Eternity Law International News Crypto license in Thailand

Crypto license in Thailand

February 27, 2024

A crypto-license is needed for firms in Thailand engaged in 3 types of digital currencies deals: stock trade, brokerage and dealer activities. Such authorization is issued by Securities Commission (SEC). Thailand became pioneer in Asian spaces to start officially-regulating virtual assets market and issuing permits to operate with such currencies.

Our team specializes in launching and licensing various commercial structures. We possess enormous expertise and extensive professional background, which gives us possibilities to accompany our clients in getting SPI license, Forex-license, gambling permit and others.

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Getting a crypto-license in Thailand: basic requirement points

In 2018, country’s authorities introduced legislative modifications aimed at increasing transparency and control in crypto-market. In accordance with these modifications, virtual assets were divided into 3 categories: crypto-currencies, tokens and others. All exchanges, exchangers and other virtual currency service providers need to register with the SEC.

To get this permit to operate in Thailand, companies need to meet certain national standards, detailed in relevant legislative basis.

Legislative norms introduced in 2018 requires all virtual assets firms to get a crypto-license from SEC. It’s mandatory for businesses engaged in mext-mentioned activities.

  1. Trading crypto-assets.
  2. Brokerage and dealership with crypto-assets.
  3. Digital assets supervision.
  4. Exchanging crypto-assets.
  5. Other actions related to virtual assets according to regulator’s rules.

Additionally to licensing normative points, digital asset firms need to implement customer background checks, monitor transactions to comply with illegal monetary means circulation prevention laws, and maintain security to protect customer assets.

It’s worth noting Thailand developed recommendations for banks and other financial establishments on use of crypto-currencies in payment systems. These guidelines require financial facilities to conduct customer due diligence, monitor transactions, and report suspicious transactions to appropriate authorities.

Our team provides fully-covering services in getting various types of permits, particularly, PSP-licenses in Hong Kong, Forex-permits in Germany, crypto-permits in Estonia and others.

Regulation of local crypto-market

Country’s Commission regulates business-activities of any digital asset business in Thailand. Additionally to such authority, regulation engages Thai Banking establishment, Illegal Monetary Means Circulation Preventing Authority, which enforces law basis in this niche, and Ministry of Finance appointing specialists to inspect companies licensed to deal with crypto-assets locally.

Conditions for getting a permit for crypto-exchangers include possessing a physically-approved address for registration and communication with authorities, and possessing office-premises, even if it’s virtual. Thailand hasn’t signed any AEOI-agreements and isn’t required to implement so. Firms are eligible for foreign investments.

To successfully get a VFA-operation permit, businessmen need to:

  • appoint 1 director with residency not being interacted with criminal or bankruptcy records;
  • distribute capital among min 2 shareholders;
  • create banking account locally  making deposit of 5,000 USD or EUR;
  • demonstrate documentation confirming technically-prepared ability and correspondence with AML/CFT-rules.

After receiving a permit and a year-period of operation, exchangers need to submit SEC-report, undergo audit, and provide a financial due diligence report.

Advantages of this license in Thailand

Getting a crypto exchange license in Thailand provides plenty of possibilities.

  1. It’s appealing for ambitious structures because its prestige.
  2. There’s supportive basis for virtual currencies.
  3. Technological startups receive governmental help.
  4. There’s a framework of rules governmental crypto-activities.
  5. Permitting procedure is fair and simple.
  6. Favorably-set basis was created for innovations and experimentation.

Procedure for getting a crypto-license

Although this way is distinguished by its simplicity, it requires applicants to demonstrate a deep acknowledgment of locally-existing legislative basis. Start is preparation of mandatory documentation by company, carefully ensuring its correspondence with SEC-requirements. It’s essential to note that each document needs to have English version.

Approx time-frame, including registration of a firm, preparation of documentation and application, and getting VFA-permit, based on type of permit:

  • for crypto-exchange: from 9 months to a year-period;
  • for crypto-brokers: 7-9 months;
  • for cryptocurrency dealers: 5-7 months.

It’s essential to note that specific deadlines depend on speed of provision of mandatory information and workload of regulative authorities.

Firms needing support in process of license-getting, legalization and progress of cryptocurrency business-project may seek help from our team, where only experienced professionals work.

General procedure is to implement next-mentioned.

  1. Company launching in accordance with Thai law.
  2. Presence of director and managers with excellent clean reputation and appropriate qualifications.
  3. Mandatory presence of capital and deposit in banking account locally meeting rules and standards for various categories of permits.
  4. Providing a detailed business-plan and services description.
  5. Submission of documentation confirming identities, addresses and absence of criminal records of directors and shareholders.
  6. Providing audited financial statements and developing cybersecurity measures.
  7. Demonstration of company’s technical capabilities and payment of needed min capital.
  8. Filling out application.

As mentioned earlier, regulation of crypto-currencies is currently handled by SEC; it confirmed plenty of virtual assets such as Ripple, Stella and others as legal means of exchange. Several crypto-exchangers, brokers and dealers are allowed to function. All crypto-currency managers and deposit advisors, both new and existing, need to apply for a permit in Thailand from February 24, 2021. Crypto-exchanges need to provide customers’ data for business-to-business deals, specifically in context of KYC-compliance. ICOs of new virtual currencies need to obtain SEC-approval, follow a draft registry, and register them through an SEC-certified resource.

Virtual asset business may be considered in 3 categories: exchanging, brokerage and dealer. All of operators need to obtain a crypto-license in accordance with SEC-guidelines and meet certain regulative rules and standards.

Tax system

Regarding taxation system for crypto-licenses, for tax-purposes, any profits from deals or exchanges of locally-used e-assets are covered by personal and corporate incomes tax according to local laws. Tax-rate is 15%.

How much does crypto-license cost in Thailand?

Cost of getting this permit is calculated individually for each entrepreneur, since it depends on plenty of third-party factors. Our experts provide you with a preliminary price estimate before cooperation begins. 

Our service range

  1. We prepare all mandatory documentation, policies and processes for comprehensive application.
  2. We develop KYC-materials and mechanisms.
  3. We organize timely submission of official application to regulative authorities with provision of all mandatory documentation.
  4. We provide entire process of interaction with regulative bodies, including re-examination of application and subsequent inspections.
  5. We provide advice and support at all phases, including participation in interviews with regulators.
  6. We help you fulfill basic conditions, such as creating a legal structure and getting banking account.
  7. Support after getting permission, providing advice on all aspects of business-activities.
  8. We develop individual recommendations and strategies, bearing in mind specifics of your business-activities.
  9. Ready-made companies for sale in Malta, Cyprus, Germany, Denmark, Britain and others.
  10. We guarantee expert support based on our knowledge and expertise in global market-trends.

With our expertise and professionalism, we help you speed up process of getting a permit and start operating in promising global jurisdictions.

Our firm specializes in assistance in getting licenses for crypto-operations worldwide. We guarantee nextt-mentioned privileges to our customers.

  1. Our experts have in-depth knowledge of legislation and licensing norms. They provide professionally-covering support at all phases of getting a permit.
  2. We offer individual consultations, bearing in mind unique needs and characteristics of each organization.
  3. We provide a fully-covering range of services, including preparation of mandatory documentation, interaction with regulative authorities and consultancy on compliance with standards.
  4. Our lawyers maintain excellent relationships with regulators, resulting in more efficient communication and reducing time needed to get a permit.

Thanks to our expertise and professional approach, we help clients speed up process of getting permits and optimize costs.

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