Open a Cryptocurrency Company in Thailand

Updated on Wednesday 12th October 2022

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Thailand has become one of the most popular destinations for foreign investments in the fintech sector. The vibrant economic market and high technology available in the main cities in Thailand are some of the main factors which determine entrepreneurs to come in Thailand and set up here a new company. 

Our experts in company registration in Thailand can help you establish a cryptocurrency firm and present you with the opportunities offered by the Thai legal framework.

 
Read below if you need more information about the Thailand crypto exchange license, as well as other issues concerning the current regulatory regime.

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 Quick Facts  
Cryptocurrency seen as legal tender (Yes/No)

No

Local regulatory agency

The Office of the Securities and
Exchange Commission (SEC)

Special licenses for those who open a cryptocurrency company in Thailand

Public token offerings and the operation of digital asset businesses is regulated - special approvals are required
Special licenses for crypto exchanges
in Thailand

Licensed by the Ministry of Finance (MOF), under recommendations from the SEC

Anti-money laundering rules Certain types of businesses must comply with the
Anti-money laundering rules (AML)
Special requirements for investors who open a cryptocurrency company in Thailand

Restrictions apply in terms of foreign company ownership. Exemptions apply when the foreign national obtains a foreign business license

Residency requirements for investors

Temporary residence (business visa and work permit) is issued to those who have a business approved by the Board of Investment

Types of companies used by those who open a cryptocurrency company in Thailand Private and public limited companies
Minimum capital for a cryptocurency company in Thailand THB 2 million when applying for a foreign business license
Minimum number of shareholders 3 for the private limited company
Minimum number of directors 1 for the private limited company
Business license Foreign Business License for companies with a majority of non-Thai shareholders
Mandatory requirements for the cryptocurrency company Approval from the MOF and SEC, as per its business activities

Cryptocurrency company taxation

Income derived via trading or exchanging digital assets is subject to the general corporate tax rules

The corporate income tax rate in Thailand is 20%
Reasons to open a cryptocurrency company in Thailand Access to the ASEAN market
A large internal market 
A number of well-developed business sectors,
such as tourism
 

The cryptocurrency environment in Thailand

 
The digital assets sector is undergoing important developments, with both established investors and emerging companies entering the market.
 
The cryptocurrency and blockchain markets still offer many new opportunities. 

The Thai state invests in seminars and events which have the purpose to inform investors and educate the market in order to ensure the safe and healthy development of the cryptocurrency sector in Thailand

Cryptocurrency allows for multiple types of business ideas and activities. Two of the most popular ones are companies that provide technological infrastructures for mining virtual money and for cryptocurrency transactions, and wallet providers, which store information and ensure the safety of the transactions.

 
A Thailand crypto exchange license is required, and it is referred to as a special license for a digital asset business.

Our consultants in company formation in Thailand can answer your questions regarding the main steps you need to make in order to establish a cryptocurrency company in this country.
 

The Thailand crypto exchange license

 
The Securities and Exchange Commission, along with the Minister of Finance, are the ones responsible for the issuance of the digital asset business license.
 
This license is required for those who will engage in digital asset exchanges, for digital asset brokers and dealers. The Royal Decree on the Digital Asset Business is the one governing the licensing of the three types of recognized digital asset businesses, as previously mentioned.
 
It should also be noted that, according to law, a distinction is made between cryptocurrency and digital tokens. The first is created to serve as a medium of exchange for the purchase of goods, services, or other rights.
 
Some of the most important conditions to obtain the Thailand crypto exchange license are listed below:

 
  1. Incorporation: the company needs to be registered in the country, as per the current laws;
  2. Shareholder equity: these apply in the case of brokers and dealers, however, the requirements are clear ones; our team can give you more details;
  3. Directors: the individuals occupying this position in the cryptocurrency company need to have the relevant qualifications, as directed by the Securities and Exchange Commission;
  4. Proof of operation: the applicant must be able to show both that he is not in financial difficulty and that he has the right systems to operate the said digital asset.
 
Our Thai company formation agents can give you more details about these requirements for the Thailand crypto exchange license.
 
In addition to the conditions listed above, investors should also keep in mind the following fees:

 
  • the Thailand crypto exchange license fee is THB 2.5 million (for those who will operate a cryptocurrency exchange);
  • the annual fee is 0.002% of the total trading value;
  • the license application fee is THB 30,000 for each license (presuming that a single investor applies both for a digital asset exchange license and one for a digital asset broker or dealer).
 
Please keep in mind that the fees above can be subject to change. Our team can provide you with information as needed.

 

Ideas for investing in cryptocurrency in Thailand


Below are four cryptocurrency business ideas in Thailand that you can use if you are interested in Thai company formation and plan of dealing with virtual currencies as the main business scope.
  1. A cryptocurrency exchanger: it is simply a platform that allows users to buy the most popular types of cryptocurrencies using a credit card.
  2. A cryptocurrency exchange: a platform that shares similarities to a traditional stock exchange and allows users to trade by making initial Bitcoin deposits; other trading rules may apply.
  3. A cryptocurrency ATM: like the exchanger, it is another service offered to the public that gives the option of buying crypto coins with cash; it is a physical machine.
  4. A digital wallet: cryptocurrency buyers and sellers need to store their digital coins using a safe software; providers of digital wallet services respond to this need.
 

Company formation requirements for a cryptocurrency business in Thailand


The setup of a cryptocurrency business should begin with a name reservation and should continue in compliance with the provisions of the Thai Commercial Code.

Our team lists a brief guide below:
 
  1. Choose the company name: the name is a unique one, which is not already in use by another Thai registered company; it can be reserved in advance by one of the company founders;
  2. Determine the registered office: this needs to be based in Thailand, although it does not need to have the same address as the one from which the company will engage in operations;
  3. Prepare the documents: the Articles of Association include information on the type of business, its location and name, the shareholding structure, and the names of the shareholders, along with other relevant data;
  4. Complete the registration: all the company documents, along with proof of payment for the mandatory registration fees and the founder’s IDs (and other documents, if needed) are submitted to the Department of Business Development;
  5. Follow the post-registration steps: these include opening a bank account in Thailand, as well as making the mandatory applications for the needed licenses, based on the activities that will be performed by the company (as previously mentioned).
 
The guidelines presented above are in line with the requirements set forth by the Department of Business Development and the Ministry of Commerce.

Once investors have selected their preferred type of business and have drawn up a business plan, the Thailand company formation process can begin. 

Feel free to contact our specialists in company registration in Thailand in order to help you gather the required documentation for the registration of your cryptocurrency firm in Thailand.
 
Investors who wish to know more about the regulatory regime for companies involved with dealing with digital assets can contact us for details.
 
We assist local and foreign investors who wish to open a company and we also provide services related to virtual offices in Thailand.
 
You can also contact us if you wish to purchase a shelf company.
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