Thailand: Decree on Digital Asset Business Operation (No. 2) B.E. 2568 entered into force

On 12 April 2025, the Decree on Digital Asset Business Operation (No. 2) B.E. 2568 entered into force. The decree extends licensing requirements to offshore digital asset businesses offering cross-border services to Thai users. These businesses must comply with the Royal Decree on Digital Asset Business Operations B.E. 2561 (2018), overseen by the Securities and Exchange Commission (SEC). A business will be considered active in Thailand and thus subject to the regulation if it engages in specific activities such as using the Thai language or Thai-related domains, facilitating payments in Thai baht, applying Thai law or courts in contracts, targeting Thai users through paid online promotion, maintaining a local presence, or fulfilling other SEC-defined conditions. To comply, qualifying offshore businesses must establish a Thai company and apply for a local digital asset business licence.