The cryptocurrency landscape in Thailand is thriving, with an increasing number of investors seeking safe and licensed cryptocurrency exchanges in Thailand for trading digital assets. According to Statista, the number of cryptocurrency users in Thailand is forecast to hit 2.2 million users by 2028.
Interestingly, former Prime Minister Thaksin Shinawatra recently emphasised the need for progressive crypto regulations, highlighting the economic opportunities of digital assets. He pointed to Thailand’s pilot crypto payment program in Phuket as a promising step forward, urging the Securities and Exchange Commission (SEC) to adopt frameworks that support stablecoins.
Meanwhile, the SEC, in collaboration with the Bank of Thailand, is advancing efforts to create a digital securities ecosystem, with plans to launch digital bonds by the second quarter of 2025.
As cryptocurrencies gain momentum, the importance of trading on licensed exchanges cannot be overstated. In this article, we explore Thailand’s regulatory framework, provide a comprehensive list of SEC-licensed cryptocurrency exchanges, and offer insights to help you navigate this dynamic market safely.
Last updated: 29 January 2025
Top Licensed Cryptocurrency Exchanges in Thailand
Here is a detailed list of the top cryptocurrency exchanges licensed and regulated by the Thailand SEC. These five platforms provide Thai investors like you with secure and compliant access to digital asset trading.
Bitkub Exchange
Bitkub Exchange is apparently Thailand’s largest cryptocurrency exchange, and according to Statista, the company reported almost US$28billion in trading volume in Thailand, succeeding over its competitors. It was among the first exchanges to receive a digital asset license from the Thai SEC.
Bitkub has experienced rapid growth, has had potentially over 5 million downloads across iOS, Android, and Huawei platforms. From contact points across multiple channels for cryptocurrency services to a knowledge hub, it has extensive methods on helping Thais learn how to buy crypto online.
Orbix
Orbix, formerly known as Satang Pro, is one of Thailand’s oldest crypto exchanges and has seen impressive growth, achieving a five-fold increase in trading volume market share. The platform offers innovative features such as Wallet Lock, featuring a two-stage password unlock system, comprising entering a password and face verification. Orbix is also the first platform in Thailand to achieve three ISO certifications.
Bitazza
Founded in Thailand in 2018, Bitazza is a local centralised cryptocurrency exchange in Southeast Asia. The exchange has attracted more than 600,000 members and offers services including trading, a crypto wallet, a Visa card, and an OTC trading desk. Bitazza aims to become Southeast Asia’s premier digital asset trade centre and investment bank, providing traders and issuers access to liquid markets priced in ASEAN currencies.
Upbit Thailand
Upbit Thailand, launched in January 2021, is an extension of the South Korean-based Upbit exchange. Upbit Thailand offers a mobile-first trading experience with features such as real-time price checks on the lock screen and custom notifications10. As of now, Upbit Thailand supports 167 digital assets across 226 markets and has a 24-hour market monitoring feature with real-time notifications.
Gulf Binance
Gulf Binance, a joint venture between Binance Capital Management and Gulf Innova Co. Ltd., launched full operations of its digital asset exchange and brokerage platform, Binance TH, in Thailand in early 2024. The platform offers cryptocurrency exchange and brokerage services.
Factors to Consider When Choosing a Cryptocurrency Exchange
Here are four factors to consider when you pick a cryptocurrency exchange to use.
Strong Security Protocols
When selecting a cryptocurrency exchange in Thailand, security should be your top priority. Look for platforms that implement strong security protocols, such as two-factor authentication (2FA), encryption, and cold storage for funds. These measures can help safeguard your investments against potential threats.
Clear Fee Structure
The fee structure is another crucial factor to evaluate. Different exchanges charge varying fees for trading, deposits, and withdrawals. Comparing these costs will help you identify the most cost-effective platform for your trading needs.
