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I'll be searching for the most up-to-date information on licensed cryptocurrency exchanges in Thailand and the VASP licensing process.Based on my research, I'll create a comprehensive report on Thailand's licensed cryptocurrency exchanges and the VASP licensing process.
Thailand has established a regulated framework for cryptocurrency businesses through its Securities and Exchange Commission (SEC). The country requires Virtual Asset Service Providers (VASPs) to obtain proper licensing to operate legally in the Thai market. This report examines the main cryptocurrency exchanges that have secured these licenses and details the application process for obtaining a VASP license in Thailand.
1. Bitkub
Bitkub stands as Thailand's largest cryptocurrency exchange and has obtained proper licensing from the Thai SEC 3. The platform offers:
Digital asset-to-Baht conversions
Comprehensive trading services
SEC-compliant operations
2. Satang
Satang is another fully SEC-regulated exchange operating in Thailand 3. Features include:
Regulatory compliance with Thai financial laws
Support for digital asset deposits
Conversion services for Thai users
3. Upbit Thailand
Upbit Thailand has secured regulatory approval and operates with a focus on 3:
Secure transactions
KYC-verified user services
Crypto "off-ramp" capabilities to Thai Baht
4. KuCoin Thailand (ERX Company Limited)
KuCoin has expanded into Thailand, operating through ERX Company Limited with a licensed digital asset exchange regulated by Thai authorities 1 2. This represents a significant entry by a major global exchange into the Thai market.
5. Huobi Thailand
Huobi was granted a digital asset trading license in Thailand, further strengthening the country's position in the Southeast Asian crypto market 2.
The Securities and Exchange Commission (SEC) of Thailand serves as the primary regulator for cryptocurrency and digital asset businesses in the country. Recent developments in the regulatory landscape include:
Enforcement Actions: In 2025, Thailand's SEC blocked access to five unlicensed cryptocurrency exchanges that were operating illegally in the country, including Bybit, 1000X, CoinEx, OKX, and XT.COM 3.
Enhanced Regulatory Powers: A bill under parliamentary review would expand the SEC's enforcement capabilities, allowing the agency to suspend transactions if irregularities are found and investigate market-affecting cases such as insider trading 3.
Audit Requirements: Starting October 2025, all licensed digital asset businesses must use SEC-approved auditors. This regulation extends beyond exchanges and brokers to include various operators, strengthening internal controls and enhancing investor protection 3.
VASP List Transparency: The SEC maintains an official list of authorized digital asset companies on its website and through the "SEC Check First" app for public verification 3.
Prerequisites for License Application
Corporate Structure Requirements
Establish a Thai company with appropriate corporate structure
Meet minimum registered capital requirements (varies by license type)
Demonstrate financial stability and resources
Key Personnel Qualifications
Appoint qualified directors and executives with financial experience
Designate compliance officers with AML/CFT knowledge
Ensure management team has no history of financial crimes or violations
Technical Infrastructure
Implement robust cybersecurity measures
Establish secure custody solutions for digital assets
Develop reliable trading and settlement systems
Build comprehensive risk management frameworks
License Application Process
Code
Preview
flowchart TD A[Preparation Phase] --> B[Documentation Compilation] B --> C[Application Submission to SEC] C --> D[Initial SEC Review] D --> E[Technical Assessment] E --> F[In-person Interviews] F --> G[Final Assessment] G --> H{Decision} H --> |Approved| I[License Issuance] H --> |Rejected| J[Address Deficiencies] J --> B A --> A1[Establish Thai Entity] A --> A2[Meet Capital Requirements] A --> A3[Develop AML/KYC Policies] A --> A4[Set up Technical Systems] B --> B1[Business Plan] B --> B2[KYC/AML Procedures] B --> B3[Technical Documentation] B --> B4[Management Profiles] B --> B5[Fee Payment]Detailed Application Steps
Preparation Phase
Establish a Thai legal entity (typically a private limited company)
Secure minimum registered capital (amount varies by license type)
Develop comprehensive AML/KYC policies aligned with Thai regulations
Set up technical systems and infrastructure
Prepare business continuity and risk management plans
Documentation Requirements
Detailed business plan including market analysis and financial projections
KYC/AML procedures and compliance framework
Technical documentation for platform security and operations
Management team profiles demonstrating relevant experience
Financial statements and proof of capital adequacy
Shareholder structure and beneficial ownership information
Application Submission
Submit formal application to the Thai SEC with all required documentation
