Welcome to Crypto market(Thai Baht) in Thailand.

About Crypto market in Thailand.

If you wish to trade crypto in Thailand, you should be aware that you must do so through an exchange licensed by the Securities and Exchange Commission of Thailand (SEC), the regulator in Thailand.

The Digital Asset Law was issued by the Thai SEC in 2018 and exchanges operate in a licensed and regulated manner.

Trading on an unlicensed exchange is illegal in Thailand

Thailand's SEC has enacted the following six licensing schemes in the Digital Asset Law

• Exchange License
• Broker License
• Dealer License
• ICO Portal License
• Digital Asset Advisory Services license
• Digital Asset Fund Manager license

SEC Thailand Digital Asset License

The six licenses about Digital Asset law from Thai SEC are presented in order of their respective characteristics

Exchange License

With this license, Exchange can trade crypto currency with the Thai baht (THB), the local currency of Thailand.

To hold the license, the company must have a capital of at least THB 50 million and meet other strict SEC and AMLO regulations.

In addition, each exchange is required to report regularly to the SEC on its financial condition, customer assets (segregation of cold and hot wallets of its assets), and systems.

Broker License

Licenses that allow Exchange to act as a broker between other exchanges to buy and sell crypto currency to exchange's customers.

A license that is expected to be required for large OTC transactions and for providing a high level of liquidity.

Without this license, exchanges will not be able to provide liquidity from other exchanges. If Exchange want to provide liquidity as an exchange, Exchange will need to obtain this license.

Dealer License

This license is easily confused with the broker's license, which is very similar to the personal

• Brokers license provide liquidity in real time as it is from other Board Trading.
• Dealer license sells crypto currency held by the entity in advance. Dealer trading (no board).

Brokers and dealers both trade with customers on a commission basis, the only difference is whether the trade is settled immediately (brokers) or held temporarily by the entity before being traded (dealers).

ICO Portal License

Licenses that allow ICO token projects to be scrutinized and even issued

It was established by digital legislation in 2018 because many fraudulent projects were created during ICOs in 2017 and many investors were harmed worldwide.

To date, one ICO has been issued, with Thai real estate company SANSIRI issuing an ICO for the SIRIHUB token, a real estate token, through XSPRING Digital, which is now available for trading on ERX

Digital Asset Advisory Services license

New license created in 2021, Investment Advisory Business.

Holders of this license can provide advice to clients on crypto currency and digital assets.

Digital Asset Fund Manager license

Digital Asset bill just created in 2021 as well as the Advisory

If hold this license, company is allowed to manage their clients' crypto currency assets.

The advisory and fund manager licenses are still in the process of being created, so it is expected that brokerage firms planning to enter the digital asset business will obtain them in the future.

Thai gorvement public institutions involved in crypto currency

I would like to introduce, in order, the public institutions in Thailand that should be kept in mind when conducting crypto currency transactions in Thailand.

The following four public institutions are mainly relevant to crypto currency trading.

• Securities and Exchange Commission (SEC)
• Anti-Money Laundering Office (AMLO)
• Ministry of Finance (MoF)
• Revenue Department (Thailand)

Securities and Exchange Commission (SEC)

Website: https://www.sec.or.th/EN

Twitter: @ThaiSEC_News

• Licenses for crypto currency are established by the Securities and Exchange Commission (SEC) of Thailand.
• Each exchange is licensed by the SEC and operates under strict regulations.
• In the event of some kind of system trouble, hacking, or other problems with their systems, each exchange is responsible for reporting to the SEC in the same manner as they report to their customers.
• Customers of each crypto exchange can also file complaints directly with the SEC.
• The SEC is also responsible for any problems that may occur since it has granted the license to the exchanges.

Anti-Money Laundering Office (AMLO)

Website: https://www.amlo.go.th

Twitter: @AmloChannel

• Thai public institutions that manipulate the source of funds for a series of crimes, including money laundering, tax evasion, and terrorist financing.
• Crypto currencies are also under AMLO's control and supervision, and suspicious fund flows must be reported to AMLO.
• Each exchange verifies the identity of its customers in accordance with KYC standards set by AMLO
• Although specific numbers are not known, it is assumed that if a substantial amount of crypto currency transfers or Thai baht withdrawals to a bank account are made, the identity of the funds will be subject to check.

Ministry of Finance (MoF)

Website: http://www2.mof.go.th/

Twitter: @mofthailand

• The digital Asset Law set by the Thai SEC will be enforced upon final approval by the Ministry of Finance (MoF) of Thailand.
• The actual authority is the Ministry of Finance (MoF),Not SEC Thailand
• ICO Portal license is not under the jurisdiction of the MoF and is licensed under the judgment of the SEC.

