Cryptocurrency in Thailand

Cryptocurrency is gaining recognition from major countries and giant institutions. Popular cryptocurrencies like Bitcoin are used as a national reserve as a part of financial strategy. Crypto is a transformative force that is seeking massive growth in Thailand's financial market.

Thailand is considered the most crypto-friendly nation in Southeast Asia. The current scenario of Thailand's crypto market is blooming due to a tech-adapted population and the government's progressive regulation.

The Thailand government did not consider cryptocurrency as a legal tender but made it a “digital asset” in 2018. Thailand's government to adopt new financial tools and make a clear regulatory framework for crypto to reshaping how people invest, transact, and innovate.

Crypto Adoption in Thailand

According to Chainalysis Global Crypto Adoption Index in 2023, Thailand ranks as a top 10 country globally for crypto adoption, where the crypto market is going to reach US$ 6,702.1M by 2025 and Thailand to reach US$488.9 million with 7.84 million users. What began as a new financial interest among the tech and financial enthusiasts now has gone mainstream among millions of Thais. Cryptocurrency trading acceptance is fueled by a young, digitally literate demographic and a growing distrust in traditional financial systems amid economic slowdowns.

Thailand's cryptocurrency is serving many benefits that is helping stabilize the Thai Baht to overseas remittances and even in tourist transactions. Many Thai investors buy cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) to stabilize their local money Thai Baht to control inflation.

Another way of using cryptocurrency is to transfer money through stablecoins like USDT and USDC by overseas workers to Thailand, making it easy, fast, and low fees. Popular destinations like Phuket, allow visitors to pay with Bitcoin instead of Thai Baht. This shows the great crypto adaptation is going through Thailand, making an accessible transfer in the future.

Key Trends Influencing Thailand Crypto Market

Thailand is growing next-gen tech-savvy people with the latest innovation and technology. Where high-profile crypto events like Prime Minister Srettha Thavisin’s 2023 election pro-crypto were a major turning point in Thailand's crypto space. Prime Minister Srettha Thavisin also pushed the vision of Phuket Sandbox to introduce blockchains in the digital finance sector and cryptocurrency. The latest achievement happened in March 2025, when the Securities and Exchange Commission (SEC) approved stablecoins USDT and USDC for trading, signaling crypto regulatory openness.

Recent Developments in Thailand

In March 2025, the SEC approved USDT and USDC as compliant cryptocurrencies, effective March 16, expanding the list alongside BTC and ETH. The launch of the SEC’s Digital Asset Regulatory Sandbox in 2024, extended into 2025, allows firms to test innovations like stablecoin payments tied to government bonds.

Popular Cryptocurrencies

The crypto market is a high-risk market. One should always do their research before investing, like what is the most bullish and bearish moment, who backs the cryptocurrency, and what institutions and individuals bought it. It is advised to research before investing.

Bitcoin and Ethereum remain the most popular traded assets, capsizing most crypto market share. Stablecoins like Tether (USDT) and Circle’s USDC gained legal status in March 2025, making them staples for traders and tourists. Local altcoins, which are used as an experiment by Thai startups to exchange in real estate and tourism, are also emerging coins.

Popular Exchange/Platforms

There are several exchanges that are dominating the crypto market from international to local source platforms. Popular global exchanges like Binance and Kraken are dominating, but Thais support their local players like Bitkub, which had a 77% market hold in 2023. Other locals like Satang Pro, Orbix, Bitazza, Upbit Thailand, and Gulf Binance hold strong footholds to drive institutional crypto adoption.

Government Stance Regarding Cryptocurrency

Thailand’s government maintains a cautiously optimistic stance on cryptocurrencies, it made it a digital asset but not a legal tender. The Securities and Exchange Commission (SEC) and Bank of Thailand (BOT) balance innovation with stability, fostering a controlled yet progressive environment.

Crypto Legal Framework in Thailand

The 2018 Emergency Decree on Digital Asset Businesses classifies cryptocurrencies as “digital assets,” regulating exchanges, brokers, and ICOs under the SEC’s purview. While not legal tender, crypto is legally tradable, with operators requiring SEC licenses. The 2022 ban on crypto payments for goods and services remains, though the Phuket pilot suggests a softening stance.