Pay application fees (amount varies by license type)
Provide details on planned cryptocurrency operations and services
SEC Review Process
Initial review of documentation for completeness and compliance
Technical assessment of systems and security measures
In-person interviews with key personnel
Evaluation of business plan viability and risk management capabilities
Final Assessment and Decision
SEC board reviews application and makes determination
If approved, license is issued with specific conditions
If rejected, applicants may address deficiencies and reapply
Ongoing Compliance Requirements
Licensed cryptocurrency exchanges in Thailand must maintain compliance with several ongoing requirements:
Capital Maintenance
Maintain minimum capital requirements throughout operations
Submit regular financial reports to the SEC
AML/CFT Compliance
Implement comprehensive Know Your Customer (KYC) procedures
Conduct thorough Customer Due Diligence (CDD)
Monitor transactions and report suspicious activities
Appoint dedicated compliance officers
Operational Standards
Maintain secure custody of customer assets
Implement robust cybersecurity measures
Keep accurate transaction records
Conduct regular system audits
Reporting Obligations
Submit regular operational reports to the SEC
Report significant incidents or breaches immediately
Provide transaction data upon regulatory request
Consumer Protection
Implement fair trading practices
Maintain transparent fee structures
Establish customer complaint resolution processes
Thailand is actively developing its cryptocurrency ecosystem with several notable initiatives:
Crypto ETF Expansion: Thailand plans to expand its crypto ETF offerings beyond Bitcoin, with the SEC working on a regulatory framework that would allow for a wider range of digital asset investment products 3.
Collaborative Ecosystem: Major financial institutions like Kasikornbank are increasing their presence in the digital asset market, while former prime minister Thaksin Shinawatra has been a vocal supporter of cryptocurrencies, indicating strong potential for growth in Thailand's crypto sector 3.
TouristDigiPay Initiative: Thailand is developing a new e-wallet scheme called TouristDigiPay that would allow tourists to convert cryptocurrency, cash, or telegraphic transfers into Thai Baht for QR payments. Licensed exchanges like Bitkub, Satang, and Upbit Thailand are expected to play key roles in this system, with implementation targeted for Q4 2025 3.
Digital Asset Transaction Tax: Thailand has removed VAT on digital currency trading, making the country more attractive for cryptocurrency businesses 2.
When applying for a VASP license in Thailand, businesses should be aware of several challenges:
Regulatory Complexity: The regulatory landscape is evolving rapidly, requiring continuous monitoring and adaptation.
Technical Requirements: SEC has stringent technical and security standards that must be met and maintained.
Compliance Costs: Implementing and maintaining robust AML/KYC systems can be resource-intensive.
Timeline Considerations: The application process can be lengthy, often taking several months from submission to approval.
Market Competition: The Thai crypto market already has established players with significant market share.
Thailand has established itself as a progressive jurisdiction for cryptocurrency businesses in Southeast Asia, with a clear regulatory framework overseen by the SEC. The VASP licensing process is thorough and demanding, reflecting Thailand's commitment to balancing innovation with consumer protection and financial stability.
For companies looking to enter the Thai cryptocurrency market, obtaining a VASP license is a crucial step that requires careful planning, significant resources, and ongoing compliance efforts. The presence of international exchanges like KuCoin demonstrates the attractiveness of the Thai market, while the government's initiatives like TouristDigiPay show continued support for digital asset integration in the broader economy.
As Thailand continues to develop its digital asset ecosystem, companies that successfully navigate the licensing process stand to benefit from access to a growing market with increasing institutional and retail adoption of cryptocurrency services.
Engage Local Expertise: Partner with Thai legal and compliance specialists familiar with SEC requirements and processes.
Invest in Robust Systems: Ensure technical infrastructure meets or exceeds SEC security and operational standards.
Prepare for Thorough Due Diligence: Expect detailed scrutiny of company structure, beneficial owners, and key personnel.
Budget Adequately: Account for application fees, capital requirements, and ongoing compliance costs.
Monitor Regulatory Changes: Stay informed about evolving requirements and be prepared to adapt operations accordingly.
By following these guidelines and understanding the Thai regulatory landscape, cryptocurrency businesses can successfully navigate the VASP licensing process and establish compliant operations in this growing market.