Efficient Customer Support
A user-friendly interface and responsive customer support can greatly enhance your trading experience. Beginners should prioritise platforms with intuitive designs and accessible educational resources. Experienced traders might also consider advanced trading tools and features.
Preferred Cryptocurrency Selection
It’s essential to choose an exchange that supports the cryptocurrencies you intend to trade. While major platforms offer a wide selection, the availability of specific altcoins or stablecoins might vary.
How can you safely buy cryptocurrency in Thailand?
In Thailand, purchasing cryptocurrency involves a simple, regulated process facilitated by several licensed exchanges. Here’s how you can get started:
Choose a Licensed Exchange
Begin by selecting a licensed cryptocurrency exchange in Thailand, such as Bitkub or Upbit Thailand.
Complete your Verification
Next, create an account and complete the Know Your Customer (KYC) verification, which typically requires submitting identification documents to confirm your identity and comply with local regulations.
Deposit Your Funds
Use bank transfers, credit/debit cards, or local systems like QR payments or PromptPay. Once this is done, you can start trading.
Select Your Cryptocurrency and Make the Purchase
Navigate to the trading section of the platform, pick your preferred cryptocurrency, and finalise the transaction. Common options include Bitcoin, Ethereum, and other popular altcoins.
Security and Storage
While exchanges provide storage options, for added security, it’s recommended to transfer significant holdings to personal wallets, particularly hardware wallets.
Understand Payment Methods and Regulations
Cryptocurrency transactions in Thailand are exempt from VAT (as of January 1, 2024), but capital gains from crypto trading may still be subject to taxes. It’s wise to consult with a tax professional for the most accurate tax reporting.
With this process, buying cryptocurrency in Thailand is secure and accessible.
Benefits of Licensed Thailand Cryptocurrency Exchanges
Using a licensed cryptocurrency exchange in Thailand offers enhanced security and peace of mind. Regulated platforms are required to adhere to stringent security standards, which reduce the risk of hacks and fraud. This ensures that your funds are better protected compared to unregulated platforms.
Investor protection is another key advantage. Licensed exchanges operate under Thai laws, providing users with legal safeguards and recourse in case of disputes. This legal framework creates a trustworthy environment for trading and investing in digital assets.
Compliance with financial regulations ensures transparency in operations. By using licensed exchanges, traders can confidently focus on building their portfolios without worrying about potential legal issues or sudden platform shutdowns.
Risks Associated with Unlicensed Thailand Exchanges
One of the biggest concerns of using unlicensed exchanges is the potential for fraud and scams, as unregulated platforms are not bound by the same legal and security standards as licensed ones. This leaves users vulnerable to losing their funds.
Another major risk is the lack of legal recourse. If an unlicensed exchange faces issues such as insolvency or hacking, users have no protection or means to recover their assets. This can lead to devastating financial losses.
Additionally, the Thailand SEC actively monitors and takes action against unlicensed operators. Engaging with these platforms could result in legal consequences for users. To avoid such risks, it’s essential to verify the licensing status of any exchange before using it.
Regulatory Framework for Cryptocurrency in Thailand
Thailand’s cryptocurrency market is overseen by the Securities and Exchange Commission (SEC), which ensures that digital asset businesses operate within a legal and secure framework. The regulatory framework requires all cryptocurrency exchanges, brokers, and dealers to obtain a license from the SEC.
Operating without a license is illegal and exposes users to significant risks, including scams and lack of legal recourse. The SEC’s regulations prioritise investor protection, making Thailand one of the few countries like Hong Kong and Singapore with a clear and comprehensive approach to crypto regulation.
How does crypto taxation work in Thailand?
In Thailand, according to VB & Partners, cryptocurrency transactions are subject to various tax considerations, primarily focusing on capital gains tax and value-added tax (VAT).
Profits from cryptocurrency trading in Thailand are subject to capital gains tax. For individuals, the tax rates follow a progressive structure, ranging from 0% to 35%, depending on the individual’s total taxable income. Businesses engaging in cryptocurrency transactions are subject to the standard corporate income tax rate of up to 20% on their profits.
