Four Cryptocurrencies Approved for Legal Use in Thailand – Here’s What You Need to Know

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In a significant move that underscores Thailand’s growing openness to digital assets, the Securities and Exchange Commission of Thailand (SEC) has officially recognized four cryptocurrencies for legal use within the country. These digital currencies can now be used in regulated financial activities such as Initial Coin Offerings (ICOs) and as base trading pairs on licensed exchanges. This development marks a milestone in Thailand’s journey toward establishing a structured and secure crypto ecosystem.

The Four Approved Cryptocurrencies

The Thai SEC confirmed that the following four cryptocurrencies are currently authorized for use in core financial operations:

“At present, there are four cryptocurrencies that can be used as base trading pairs: Bitcoin, Ethereum, Ripple, and Stellar,” stated the commission in its official announcement.

This approval allows these digital assets to serve as foundational currencies on Thailand’s regulated crypto trading platforms. For example, traders can now buy or sell other tokens using BTC, ETH, XRP, or XLM as the primary currency in a trading pair.

However, it's important to note that this recognition does not extend to legal tender status. The SEC emphasized that these cryptocurrencies cannot be used to settle debts denominated in Thai baht or any other fiat currency. In other words, while they are legally recognized for investment and trading, they are not considered official money under Thai law.

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Criteria for Approval

So, what makes a cryptocurrency eligible for approval in Thailand? According to The Bangkok Post, the SEC evaluates digital assets based on several key factors:

These criteria help ensure that only stable, widely adopted, and technically sound digital assets enter the regulated market. The list is not static—Thailand’s SEC reserves the right to update it based on evolving market conditions and risk assessments.

This current list is an updated version of the one originally released in June 2024. While some cryptocurrencies were removed during the revision, the regulator clarified that this change has no practical impact on investors or businesses. The delisted coins were not actively used as base trading pairs by licensed exchanges, nor were they involved in any approved ICOs.

Licensed Crypto Exchanges Operating in Thailand

To further strengthen oversight and investor protection, Thailand has established a licensing framework for cryptocurrency service providers. As of now, the country authorizes three main types of entities: crypto exchanges and broker-dealers.

Approved Cryptocurrency Exchanges

There are currently three licensed crypto exchanges operating legally in Thailand:

  1. Bitcoin Exchange Co. Ltd. (BX)
  2. Bitkub Online Co. Ltd. (Bitkub)
  3. Satang Corporation (Satang Pro)

These platforms have met stringent regulatory requirements regarding security, anti-money laundering (AML) compliance, and consumer protection. They are permitted to offer trading services using the four approved cryptocurrencies as base pairs.

Authorized Broker-Dealer

In addition to exchanges, there is one licensed broker-dealer:

This firm can facilitate crypto transactions on behalf of clients, acting as an intermediary in the market.

Rejected Applications

Not all applicants have been successful. The SEC has denied licenses to the following companies:

Despite these rejections, the SEC noted that companies can reapply in the future if they address regulatory concerns and improve their operational frameworks.

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International Expansion: Bitpoint Japan Enters Thai Market

In a sign of growing international confidence in Thailand’s regulatory environment, Bitpoint Japan has recently secured four key licenses from the Thai SEC to operate a new exchange called Bitherb.

A company representative revealed that Bitherb is expected to launch within 180 days after final regulatory review—by July 30, 2025 at the latest. This expansion highlights how clear regulations can attract foreign investment and promote innovation in the blockchain space.

Why This Matters for Investors

Thailand’s approach reflects a balanced strategy—embracing innovation while prioritizing risk management. By limiting approved cryptocurrencies to well-established projects with strong fundamentals, the government aims to protect retail investors from volatility and fraud.

Moreover, restricting usage to specific use cases like ICO investments and trading pairs prevents misuse while still enabling market growth.

For global investors, Thailand serves as a case study in effective crypto regulation—one that other emerging markets may follow.

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Frequently Asked Questions (FAQ)

Q: Can I use Bitcoin to pay for goods and services in Thailand?
A: While Bitcoin is approved for investment and trading, it is not legal tender. Merchants may accept it voluntarily, but you cannot legally compel payment or debt settlement in BTC.

Q: Are more cryptocurrencies likely to be added to the approved list?
A: Yes. The Thai SEC has stated that the list is dynamic and subject to change based on market developments, liquidity, and technological reliability.

Q: Is it safe to invest in crypto through Thai-licensed exchanges?
A: Licensed platforms like Bitkub and BX adhere to strict regulatory standards, including AML checks and fund segregation, making them among the safer options for Thai investors.

Q: Can foreign investors trade on Thai crypto exchanges?
A: Some platforms allow foreign users, but they typically require identity verification and compliance with local KYC procedures.

Q: What happens if a cryptocurrency is removed from the approved list?
A: Trading may continue on existing pairs, but no new ICOs or official base pairings will be permitted. The impact depends on how deeply integrated the asset was in the ecosystem.

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Thailand’s measured yet progressive stance on cryptocurrency sets a benchmark for responsible digital asset adoption. As global interest grows, clarity, security, and accessibility will remain key—and Thailand is positioning itself at the forefront of this evolution.