泰国已建立了通过其证券交易委员会(SEC)监管加密货币业务的完善框架。本报告详细介绍了获得VASP许可证的主要加密货币交易所,以及申请泰国VASP许可证的具体流程和要求。
Bitkub是泰国最大的加密货币交易所,由泰国SEC完全监管,具有以下特点:
官方网站: https://www.bitkub.com
成立时间:2018年2月
市场份额:约占泰国加密货币交易总量的75%
注册资本:2.9亿泰铢
服务:提供泰铢与加密货币之间的兑换服务
安全特性:大部分加密资金存储在冷钱包中,采用两因素身份验证,SSL加密技术
Orbix Trade是泰国受监管的交易所,由开泰银行(Kasikorn Bank)持股:
背景:2023年10月,开泰银行收购了Satang Pro母公司97%的股份,并将该交易所更名为Orbix Trade
合规性:完全符合泰国金融法规
特点:与泰国大型银行的深度整合,提供更便捷的出入金服务
Upbit Thailand是韩国大型加密货币交易所Upbit的泰国分支机构:
官方网站:https://th.upbit.com
特点:
由全球知名交易所Upbit提供技术支持
获得泰国SEC完全许可
用户友好的移动交易系统
提供实时价格通知功能
交易费用:0.25%的购买和交易费用
KuCoin于2025年进入泰国市场:
官方网站: https://kucoin.th
许可证号:310180130003和310280090003
运营模式:KuCoin Thailand通过ERX Company Limited运营,ERX是首家获得泰国证券交易委员会监管的数字代币交易所
特点:作为全球主要交易所之一,提供多样化的加密货币服务和产品
Gulf Binance是Binance与泰国海湾能源开发公司(Gulf Energy Development)的合资企业:
状态:已获得泰国SEC许可,可开展数字资产业务
特点:结合了全球最大交易所Binance的技术和泰国本地企业的合规优势
泰国对加密货币业务采取明确的监管框架:
主要监管机构:泰国证券交易委员会(SEC)
官方网站: https://www.sec.or.th
地址:333/3 Vibhavadi-Rangsit Road, Chomphon, Chatuchak, Bangkok 10900, Thailand
联系电话:+66 2 695 9999
电子邮件:info@sec.or.th
泰国的加密货币业务受《数字资产业务皇家法令B.E. 2561》监管,该法令将加密业务分为三种类型:
数字资产交易所
数字资产经纪人
数字资产经销商
此外,还有一个专门针对ICO(首次代币发行)的监管类别。
泰国SEC积极执法,保护投资者利益:
2025年,SEC封禁了五家未获授权的加密货币交易所,包括Bybit、1000X、CoinEx、OKX和XT.COM
推动立法加强监管权力,允许SEC在发现违规行为时暂停交易
自2025年10月起,所有持牌数字资产业务必须使用SEC批准的审计师
SEC维护授权数字资产公司的官方名单,可通过以下渠道查询:
SEC官方网站
"SEC Check First"移动应用程序
1. 企业结构要求
必须在泰国设立合法实体(通常为私人有限公司)
满足最低注册资本要求(根据许可证类型不同而变化):
数字资产交易所:至少5000万泰铢(约147万美元)
数字资产经纪人:至少2500万泰铢(约73.5万美元)
数字资产经销商:至少500万泰铢(约14.7万美元)
证明财务稳定性和充足资源
2. 关键人员资质
任命具有金融经验的合格董事和高管
指定具有反洗钱/反恐融资知识的合规官员
确保管理团队没有金融犯罪或违规记录
3. 技术基础设施
实施强大的网络安全措施
建立安全的数字资产托管解决方案
开发可靠的交易和结算系统
建立全面的风险管理框架
详细申请步骤
准备阶段
在泰国设立法律实体
确保满足最低注册资本要求
制定符合泰国法规的反洗钱/KYC政策
建立技术系统和基础设施
准备业务连续性和风险管理计划
文件要求
详细的商业计划,包括市场分析和财务预测
KYC/反洗钱程序和合规框架
平台安全和运营的技术文档
证明相关经验的管理团队资料
财务报表和资本充足证明
股东结构和实益所有权信息
申请提交
向泰国SEC提交正式申请及所有必要文件
支付申请费用(根据许可证类型而异)
提供计划开展的加密货币业务和服务详情
SEC审核流程
对文件完整性和合规性进行初步审核
对系统和安全措施进行技术评估
与关键人员进行面试
评估商业计划的可行性和风险管理能力
最终评估和决定
SEC董事会审核申请并做出决定
如获批准,颁发带有特定条件的许可证
如被拒绝,申请人可解决缺陷并重新申请
获得许可的加密货币交易所必须维持多项持续合规要求:
资本维持
在整个运营期间保持最低资本要求
向SEC提交定期财务报告
反洗钱/反恐融资合规
实施全面的了解你的客户(KYC)程序
进行彻底的客户尽职调查(CDD)
监控交易并报告可疑活动
任命专职合规官员
运营标准
安全保管客户资产
实施强大的网络安全措施
保持准确的交易记录
进行定期系统审计
报告义务
向SEC提交定期运营报告
立即报告重大事件或漏洞
应监管要求提供交易数据
消费者保护
实施公平交易做法
维持透明的费用结构
建立客户投诉解决流程
泰国正在积极发展其加密货币生态系统:
加密ETF扩展:泰国计划在比特币之外扩大其加密ETF产品,SEC正在制定监管框架,允许提供更广泛的数字资产投资产品。
