Cryptocurrency licence in Thailand

In recent years, cryptocurrencies have witnessed a remarkable surge in popularity, with a growing number of individuals investing in digital assets. Consequently, the Thai authority has shown its support for this burgeoning activity. Thailand stands among the proactive nations in regulating cryptocurrencies. In 2018, the Thai government introduced the Digital Asset Business Emergency Decree, a comprehensive regulatory measure managing digital asset transactions and associated activities within the nation. The Decree is applicable to individuals, entities, and exchanges engaged in operations with digital assets in Thailand.

Under this decree, Thai enterprises, related to digital assets, are classified into three types:

Digital asset exchanges. They serve as platforms or networks designed for digital assets trading or exchanging. The work of these exchanges is based on matching orders or facilitating agreements between parties interested in trading cryptocurrencies. Regulations, set forth by the SEC, govern their functioning, with specific exclusions as outlined in their notification.
Digital asset brokers. They are individuals or entities that offer broker or agent services, enabling others to provide trading or exchanging operations with digital assets. These services are offered to all interested and are usually remunerated through fees or compensation. However, certain brokers or agents may operate, based on criteria stated in the notification, prepared by the SEC.
Digital asset dealers. These individuals or entities dealing with digital assets and offer trading or exchanging services within their own accounts. These activities take place separately from digital asset exchanges and are integrated into their regular business operations. However, it is worth noting that certain dealers may operate in accordance with guidelines provided by the SEC in their notification.

In order to conduct activities associated with digital assets within the country, entities of any type are required to undergo registration with the country’s regulatory authority, the Securities Commission (SEC).

OUR SERVICES

COREDO specialists will be happy to help with:

company registration at the Thai Ministry of Commerce;
registration at the Revenue Department;
registration of the Social Security and Workmen’s Compensation Fund;
opening a corporate bank account;
applying to the SEC to obtain a crypto licence and much more.

We always follow up on every case until approval results.

REGULATORS’ FEES

The application fee for a cryptocurrency licence is 30,000 THB.

The licence certificate fee varies depending on the category of cryptocurrency licence applied for. It should be paid once the regulator approves the application, and it is:

2.5 million THB for digital asset exchange,
1.5 million THB for digital asset broker,
and 1 million THB for digital asset dealer.

OUR FEES

Our estimated service fee for company registration and application fee depending on the cryptocurrency licence applied (excl. VAT 7%):

Digital Asset Exchange: 130 000 EUR
Digital Asset Broker: 110 000 EUR
Digital Asset Dealer: 85 000 EUR

BENEFITS OF OBTAINING A CRYPTO LICENCE IN THAILAND

There are many advantages of obtaining a crypto licence in this jurisdiction, including:

prestigious jurisdiction for ambitious projects;
community, that is supportive and safe for digital currencies;
government support for tech startups;
advanced regulatory base governing digital assets;
clear and transparent process of obtaining a licence;
innovation and experimentation-friendly environment.

BENEFITS OF OBTAINING A CRYPTO LICENCE IN THAILAND

MAIN REQUIREMENTS FOR OBTAINING A CRYPTOCURRENCY LICENCE IN THAILAND

A company, applying for a licence as an exchange, dealer, or broker for digital assets, must be incorporated under Thai laws and have director(s) and executive(s) with unblemished reputations, whose qualifications meet the SEC’s prescriptions.

The crypto company is also required to have a registered capital and the actual amount to be deposited at the bank in Thailand. The actual amount depends on the licence type applied for:

Digital Asset Exchange: 50 million THB registered capital and deposit of 25 million THB at the bank.
Digital Asset Broker: 25 million THB registered capital and deposit of 12.5 million THB at the bank.
Digital Asset Dealer: 5 Million THB registered capital and deposit of 2.5 million THB at the bank.

Obtaining a crypto licence in Thailand involves providing the following documentation:

comprehensive business plan and description of the exact services planned to be offered;
documentation verifying the identity and residential address of all directors and shareholders, certificates of an absence of criminal records;
audited financial statements;
cybersecurity measures aimed at safeguarding customers’ data and assets;
a package of documents proving the technical capacity of the company;
confirmation of payment of minimum required capital;
a filled-in application for the necessary licence.

THE PROCESS OF OBTAINING A CRYPTOCURRENCY LICENCE IN THAILAND

Thai cryptocurrency licences have a lucid submission process, which seems relatively easy, but it demands a comprehensive understanding of local legislation from the applicant. Initially, the company must prepare all the above-mentioned documentation, ensuring it aligns with the SEC requirements. Each document must be translated into English.

The estimated period for registering the company, preparing the documentation, filing the application, and obtaining the licence depending on its type:

Digital Asset Exchange: from 9 to 12 months.
Digital Asset Broker: from 7 to 9 months.
Digital Asset Dealer: from 5 to 7 months.

Note: the exact timing depends on the speed of exchange of the required information and the regulator’s workload.

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