Cryptocurrency is becoming increasingly common in Thailand, attracting attention from both tech enthusiasts and everyday users. Whether you’re a curious newcomer or considering digital assets for the first time, this guide provides an overview of how crypto fits into Thai society today, including the legality of crypto in Thailand.
Is Crypto Popular in Thailand?
Yes, cryptocurrency has gained significant traction in Thailand in recent years. The country’s interest in cryptocurrency surged during the 2021 bull market, when Bitcoin reached its highest value of over two million Thai Baht. Since then, popularity has grown as platforms such as CryptoNews TH have helped lower the barrier to enter the market, thanks to beginner-friendly guides and tips.
Thailand has been noted as one of the world’s most crypto-friendly nations. Looking at recent data, Thailand had approximately 13.02 million cryptocurrency users as of 2023, representing about 18.1% of the population. This number is projected to grow to 17.67 million users by 2028.
What Does the Crypto Landscape Look Like Today?
Thailand’s crypto adoption is notably influenced by its younger population. According to Statista, as of November 2024, approximately 75% of Thai cryptocurrency investors were between 18 and 24, while only 1.1% were over 55.
This youthful demographic is more inclined toward digital innovation, seeking alternative investment opportunities and embracing new financial technologies. Mobile apps are the most common method for storing and managing digital assets, reflecting the country’s mobile-first culture.
Bitcoin remains the most popular cryptocurrency in Thailand, established as a well-known digital currency. But many investors also look at alternative cryptos, from mainstream options like Ethereum and Ripple to more niche alternatives.
Where and How Can Crypto Be Used?
Cryptocurrency usage in Thailand extends beyond trading and investment. For example, some real estate agencies accept cryptocurrencies as payment for property purchases. Additionally, several businesses, particularly in major cities like Bangkok, offer consumers the option to pay for everyday purchases with cryptocurrencies.
The Thai government is also exploring the development of a Central Bank Digital Currency (CBDC), which could revolutionize digital payments in the country. Already back in 2018 the Bank of Thailand unveiled “Project Inthanon”.
The country has so far launched a pilot CBDC and run campaigns such as a digital currency giveaway. While there is no immediate plan for a digital baht, it is clear that the country is looking to explore the market of digital currencies.
Is Crypto Legal in Thailand?
Cryptocurrency trading is legal in Thailand, but cryptocurrencies are not recognized as legal tender.
The Thai authorities were among the world’s first to introduce regulation into the crypto sector. The country established a regulatory framework for digital assets under the Emergency Decree on Digital Asset Businesses, introduced in May 2018. The Securities and Exchange Commission (SEC) oversees digital asset businesses, requiring exchanges and other service providers to obtain licenses.
In 2024, the Thai government eliminated the 7% value-added tax on cryptocurrency trading, signaling a more favorable regulatory environment. Additionally, the SEC has relaxed rules on investing in asset-backed tokens, allowing more people to enter the market.
Are There Any Challenges?
Despite the growing popularity of cryptocurrency in Thailand, there are some challenges. Most notably, fraudulent cryptocurrency investment scams, often referred to as “pig butchering,” have emerged as a significant issue. These schemes have widespread global impacts, with operations primarily directed from Asia.
Thai law enforcement is actively working to combat these scams. In 2024, Thai police partnered with AMLBot, a blockchain investigation tool, to enhance their ability to trace and recover funds from transnational scam syndicates. This collaboration aims to tackle the rising threat of pig butchering scams in the region, particularly those linked to criminal syndicates operating from neighboring countries.