合作生态系统:开泰银行等主要金融机构正在增加其在数字资产市场的存在,前总理他信·西那瓦(Thaksin Shinawatra)一直是加密货币的积极支持者,表明泰国加密行业具有强大的增长潜力。
TouristDigiPay计划:泰国正在开发名为TouristDigiPay的新电子钱包计划,允许游客将加密货币、现金或电汇兑换成泰铢进行QR支付。Bitkub、Satang和Upbit Thailand等持牌交易所预计将在该系统中发挥关键作用,计划于2025年第四季度实施。
数字资产交易税:泰国已取消数字货币交易的增值税,使该国对加密货币企业更具吸引力。
申请泰国VASP许可证的企业应注意以下几点挑战:
监管复杂性:监管环境正在快速演变,需要不断监测和适应。
技术要求:SEC对技术和安全标准有严格要求。
合规成本:实施和维护强大的反洗钱/KYC系统可能需要大量资源。
时间考量:申请流程可能很长,从提交到批准通常需要几个月时间。
市场竞争:泰国加密市场已有知名玩家占据显著市场份额。
泰国已成为东南亚加密货币业务的先进司法管辖区,SEC监管的明确框架体现了泰国在平衡创新与消费者保护、金融稳定方面的承诺。
对于希望进入泰国加密货币市场的公司,获得VASP许可证是关键一步,需要仔细规划、充足资源和持续的合规努力。KuCoin等国际交易所的进入表明泰国市场的吸引力,而政府推动的TouristDigiPay等计划显示了对数字资产在更广泛经济中整合的持续支持。
随着泰国继续发展其数字资产生态系统,成功导航许可流程的公司将受益于进入一个拥有不断增长的机构和零售加密货币服务采用率的市场。
聘请本地专业人才:与熟悉SEC要求和流程的泰国法律和合规专家合作。
投资稳健系统:确保技术基础设施符合或超过SEC的安全和运营标准。
准备接受彻底尽职调查:预计公司结构、实益所有人和关键人员将受到详细审查。
充分预算:考虑申请费、资本要求和持续合规成本。
监控监管变化:了解不断变化的要求,准备相应调整运营。
通过遵循这些指导方针并了解泰国监管环境,加密货币企业可以成功导航VASP许可流程,并在这个不断增长的市场中建立合规运营。
https://www.slideserve.com/ChainBytes123/bitcoin-atm-machine
https://coinatmradar.com/operator/169/hk-bitcoin-atm-bitcoin-atm-operator/
https://www.facebook.com/hkbitcoinatm
BTM Bitcoin ATM ROI will depend upon several factors, such as the following:
Location of the business (e.g. commercial district, high-traffic)
Number of daily transactions
Average transaction size (e.g. amount users transact)
Total expected revenue from transaction fees
Marketing strategy to promote your Bitcoin ATM
According to estimates from CoinATMRadar, one Bitcoin ATM machine has the potential to earn up to $3,000 a month (e.g. $36,000/year) with gross monthly revenues of $30,000. This can go even higher with an increase in the volume of transactions.
Partners share a percentage of revenues with an operator.
Hosts are paid a fixed monthly fee (or rent) from an operator in exchange for space.
Operators can have several machines under management and benefit from a variety of revenue models working with partners, hosts, and independently.
Having your own Bitcoin ATM business can net you a good profit as long as you follow proper care and management of operations. They also have the potential to increase foot traffic in retail stores and further grow already established businesses.
https://www.chainbytes.com/are-bitcoin-atms-profitable/
https://www.linkedin.com/company/chainbytes/