13 brokers, and 3 dealers as of 2025. That’s not a lot compared to global markets, but it’s enough to create real trust. Thai users know which platforms are legal because the SEC Thailand publishes a live list. No guessing. No scams hiding behind fake websites.

The government isn’t trying to kill crypto. It’s trying to control it. And that’s why the licensing process is so detailed. It’s designed to protect investors, prevent money laundering, and make sure exchanges can actually survive if things go wrong. If you’re a Thai citizen holding crypto, you’re part of an 8.43 million-person market. That’s over 11% of the population. The government wants to make sure that market stays safe.

The Three Main Types of Licenses

You can’t just apply for “a crypto license.” Thailand breaks it down. There are three core types of digital asset business licenses:

• Digital Asset Exchange - This is what most people think of: platforms where users buy and sell crypto like Bitcoin, Ethereum, or Thai-issued tokens. These are the biggest players, like Bitkub and Zipmex.
• Digital Asset Broker - These firms act as intermediaries. They don’t run order books. Instead, they match buyers and sellers directly or trade on their own account to fulfill client orders.
• Digital Asset Dealer - These are market makers. They provide liquidity by constantly quoting buy and sell prices. They’re often used by institutional traders.

There are also licenses for ICO portals, custodial wallet providers, fund managers, and advisors-but those are rare. Only two companies in Thailand hold custodial wallet licenses. Why? Because the requirements are even stricter, and demand is lower. Most users don’t need a separate wallet provider if their exchange offers custody.

The Cost of Getting Licensed

This isn’t a startup-friendly process. The financial barrier is massive.

• Minimum share capital: 50 million THB (about $1.4 million USD). This money must be deposited in a Thai bank account when you incorporate your company. You can’t use crypto. You can’t use foreign accounts. It has to be Thai baht, in a Thai bank.
• Licensing application fee: 2.5 million THB (around $700,000 USD). This is non-refundable, even if your application is denied.
• Total upfront cost: 52.5 million THB (roughly $2.1 million USD).

That’s not including legal fees, compliance software, office rent, staff salaries, or cybersecurity systems. Most companies spend an extra $500,000 or more just on consultants and infrastructure before they even submit the application.

And this isn’t a one-time cost. You’ll need ongoing audits, annual reporting, and continuous compliance checks. The SEC doesn’t just give you a license and walk away. They monitor you.

Who Can Apply? Foreigners Are Welcome-If They Follow the Rules

You don’t have to be Thai to get a license. Foreign companies can apply. But there’s a catch: you must set up a legal entity in Thailand. That means incorporating a Thai company, leasing office space, hiring Thai employees, and opening local bank accounts. No offshore shells. No virtual offices. No pretending you’re based somewhere else.

The April 2025 update made this even clearer. Any foreign exchange that targets Thai users-even if it’s based in Singapore, the US, or Hong Kong-must now get a Thai license. If you’re advertising in Thai, accepting Thai baht, or promoting your platform to Thai speakers, you’re legally required to apply. The SEC has started cracking down on unlicensed foreign platforms. Several have been blocked from Thai internet providers.

The Application Process: 150 Days of Paperwork

The official timeline is 150 days. But most companies take 6 to 12 months to get ready before they even apply. Here’s what you need to do:

1. Register a Thai company - You need a legal entity under Thai corporate law. This involves a local lawyer, notarized documents, and a registered office address.
2. Deposit 50 million THB - In a Thai bank. No exceptions.
3. Build your compliance system - You need KYC software that meets Thai standards, AML-CFT policies, transaction monitoring tools, and cybersecurity protocols certified by Thai authorities.
4. Hire qualified staff - At least one local compliance officer, a chief risk officer, and a team of IT and operations staff. Their resumes and background checks must be submitted.
5. Submit your business plan - This isn’t a one-page pitch. It needs technical specs, cash flow projections for three years, server locations, data storage policies, and disaster recovery plans.
6. Wait 150 days - The Ministry of Finance reviews everything. They may ask for revisions. They may request interviews. They may deny you without explanation.

There’s no shortcut. No fast-track. No paying extra to jump the line. The process is designed to be slow and thorough.

What Happens After You Get Licensed?

Getting the license is just the start. Now you’re under constant supervision.

• You must submit monthly transaction reports to the SEC.
• You’re required to undergo annual independent audits by Thai-approved firms.
• Your customer funds must be kept in segregated accounts-separate from company operating funds.
• You must report any security breaches within 24 hours.
• You can’t list tokens without SEC approval. Even if a token is listed on Binance, you can’t offer it in Thailand unless the SEC has cleared it.

The SEC also runs regulatory sandboxes. In 2025, they launched a pilot program allowing tourists to convert crypto to cash at licensed kiosks in tourist areas like Phuket and Bangkok. It’s a sign they’re not just regulating-they’re experimenting with new models.

Who Benefits? Who Gets Left Behind?

The winners are large, well-funded operators-both Thai and international. Big players like Bitkub, Zipmex, and even foreign firms with deep pockets can handle the costs. They get legitimacy. They get bank accounts. They get institutional investors.

The losers? Small startups. Local entrepreneurs. Independent devs. The licensing system doesn’t just filter out bad actors-it filters out small ones too. A solo founder with $100,000 in savings? No chance. A Thai crypto startup with a good idea but no capital? It’s nearly impossible to compete.

That’s why there are only 12 licensed exchanges. It’s not because the market is small. It’s because the bar is so high.

What’s Next for Thailand’s Crypto Rules?

The 2025 amendments closed the biggest loophole: foreign platforms targeting Thai users. But there are still gaps.

• DeFi protocols - No clear rules yet. Can you operate a decentralized exchange in Thailand? The SEC hasn’t said.
• NFT marketplaces - Are NFTs securities? Are they assets? The rules don’t cover them.
• Staking and yield platforms - Many Thai users stake crypto. But staking services aren’t regulated yet.

Industry analysts expect the SEC to expand its scope in 2026. They’re watching how Hong Kong and Singapore handle these issues. Thailand won’t fall behind. But they’ll do it their way-slow, strict, and secure.

What Should You Do?

If you’re a Thai user: Always check the SEC’s official website before using any exchange. Look for the license number. If it’s not there, don’t trust it.

If you’re a business: Talk to a Thai legal firm-like LegalBison or Silk Legal-before spending a dollar. The rules are complex. One mistake in your application can cost you millions.

If you’re a foreign exchange: If you’re targeting Thai users, get licensed. Or get blocked. There’s no middle ground anymore.

Thailand’s crypto scene isn’t the wild west. It’s a regulated financial market. And if you want to play, you have to play by their rules.