The Securities and Exchange Commission of Thailand has signaled a decisive shift from policy formulation to aggressive enforcement in the opening weeks of 2026. On January 12, the regulator filed high-profile criminal complaints against five individuals for allegedly operating unauthorized digital asset services, specifically targeting the unlicensed promotion and trading of Worldcoin. This enforcement action, lodged with the Economic Crime Suppression Division, underscores the Thai government’s commitment to the “Technology Crimes Legislation” passed in April 2025. By cracking down on social media-driven trading groups that operate outside the purview of the SEC, the authorities aim to eliminate the “regulatory arbitrage” that has allowed offshore and unlicensed entities to target Thai retail investors.
New Licensing Mandates for Global Service Providers
A central component of Thailand’s tighter control is the implementation of Section 26 of the Digital Asset Business Legislation, which now explicitly applies to any operator engaging with Thai citizens, regardless of their physical headquarters. Under these rules, any platform that offers content in the Thai language, facilitates payments through local bank accounts, or uses search engine optimization specifically targeted at the Thai market is deemed to be operating within the country and must obtain a formal license. This move is designed to level the playing field for domestically regulated exchanges like Bitkub and Binance TH while providing the SEC with the power to order the immediate removal of computer data from social media networks that fail to comply with local warnings. The regulator has reiterated that users of unlicensed services are not protected under the law and face significant risks from fraud and money laundering.
Balancing Enforcement with Continued Tax Incentives
Despite the tightening of operational standards and the increased threat of imprisonment for unlicensed dealers, Thailand maintains its long-term strategy of being a regional digital asset hub. The Ministry of Finance’s 2025 mandate, which exempts individual capital gains from crypto sales from personal income tax until December 31, 2029, remains a core pillar of the nation’s economic policy. This “carrot and stick” approach is intended to migrate retail volume away from risky, unregulated gray markets and into the safe, tax-advantaged environment of the SEC’s “Check First” ecosystem. As the government continues to modernize its legal architecture in early 2026, the focus is clearly on professionalizing the sector to attract institutional capital while maintaining a zero-tolerance policy for decentralized “shadow” exchanges that bypass the nation’s anti-money laundering protocols.
