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Payment with digital assets in Thailand: Opportunities, Challenges, and Future Directions

2025/11/20 02:51:02

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In recent years, digital assets—especially cryptocurrencies and digital tokens—have become a hot topic in global economic and financial circles. Thailand is no exception, as entrepreneurs, investors, and consumers have begun to show interest in using digital assets as a medium for paying for goods and services. However, adopting digital assets as a substitute for legal tender remains a matter that requires careful consideration from legal, economic, and financial stability perspectives.

Thailand enacted the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018) to establish a regulatory framework for businesses related to digital assets, such as exchanges, brokers, and dealers, with the Securities and Exchange Commission (SEC) serving as the primary regulatory authority. In addition, the Bank of Thailand (BOT), which oversees payment systems under the Payment Systems Act B.E. 2560 (2017), has clearly stated that it does not support the use of cryptocurrencies for payment of goods and services, citing high volatility, risks of money laundering, and potential impacts on financial system stability.

Although the law does not yet recognize cryptocurrencies as “legal tender,” some businesses in Thailand—such as online stores, hotels, and technology service providers—have experimented with accepting digital assets as payment. This practice is considered part of the constitutional freedom to conduct business, and merchants typically convert digital assets into Thai Baht immediately to reduce price volatility risks. In practice, government agencies have no authority or mechanism to prohibit individuals from conducting transactions using digital assets. Instead, they focus on prohibiting licensed intermediaries from providing or supporting direct payment services with digital assets. For example, the TouristDigiPay project, which facilitates spending by foreign tourists holding digital assets, allows conversion of those assets into Thai Baht for travel and living expenses in Thailand. However, digital asset businesses still cannot provide direct payment services; transactions must first be routed through e-money providers under the Payment Systems Act. Nevertheless, Thailand maintains an open attitude toward using digital assets as “investment assets.”

Furthermore, the financial sector has developed Investment Tokens and Utility Tokens, which grant rights to access services or projects, such as hotel stays, transportation services, or real estate investment opportunities.

On taxation, the Revenue Department has stipulated that trading or earning returns from digital assets is subject to personal income tax and, in some cases, value-added tax, reflecting the government’s effort to adapt to new transaction models. Readers can refer to previous articles on the TouristDigiPay project and Thailand’s digital asset tax laws for more details.

Formulating policy in this area is a major challenge for designing Thailand’s future digital economy. Policymakers must strike a balance between opportunities and benefits and the challenges and limitations of using digital assets for payment.

 ⚠️ Disclaimer: Cryptocurrency and digital token involve high risks; investors may lose all investment money and should study information carefully and make investments according to their own risk profile.

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