As of 1 January 2024, Thailand has implemented a significant change in its VAT policy for cryptocurrencies. The government has exempted cryptocurrency and digital token transfers from VAT indefinitely. This exemption applies to transfers conducted within digital asset trading exchanges, digital asset brokers, and digital asset traders.
Next, in addition to capital gains tax, Thailand imposes a 15% withholding tax on certain types of crypto income earned from foreign entities.
How to report for crypto taxes in Thailand
Taxpayers involved in cryptocurrency transactions in Thailand must maintain detailed records of all their crypto transactions, as these are crucial for accurate reporting and potential audits. Cryptocurrency earnings must be reported in annual personal income tax returns. The deadline for filing these returns is 31 March for the past year.
List of Licensed Digital Asset Exchange Providers and Brokers in Thailand
Here, you’ll find a comprehensive list of licensed digital asset exchange providers and brokers available in Thailand, as listed on its Securities Commission page. This list is subject to change, dependent on updates from the Securities and Exchange Commission of Thailand.
List of Securities Company Licensed Digital Asset Exchange (Crypto & Token)
The only company under this list is Innovestx Securities Co., Ltd. Innovestx is a subsidiary of SCB X Group, and allows users to manage their investment portfolio, ranging from Thai stocks to mutual funds and digital assets.
List of Non-Securities Company Licensed Digital Asset Exchange (Crypto)
Bitkub Online Co., Ltd Functions as a digital asset exchange, including offering wallet services and trading pairs.
GMO-Z.com Cryptonomics (Thailand) Co., Ltd delivers a cryptocurrency trading platform, mobile app, and a variety of market analysis tools designed for Thai investors.Gulf Binance Co., Ltd is a joint venture between Binance and Gulf Energy Development. It functions as a digital asset exchange with access to a wide range of cryptocurrencies.Formerly known as Satang Corporation, Orbix Trade Co., Ltd is now a subsidiary of KasikornBank Public Company Limited. It offers cryptocurrency trading services.Upbit Exchange (Thailand) Co., Ltd offers cryptocurrency trading, a mobile platform, and various market analysis tools for Thai investors.
Waan Exchange Co., Ltd allows secure digital asset trading focusing on compliance, tools, and cryptocurrency options tailored to the local market
List of Non-Securities Company Licensed Digital Asset Exchange (Token)
Bitkub Online Co., Ltd operates as a digital asset exchange, providing wallet services and various trading pairs.
ERX Co., Ltd is a subsidiary of Elevated Returns New York. It offers trading of digital tokens linked to tangible investment assets, using Tezos blockchain technology.GMO-Z.com Cryptonomics (Thailand) Co., Ltd provides a platform for crypto trading major cryptocurrencies with cryptocurrency storage.Gulf Binance Co., Ltd is a collaboration between Binance and Gulf Energy Development, offering a broad array of cryptocurrencies through a digital asset exchange.Orbix Trade Co., Ltd, formerly Satang Corporation, is now part of KasikornBank Public Company Limited and specialises in cryptocurrency trading services.
Thai Digital Assets Exchange Co., Ltd is a company under the Stock Exchange of Thailand group, specialising in cryptocurrency and digital asset trading, with wallet services and advanced market tools.Upbit Exchange (Thailand) Co., Ltd operates a cryptocurrency trading platform, mobile app, and a variety of market analysis tools designed for Thai investors.Waan Exchange Co., Ltd focuses on secure digital asset transactions, complying with local regulations while offering custom cryptocurrency options and tools.List of Securities Company Licensed Digital Asset Broker (Crypto & Token)
Innovestx Securities Co., Ltd., a licensed digital asset broker in Thailand, operates under the SCB X Group. It is also the only company under this category which provides a secure platform as a digital asset broker for trading cryptocurrencies, allowing its users to manage digital assets alongside traditional investments such as Thai stocks and mutual funds.