Revenue Department (Thailand)

Website: https://www.rd.go.th/english/index-eng.html

• The Digital Asset Law of 2018 has been constructed, but this is set by SEC Thailand, and the SEC has no jurisdiction over taxes
• Thailand's Department of Revenue is responsible for taxes on crypto currency trading in Thailand
• When trader trades crypto currency and make a profit and withdraw it to Thai baht, trader will be taxed as income tax (0%-35% progressive taxation).
• At this point, it seems that the taxation is a matter of discussion between the traders and the Revenue Department of Thailand. We will update this page as soon as a clear rule is decided.

Thailand has a special long-stay program called Thailand Elite, provided by the Thai government that makes it convenient and attractive for foreigners to stay in Thailand.

https://elite-style.net

You will be able to legally stay in Thailand for a long period of time.

You can also open bank accounts and exchange accounts such as Bitkub, SatangPro, Bitazza and trade

Crypto Exchange in Thailand

Crypto currency exchange in Thailand with my review

Bitkub

Website: https://www.bitkub.com/

Twitter: @BitkubOfficial

• Thailand's largest crypto exchange
• Monopoly with 90% market share of crypto currency market in Thailand
• If you want to trade crypto currency in Thailand, I recommend that you create an account with this exchange first!
• No broker license from Thai SEC, but the liquidity is the highest in Thailand
• In 2021, SCB, a major Thai bank, acquired 51% stake in Bitkub, a company under SCB
• Bitkub is the crypto market leader in Thailand
• Bitkub plans to expand its operations to Vietnam, the Philippines, and other countries in the same ASEAN region. I believe this is a good strategy because Vietnam and the Philippines, despite their high potential for cryptocurrencies, do not have large exchanges.
  Vietnam Crypto Market
  Philippines Crypto Market
  

My review of Bitkub's services is below

Bitkub Review 2022

Zipmex

Website: https://zipmex.com/th/

Twitter: @ZipmexTH

• Thailand's second largest exchange
• Cryptocurrency exchanges operating in four countries: Thailand, Indonesia, Singapore, and Australia
  Indonesia Crypto Market
  Singapore Crypto Market
  Australian Crypto Market
  
• Company Background is a Thai brokerage firm, and the CMO is the daughter of a Thai business tycoon, with strong connections to the business world.
• Uses the world famous AlPhaPoint white label exchange system
• Currently, API is not provided, so system trading is not available for individual investors.
• Offers interest services such as Zipup and Ziplock, which are not offered by other exchanges in Thailand.
  Detail CeFI service from Zipmex is written by another page
  About Zipmex CeFi Service

My review of Zipmex's services is below

Zipmex Review 2022

Satang Pro

Website: https://satangcorp.com/exchange/en/

Twitter: @SatangOfficial_

• Long-established exchange that was granted a license along with Bitkub when the 2018 Digital Asset law from Thai SEC went into effect.
• Partners with Binance and uses Binance's white label exchange
• Due to the high trading volume of USDT, if you want to buy and sell USDT, you may use Satang Pro

Bitazza

Website: https://th.bitazza.com/

Twitter: @bitazzaofficial

• Third highest trading volume in Thailand.
• Exchanges that do not have an exchange license but hold a broker's license
• Multi-chain support such as BNB Smart Chain (BSC)
• Uses AlPhaPoint white label similar to Zipmex
• High level of hospitality in terms of customer support and system support
• Incorporated in both Hong Kong and Malaysia

Upbit Thailand

Website: https://th.upbit.com/

Twitter: @UpbitThailand

• Upbit, South Korea's Top Trading Volume Operator, Opens Exchange in Thailand
• Thailand's Upbit is called Upbit Global and has operations in Thailand, Indonesia, and Singapore.
  Singapore Crypto Market
  indonesia Crypto Market
• Thailand is the third overseas operation to open for business, following Singapore and Indonesia.
• Liquidity is low and spreads are wide and difficult to use. Currently, trading volume is very low.
• Upbit Korea, the headquarters of Upbit, is the largest legalized cryptocurrency exchange in Asia.
  Korean Crypto Market

Z.com EX

Website: https://ex.z.com/

Twitter: @ZcomEX_Official

• Z.com, an overseas subsidiary of Japanese Internet giant GMO, is also licensed and operating in Thailand.
• Fewer coins are supported, and transaction volume is lower than that of Upbit Thailand.
• No API is provided at this time, so no system trading for individual investors
• GMO Coin, operated in Japan by parent company GMO, is a popular cryptocurrency exchange in Japan.
  Japanese Crypto Market

