Thailand Stablecoin Regulation

Stage: Live

Regulator: Bank of Thailand (BOT) / Securities and Exchange Commission (SEC)

Thailand regulates digital assets under the live Emergency Decree on Digital Asset Businesses B.E. 2561 (2018) administered by the SEC, with stablecoins covered implicitly. Baht-backed stablecoins intended for payment fall under BOT e-money rules and are actively tested in the Programmable Payment Sandbox (launched 2024, expanded December 2025) requiring 1:1 reserves. The BOT and SEC are developing a dedicated supervisory framework through ongoing consultations. Digital assets remain prohibited as a general means of payment.

Applicable Laws:

• Bank of Thailand Stablecoins Regulation Policy (Press Release No. 16/2021) - https://www.bot.or.th/en/news-and-media/news/news-20210319-2.html
• Emergency Decree on Digital Asset Businesses B.E. 2561 (2018) - https://sec.or.th/EN/Pages/LawandRegulations/DigitalAssetBusiness.aspx
• SEC Notification – Addition of USDC and USDT to Approved Cryptocurrencies List - http://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=11613&rand=113627
• Programmable Payment Project (Thai Baht-backed Stablecoin Sandbox) – Enhanced Regulatory Sandbox - https://www.bot.or.th/en/financial-innovation/digital-finance/fintech-in-thailand/regulatory-sandbox/ProgrammablePayment.html