Stablecoin giant enters the Thai market, issuance of gold Token

On May 13, 2025, the world's largest stablecoin issuer announced that it will launch a gold Token on a certain digital asset exchange in Thailand. It is reported that each Token corresponds to 1 ounce of physical gold.

In the past two months, the Thai SEC announced that a well-known stablecoin would be included in the list of approved cryptocurrencies. At the same time, the Thai Deputy Prime Minister expressed the intention to use cryptocurrency and blockchain technology to promote the development of the country's tourism industry.

As early as December 2023, this stablecoin issuance company collaborated with the largest cryptocurrency exchange by trading volume in Thailand to launch an educational project on stablecoins and blockchain knowledge locally. Both parties plan to enhance the digital financial literacy of Thai users through courses, outreach activities, incentive learning programs, and Q&A sessions. It is worth noting that the stablecoin issued by the company is also the largest stablecoin traded by Thai users and this exchange.

According to the latest quarterly report for Q1 2025, as of March 31, the market value of the stablecoins issued by the company is approximately $143.7 billion, and it holds about $120 billion in U.S. Treasury bonds. In the first quarter, the new supply of stablecoins was approximately $7 billion, and there were 46 million new user wallets.

Despite being a leader in the stablecoin industry, the company has continued to embrace regulation in recent years in hopes of gaining more regulatory endorsement and market share. On January 13 of this year, after obtaining a digital asset service provider license issued by El Salvador, the company announced the relocation of its headquarters and related entities from the British Virgin Islands to El Salvador. Company executives have also purchased properties locally and obtained residency.

Thailand, as one of the most active economies in Southeast Asia, is a world-renowned tourist destination with an export-oriented economy and frequent cross-border capital and personnel flows. Influenced by multiple factors, the Thai government has a relatively friendly policy towards digital assets, attracting many industry giants and startups to choose to conduct their cryptocurrency business here. In the global cryptocurrency adoption index country ranking released by a certain organization in 2024, Thailand ranked 16th.

Overview of Thailand's Digital Asset Regulatory Policy

Thailand's regulatory attitude towards crypto assets has undergone a transformation from cautious observation to active embrace, a change closely related to the global trends in the digital economy and adjustments in Thailand's domestic economic strategy.

On May 14, 2018, Thailand promulgated the "Digital Asset Business Act," which categorizes digital assets into two main types: cryptocurrencies and digital tokens. Cryptocurrencies primarily serve as a medium of exchange, while digital tokens represent certain rights. The Act mainly regulates crypto assets from two aspects: first, the issuance of digital tokens, and second, the operation of digital asset businesses, including exchanges, market makers, service providers, fund managers, investment advisors, and custodial wallet service providers.

Thailand's Regulation on Token Issuance

1. Regulated Token Issuance: including investment Tokens, utility Tokens ready for listing, and cryptocurrencies.

The Thailand Securities and Exchange Commission classifies digital tokens based on their sources of income into categories such as real estate digital tokens, infrastructure digital tokens, sustainable development-related digital tokens, and debt tokens. In 2022, a real estate company raised approximately 300 million Thai Baht (about 8 million USD) through an STO, becoming the first approved case.

Issuance of regulated tokens must meet the following conditions:

• Obtain permission from the Thai SEC
• Submit the application for token issuance registration and prospectus to the Thai SEC.
• Qualification criteria that meet regulatory requirements

2. Exempt regulated token issuance: including digital tokens issued by the Bank of Thailand, consumption-based utility tokens, and limited issuance that meets certain conditions.

Consumption-based utility tokens include:

• Tokens issued for consumption purposes or as digital certificates
• Utility tokens used in specific distributed ledger systems, such as tokens used internally in CeFi and DeFi, tokens used by licensed digital exchanges for discounts or subsidies, and tokens representing voting rights.

Limited issuance that meets SEC information disclosure requirements and complies with one of the following conditions may also be exempt from regulation:

• Issuance aimed at institutional investors or ultra-high-net-worth clients
• Aimed at specific investors with a special relationship with the issuer, the issuance period does not exceed 12 months, and the number of investors does not exceed 50.
• The issuance period does not exceed 12 months, and the total value does not exceed 20 million Thai Baht.

Thailand's Regulation of Digital Asset Exchanges

Regulated digital asset exchanges refer to centers or networks that provide services for the purchase, sale, and matching of digital asset transactions.

Digital asset exchanges must meet the following conditions:

1. Register a legal entity in Thailand and obtain a license issued by the Ministry of Finance.
2. Exchanges shall not engage in digital asset trading business.
3. The paid-in registered capital shall not be less than 100 million Thai Baht.
4. Maintain the net asset level required by regulatory requirements
5. Comply with anti-money laundering and anti-terrorism financing regulations
6. Fulfill KYC and CDD obligations, and report suspicious transactions in a timely manner.

Suggestions for Developing Digital Asset Business in Thailand

1. Conduct token issuance business by registering a company entity in Thailand, and assess whether it is necessary to obtain a license from the Securities and Exchange Commission based on the characteristics of the token.
2. Ensure that the company's management has no bankruptcy or criminal record.
3. Develop a reliable business plan and prepare audited financial statements.
4. Timely disclose the company's operating and financial data as required by the SEC.

The digital asset industry in Thailand is in a rapid development phase, and regulatory policies are continuously improving. Companies entering this market should closely monitor policy changes to ensure compliance.