KULAP

Website: https://www.kulap.io/

Twitter: @KULAPofficial

• Exchanges that hold a broker license
• Aggregator-based DEX
• No API is provided at this time, so no system trading for individual investors

coins.co.th

Website: https://coins.co.th/

Twitter: @coinscoth

• Companies doing business primarily through as Dealer
• A well-established company that has been licensed and operating since 2018 after SEC Digital Asset law
• Also has a branch office in the Philippines, operating in Thailand and the Philippines
  Philippines Crypto Market
• Known as the company that Topp Jirayut Srupsrisopa, CEO of Bitkub, started before Bitkub

ERX

Website: https://erx.io/

• An exchange in cooperation with elevated returns in the U.S., whose main business purpose is to let people trade security tokens using the Tezos blockchain.
• The exchange handles security tokens issued by Xspring, which has been granted an ICO license by the SEC Thailand.
• Plans to handle real estate tokens issued abroad, REIT tokens, etc. in the future.
• System uses Whitelabel from AlpphaPoint as well as Zipmex and Bitazza

History of Crypto in Thailand

Febuary 2013

Bitcoin Co. Ltd.(BX Thailand),Thailand Leading Crypto Exchange, established by David Barnes,a well-known crypto evangelist in Thailand

In July 2013

Bitcoin Co. Ltd (BX Thailand) made a presentation on Bitcoin's principle of operation to the Bank of Thailand seeking permission to operate in Thailand.

Members of the Foreign Currency Transaction Authority advised that due to the lack of applicable existing laws, the coordination of funds, and the various aspects of bitcoin as a financial medium, any activity using bitcoin is illegal in Thailand.

This meant that buying and selling bitcoin, buying and selling goods and services in bitcoin, and transferring bitcoin in and out of Thailand were all illegal.

Feb 15, 2014

The Bank of Thailand(BOT) indicated in writing that bitcoin transactions are legal as long as they are exchanged for baht.

Therefore, bitcoin may not be used in Thailand for exchange for foreign currency.

At this time, the Bank of Thailand states that it has no plans to expand the scope of the law to regulate bitcoin

April, 2014

Thai Crypto Evangelist Topp Jirayut Srupsrisopa Launches Coins.co.th, a Bitcoin Sales Exchange

2 Febuary, 2018

Bitkub, now Thailand's largest exchange, established,founded by Topp Jirayut Srupsrisopa

May, 2018

the Emergency Royal Decree "B.E. 2561 (2018)" on digital asset business was enacted in May 2018, followed by the promulgation of related detailed regulations in the latter half of 2018

Crypto currencies and digital tokens are defined as "digital assets", and digital asset business is defined into four categories:

• Digital asset exchange operation
• Digital asset brokerage
• Digital asset sales
• ICO Portal

In order to operate any of the above digital businesses in Thailand,
it is necessary to be a Thai corporation and to obtain a business license for digital asset business from the Ministry of Finance.

Therefore,Cryptocurrency trading using exchanges not granted by the SEC is illegal in Thailand,

Please trade on exchange which granted licensed by SEC thailand

You can refer which company is holding license by following SEC Thailand website

Digital Asset License by SEC

At this point, BX Thailand, Bitkub, and Satang pro continue to operate with exchange licenses

Coin.co.th obtained a distributor license

in 2019

BX Thailand dominates 66% of market share, followed by Bitkub with 22% and Satang Pro with 12%.

September 2, 2019

Bitcoin Co (bx.in.th),Thailand's largest exchange, suddenly announces on its website that it is suspending its exchange services.

The announcement on the website reads as follows

"The company will not seek to hold a Securities and Exchange Commission [SEC] licence for digital asset exchanges for 2020, and we ask all customers to withdraw their funds before Nov 1, 2019," Bitcoin Co said on its website. "After Nov 1, 2019, the company will operate the bx.in.th website only as a method for customers to contact the company about outstanding issues." All deposits will be disabled after Sept 6, 2019.

September-October, 2019

After BX Thailand Closure Announcement, Almost All Thai crypto Currency Users Move to Bitkub for Trading

Bitkub dominates 90% market share in Thailand

in 2020

Bitazza, Zipmex, Huobi Thailand, Upbit Thailand, and Z.comEX obtained SEC licenses and started services.

Many other major foreign competitors have entered the market, but have not been able to break Bitkub's market monopoly.

July,2021

SEC Thailand files criminal complaints against Binance Global

September 4, 2021

SEC Thailand ask Ministry of Finance to revoke the licence of Huobi Thailand,a digital asset exchange operator licensed by SEC Thailand

November 2, 2021

SCB, Thailand's oldest and leading bank, acquires 51% stake in cryptocurrency exchange Bitkub for 17.85 billion Thai baht ($537 million)

Following SCB's acquisition of Bitkub, Bitkub's own token, the KUB token, soars more than 10 times