List of Non-Securities Company Licensed Digital Asset Broker (Crypto)
Bitazza Co., Ltd enables inter-connected ASEAN digital asset trading in its network via respective brokers and exchanges, locally set up with licences or exemptions for operations.
Coins TH Co., Ltd, established in 2014 with iOS mobile apps, allows users to buy and sell digital assets on its platform.
Finansia Digital Asset Co., Ltd aims to simplify how people buy and sell digital assets, regardless of experience.GMO-Z.com Cryptonomics (Thailand) Co., Ltd offers a platform for trading major cryptocurrencies with secure digital asset storage.Gulf Binance Co., Ltd is formed under a partnership between Binance and Gulf Energy Development, providing a wide selection of cryptocurrencies via a digital asset exchange.
Maxbit Digital Asset Co., Ltd provides various trading tools for new and experienced investors
Satoshi Co., Ltd operates as KULAP, which claims to connect decentralised exchanges to help users get the best rate.
Upbit Exchange (Thailand) Co., Ltd offers a cryptocurrency trading platform, mobile app, and diverse market analysis tools tailored for Thai investors.Waan Exchange Co., Ltd allows digital asset transactions while providing customised cryptocurrency options and tools.
XSpring Digital Co., Ltd is a subsidiary of XSpring Capital Public Co Ltd. It operates as a digital asset trading platform and also provides asset tokenization advisory services.List of Non-Securities Company Licensed Digital Asset Broker (Token)
Bitazza Co., Ltd facilitates cross-border ASEAN digital asset trading through licensed or exempted local brokers and exchanges.
Finansia Digital Asset Co., Ltd streamlines digital asset buying and selling for users of all experience levels.
GMO-Z.com Cryptonomics (Thailand) Co., Ltd provides a platform for trading major cryptocurrencies with secure asset storage.
Gulf Binance Co., Ltd is a collaboration between affiliates of both Binance and Gulf Energy Development, offering a broad range of cryptocurrencies via a digital asset exchange.
Maxbit Digital Asset Co., Ltd equips traders with various tools for both beginners and experienced investors.
Satoshi Co., Ltd operates as KULAP, aggregating decentralised exchanges to secure rates for users.
Upbit Exchange (Thailand) Co., Ltd operates a cryptocurrency trading platform, mobile app, and market analysis tools designed for Thai investors.Waan Exchange Co., Ltd enables digital asset transactions with tailored cryptocurrency options and trading features.XSpring Digital Co., Ltd is a subsidiary of XSpring Capital Public Co Ltd, functioning as a digital asset trading platform while also offering asset tokenization advisory services.Source: SEC Thailand
FAQs
How do I verify if a cryptocurrency exchange is licensed in Thailand?
You can check the list of approved cryptocurrency exchanges on the official website of the Thailand Securities and Exchange Commission (SEC). Always verify the licensing status of an exchange before trading to avoid scams and ensure a safe trading experience.
Can foreigners use licensed cryptocurrency exchanges in Thailand?
Yes, most licensed cryptocurrency exchanges in Thailand allow foreigners to open accounts, provided they meet the Know Your Customer (KYC) requirements, such as submitting identification and proof of address.
Are there trading fees on licensed cryptocurrency exchanges in Thailand?
Licensed exchanges in Thailand typically charge trading fees, which may vary depending on the platform. Always review the fee structure before starting your trading journey.
What cryptocurrencies can I trade on regulated exchanges in Thailand?
Regulated platforms in Thailand support a wide range of cryptocurrencies, including popular ones like Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP).
How often does the Thailand SEC update its list of licensed exchanges?
While the exact update schedule is not disclosed, the SEC’s official website remains the authoritative source for the most current information on approved digital asset exchanges in Thailand. Traders are advised to stay informed by checking the SEC’s official website for the latest updates on approved platforms.
Source of image: edited from Freepik