Tether Launches Gold Token, Analysis of Thailand's Digital Asset Regulatory Policy

On May 13, 2025, the issuer of the world's largest stablecoin USDT announced the launch of a gold Token (XAU₮) on a certain digital asset exchange in Thailand, with each XAU₮ corresponding to 1 ounce of physical gold.

Previously, the Thai SEC recognized USDT as a legal cryptocurrency on March 10, 2025. Senior officials in the Thai government have also expressed their intention to utilize cryptocurrency and blockchain technology to promote the development of the local tourism industry.

In December 2023, the issuer of USDT collaborated with a major cryptocurrency exchange in Thailand to launch a stablecoin and blockchain education project in Thailand. The two parties plan to enhance the digital financial awareness of Thai users through various forms. Notably, USDT is the largest stablecoin by trading volume on the exchange.

According to the Q1 2025 financial report, as of March 31, the market value of USDT is approximately 143.7 billion USD, holding about 120 billion USD in US Treasuries. In Q1, the new supply of USDT was approximately 7 billion USD, with an additional 46 million user wallets.

Despite its leading market position, the issuer of USDT has actively embraced regulation in recent years. On January 13 of this year, the company announced the relocation of its headquarters from the British Virgin Islands to El Salvador after obtaining a digital asset service provider license in El Salvador, and executives have also purchased homes locally and obtained residency.

As one of the active economies in Southeast Asia, Thailand is known for its tourism industry, has a clear export-oriented economy, and experiences frequent cross-border capital and personnel flows. Under multiple factors, the Thai government has a relatively friendly policy towards digital assets, attracting numerous industry giants and startups. In the 2024 Global Cryptocurrency Adoption Index ranking, Thailand ranks 16th.

The following will analyze the main characteristics of Thailand's digital asset regulation.

Evolution of Thailand's Regulatory Attitude Towards Digital Assets

Thailand's regulatory attitude towards cryptocurrency has undergone a shift from cautious to proactive, closely related to the global trends in the digital economy and adjustments in Thailand's domestic economic strategy.

In May 2018, Thailand issued the "Digital Asset Business Decree," which categorizes digital assets into two types: cryptocurrency and digital tokens. The decree primarily regulates the issuance of digital tokens and the conduct of digital asset businesses, covering various fields such as exchanges, market makers, and service providers.

Thailand Token Issuance Regulation

Regulated Token Issuance

This includes investment-type Tokens, utility Tokens that are preparing to be listed, and cryptocurrencies. The Thai Securities and Exchange Commission classifies digital Tokens into categories such as real estate, infrastructure, sustainable development, and debt based on their sources of income. In 2022, a real estate company raised approximately 300 million Thai Baht through an STO, becoming the first approved case.

Issuing regulated tokens must meet the following conditions:

• Obtained license from the Thai Securities and Exchange Commission
• Submit the registration application and prospectus for the issuance of securities to the China Securities Regulatory Commission.
• Qualification criteria that meet regulatory requirements

Exempted Token Issuance

Including digital tokens issued by the Bank of Thailand, consumption-type utility tokens, and limited issuance that meets specific conditions.

Consumption-type utility Tokens include:

• Token based on consumption purposes or as a digital certificate
• Utility Token used within a specific distributed ledger system

Limited issuance must meet SEC disclosure requirements and comply with one of the following conditions:

• Targeting institutional investors or ultra-high-net-worth clients
• Targeted at specific investors, no more than 50 people within 12 months.
• The total value issued within 12 months does not exceed 20 million THB.

Thailand Digital Asset Exchange Regulation

The regulated scope includes centers or networks that provide services for the purchase, sale, and matching of digital asset transactions.

Conditions to be met for the exchange:

1. Register an entity in Thailand and obtain a license from the Ministry of Finance.
2. 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 specified net asset level
5. Comply with anti-money laundering and anti-terrorist financing regulations
6. Fulfill KYC, CDD, and suspicious transaction reporting obligations

Suggestions

1. To conduct token issuance business in Thailand, it is necessary to register a local company and assess whether a securities commission license is needed.
2. The company's management must not have a record of bankruptcy or criminal cases.
3. The company should have a reliable business plan and audited financial statements.
4. Disclose the company's operating and financial data in a timely manner as required by the SEC.

The regulatory environment for digital assets in Thailand is gradually improving, providing a solid foundation for industry development. When conducting related business, enterprises should fully understand local regulations to ensure compliant operations.