thailand

In 2017, Thailand implemented new laws to regulate the trading of cryptocurrencies in a more transparent and controlled manner. As a result, individuals or businesses involved in the buying or selling non-fiat digital currencies are required to register with the Securities Commission (SEC) and obtain a license for operating cryptocurrency exchanges. 

The SEC monitors compliance with regulations and enforces tax payments, with fines equal to $15,500 and potential imprisonment for non-compliance. While crypto retailers are exempt from VAT, other participants must pay 7% VAT on virtual currency transactions. Additionally, a capital gains tax of 15% and a profit tax of 10-30% are also applicable, depending on individual circumstances.

Advantages of Thai Crypto License

• Respected jurisdiction and quickly growing market for ambitious projects.
• One of the most developed crypto-friendly and business-friendly markets in Asia.
• Reliable framework and a massive number of licensees.
• Transparent and straightforward process.
• Gain trust from clients and colleagues while marketing yourself as a regulated crypto company.

Who Can Benefit from Getting the License

• Custody;
• Fiat to crypto and other exchanges;
• ICO and ITO;
• DeFi projects.

Requirements and Other Nuances

Thailand requires companies that wish to obtain a license for operating a cryptocurrency exchange to have a physical address for registration, correspondence forwarding, and an office. Unlike some other jurisdictions, there is no requirement to comply with the Automated Exchange of Information (AEOI) agreements. 

Foreign investments are allowed in Thailand, and to successfully register and obtain a license, companies must fulfill several requirements. It includes hiring a director with no criminal record or involvement in bankruptcy cases, having at least three shareholders, opening a bank account in a Thai bank, preferably in Bangkok Bank, and depositing a minimum of $5,000 or 5,000 euros. 

Additionally, companies must provide documentation confirming their technical capacity and implementation of anti-money laundering (AML) and countering the financing of terrorism (CFT) rules. 

Finally, once a license is granted, the company must submit an annual report to the SEC, undergo an audit, and provide an opinion on the audit of financial statements. 

How to Get a Crypto License in Thailand Quickly?

Our company can assist in navigating the legal and licensing requirements of operating a cryptocurrency business in Thailand. We know all the nuances of local legislation, and our top experts will help your business to get this license quickly and efficiently.