Analysts anticipate further relaxation of payment bans, especially if the Phuket pilot succeeds. Discussions about spot Bitcoin ETFs and stablecoin legislation backed by corporate bonds hint at a maturing regulatory landscape.

SEC licensing ensures compliance with AML/KYC rules, fostering trust but limiting unregistered platforms. The stablecoin approval has spurred trading volume, though exchanges must navigate strict oversight.

Cryptocurrency Wallets in Thailand

Types of Wallets

Thai uses a mix of hot wallets for convenience (e.g., Trust Wallet) and cold wallets for security (e.g., Ledger). Hardware wallets are also gaining traction among serious investors, while software wallets dominate daily use.

Wallet Adoption

Global solutions like MetaMask and Trust Wallet lead, but local custodial wallets tied to exchanges like Bitkub are popular for their integration. The 2025 SEC push for custodial wallet providers has spurred adoption among listed companies’ subsidiaries.

Crypto Taxation in Thailand

Tax Regulations

Crypto gains fall under Personal Income Tax (PIT), ranging from 0% to 35% based on annual income. Corporate traders face up to 20% tax. A 15% withholding tax applies to foreign entities’ crypto income remitted to Thailand.

Reporting Requirements

Users must report gains from trading, staking, or mining on annual tax returns, due by March 31 (paper) or April 8 (online) for 2024 earnings filed in 2025. Detailed transaction records are mandatory.

Tax Rate

Progressive PIT rates apply, with VAT exemptions on SEC-approved exchange trades extended through 2025. Staking and mining rewards are taxed as income.

Challenges

Ambiguity in classifying crypto income and tracking overseas gains complicates compliance. Many users struggle with record-keeping, prompting calls for clearer guidelines.

Crypto Events & Education in Thailand

Public awareness is high, with 20% of internet users owning crypto per the 2022 Digital Overview Report—a figure likely to grow by 2025. Blockchain education campaigns by the SEC enhance understanding.

Bangkok hosts annual blockchain summits, while the 2025 Phuket Crypto Expo is set to showcase the payment pilot. Meetups in Chiang Mai and Pattaya foster grassroots engagement.

Additionally, the SEC’s website, Binance Academy (in Thai), and local platforms like CryptoSiam offer learning tools. Universities like Chulalongkorn now include blockchain courses. Notable figures like former PM Srettha Thavisin remain crypto advocates, alongside influencers like “Whale Insider” on X, shaping public sentiment.

Future Crypto Market Size & Growth

By 2025, Thailand’s crypto market will see massive growth, where it will reach a revenue of US$488.9 million. With 7.84 million users, the trading volume rate of 10.90% will reach billions of Thai Baht annually. And by 2028, it will reach up to 17.67 million users, capturing the crypto market and reflecting a robust growth trajectory.

Conclusion

With user numbers projected to hit 17.67 million by 2028, Thailand’s crypto market could double in value by 2030. Tourism-driven adoption and institutional investments fuel this optimism. The Phuket pilot and stablecoin approvals signal support, but economic instability and BOT caution could temper progress. Blockchain innovations in supply chain and real estate, plus AI-driven trading tools, promise to deepen crypto’s integration into Thailand’s tech ecosystem. A balanced approach is likely.

Frequently Asked Questions (FAQs)

1. How do I start trading in Thailand?

2. What should I know about security?

Use 2FA, cold storage, and beware of phishing.

3. What is staking?

It’s locking crypto to earn rewards, taxable as income in Thailand.

4. Popular exchange of Thailand?

Local exchange Bitkub is a popular exchange in Thailand.

5. Popular wallet of Thailand?

Thailand uses Accept TrueMoney as a digital wallet.

6. Is Bitcoin or another cryptocurrency backed by the Government?

No, cryptocurrency is used as legal tender by the Thailand government.

7. Can I use a mobile app for crypto trading?

Yes, most exchanges allow mobile apps for trading.

8. Can I use Bitcoin in Thailand?

In Phuket, visitors are allowed to pay fees through Bitcoins.

9. Can cryptocurrency convert into Baht?

Yes, it can be through various methods like cryptocurrency exchanges, peer-to-peer platforms, and even Bitcoin ATMs.

10. Are there any limits in trading cryptocurrency?

In Thailand,there is a limit on trading volume for new or unverified accounts.