Thailand regulates crypto businesses under the Emergency Decree on Digital Asset Businesses (2018): exchanges, brokers, dealers, fund managers, advisers, custodial wallet providers and ICO portals all need a licence from the Ministry of Finance, on the recommendation of the SEC.
Can such a business be 100% foreign-owned?
Yes, potentially. The Digital Asset Decree requires a Thai company, but sets no Thai shareholding ratio. That is why some advisers say “100% foreign ownership is allowed”.
But the SEC licence answers only one question: may this company run a digital asset business? The Foreign Business Act answers another: may a company that is half or more foreign-owned carry on this business in Thailand? Silence in the Decree is not an exemption from the Foreign Business Act.
So a 100% foreign-owned operator needs two things:
- the SEC / Ministry of Finance licence for the digital asset activity; and
- a legal basis under the Foreign Business Act: a Foreign Business Licence, a Foreign Business Certificate (for example through a genuine BOI-promoted technology company), or another exemption.
The August 2026 reform, which exempted certain securities and derivatives activities from the Foreign Business Act, did not cover digital asset businesses. And with the Ministry of Commerce and the SEC now looking through holding companies to who finances and controls them, nominee shareholders are not an option. See Thailand’s 2026 Nominee Crackdown.
The full analysis
The seven licences, capital, costs, timeline, the two interpretations of foreign ownership, the BOI route and what the market actually does are all in our full guide: Thailand Crypto Exchange Licence 2026: Requirements, Cost and Foreign Ownership.
FintechLex has worked in Thailand since 1995. We help structure the shareholding lawfully, prepare the SEC application and, where a joint venture is the better route, introduce the right Thai investment partner. Write to insight@fintechlex.com.
This article is for general information only and does not constitute legal advice.
