Are stablecoins legal in Thailand?
Holding and trading certain foreign currency stablecoins is legal in Thailand. On 16 March 2025 the Securities and Exchange Commission, Thailand (SEC) approved USD Coin (USDC) and Tether (USDT) for use on licensed Thai exchanges. Private baht pegged stablecoins are restricted, the Bank of Thailand has acted against them in the past, and stablecoins, like all digital assets, cannot be used as a means of payment.
The rules in detail
Stablecoins are treated as digital assets under the Emergency Decree on Digital Asset Businesses, B.E. 2561 (2018), and which stablecoins licensed exchanges may use is decided by the SEC approved list. As of March 2026 that list includes the foreign currency backed stablecoins USDC and USDT, added on 16 March 2025, allowing licensed Thai exchanges to offer them as base trading pairs and for trading. This brought Thailand into line with the way these assets are used on global venues, while keeping them inside the licensed system.
The position on baht pegged stablecoins is different. The Bank of Thailand has treated a privately issued, baht backed stablecoin as a potential threat to the monetary system and previously warned the issuer of one such token, THT, against circulating it. As of March 2026 a private baht pegged stablecoin is not freely permitted, and any baht denominated digital money initiative would be expected to involve the Bank of Thailand rather than a private issuer acting alone.
The payment ban applies to stablecoins as well. As of March 2026 the SEC and the Bank of Thailand prohibit the use of digital assets as a means of payment for goods and services, so even a price stable token cannot lawfully be used to settle everyday purchases. Stablecoins on licensed exchanges are tools for trading and holding, not a sanctioned payment currency.
Tax
Stablecoins are digital assets for tax purposes in Thailand. As of March 2026 capital gains from disposals through SEC licensed operators fall within the personal income tax exemption that runs from 2025 to 2029 under Ministerial Regulation No. 399, and trading on licensed venues is exempt from value added tax. The treatment of converting between a stablecoin and another asset can be nuanced. Verify your own position with the Revenue Department or a qualified Thai tax professional before filing.
Compare available exchanges in Thailand
USDC and USDT are on the SEC approved list and trade on licensed Thai exchanges. Use the comparison to see which licensed platforms serve Thai residents.
Compare available exchanges in ThailandRegulator and sources
The regulator is the Securities and Exchange Commission, Thailand (SEC), with the Bank of Thailand responsible for currency and monetary matters.
- SEC Thailand approval adding USDC and USDT to the list of permitted cryptocurrencies, 16 March 2025.
- Bank of Thailand statements on privately issued baht backed stablecoins, including the THT warning.
- SEC Thailand and Bank of Thailand measures on digital assets as a means of payment, effective 1 April 2022.
- Ministerial Regulation No. 399 (B.E. 2568) on the digital asset capital gains exemption, 2025.
Frequently asked questions
- Are stablecoins legal in Thailand?
- Holding and trading approved foreign currency stablecoins is legal. As of March 2026 the SEC has approved USDC and USDT for use on licensed Thai exchanges. Stablecoins cannot be used as a means of payment, and private baht pegged stablecoins are restricted.
- Are USDT and USDC allowed in Thailand?
- Yes. On 16 March 2025 the SEC added USD Coin (USDC) and Tether (USDT) to its list of permitted cryptocurrencies, so licensed Thai exchanges may offer them. This remains the position as of March 2026.
- Can I use a baht pegged stablecoin in Thailand?
- Private baht pegged stablecoins are restricted. The Bank of Thailand has warned against such tokens in the past, and as of March 2026 a privately issued baht backed stablecoin is not freely permitted.
- Can I pay with stablecoins in Thailand?
- No. As of March 2026 the ban on using digital assets as a means of payment applies to stablecoins as well, so they cannot lawfully be used to settle purchases of goods and services.
- How are stablecoins taxed in Thailand?
- Stablecoins are digital assets for tax. As of March 2026 capital gains from disposals through SEC licensed operators fall within the 2025 to 2029 exemption, and licensed trading is VAT exempt. Confirm conversions and your own position with the Revenue Department.