The rise of non-fungible tokens (NFTs) has captured global attention, transforming digital ownership and redefining value in the digital economy. In Thailand, the legal treatment of NFTs is evolving under a structured regulatory framework. Governed by the Digital Asset Business Operation Emergency Decree B.E. 2561 (the "DA Law"), Thailand has taken a proactive stance in regulating digital assets—including certain types of NFTs. As interest grows among creators, investors, and platforms, understanding the legal boundaries and compliance requirements is essential.
This article explores the current legal status of NFTs in Thailand, outlines regulatory obligations for issuers, and clarifies how the Securities and Exchange Commission of Thailand (SEC) interprets these digital assets under existing laws.
Understanding NFTs Under Thai Law
At its core, an NFT is a unique digital token stored on a blockchain, representing ownership or rights over a specific tangible or intangible asset—such as digital art, collectibles, real estate, or intellectual property. Unlike fungible cryptocurrencies like Bitcoin or Ethereum, each NFT is distinct and non-interchangeable.
Under Section 3 of the DA Law, "digital asset" is defined as either cryptocurrency or digital token. Since NFTs are generally not designed to function as a medium of exchange for goods or services, they typically do not fall under the category of cryptocurrency.
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However, if an NFT grants its holder:
- The right to participate in an investment scheme (investment token), or
- Access to a product, service, or other rights (utility token),
then it may be classified as a digital token under the DA Law. In such cases, the issuance and trading of the NFT become subject to regulation unless it falls within an exemption.
When Are NFTs Regulated in Thailand?
Not all NFTs are automatically regulated. The key determinant is functionality—what rights or benefits the token provides to its owner.
The SEC has clarified through Notification No. GorJor.15/2561 (issued July 3, 2018) that only utility tokens linked to future-dated products or services—those not yet available at the time of token issuance—are considered regulated digital tokens. This means:
- An NFT that unlocks access to a digital artwork immediately upon purchase? Likely not regulated.
- An NFT that promises entry to a future concert, exclusive membership, or unreleased software? Potentially regulated as a utility token.
Similarly, if an NFT offers profit-sharing, dividends, or participation in revenue streams from a project or asset, it may be deemed an investment token, bringing it squarely under SEC oversight.
Legal Requirements for Issuing NFTs in Thailand
Under the DA Law, two primary activities are regulated:
- Offering digital tokens to the public
- Operating digital asset businesses (e.g., exchanges, brokers)
Any individual or entity planning to issue NFTs that qualify as investment tokens or pre-sale utility tokens must comply with strict regulatory procedures.
To legally launch such an NFT in Thailand, developers must:
- Meet specific eligibility criteria (including corporate structure, financial standing, and governance)
- Obtain prior approval from the SEC
- Submit a registration statement and draft prospectus to the SEC for review
As of now, the SEC has not approved any NFT offerings under this framework. This indicates a cautious regulatory approach, emphasizing investor protection and market integrity.
Once approved and registered, any public offering must take place exclusively through SEC-licensed digital asset exchange platforms. However, there’s a critical limitation: currently, no licensed exchange in Thailand is permitted to list or trade NFTs, according to SEC Notification No. GorThor.18/2564 (June 10, 2021).
This creates a paradox: while issuance may be theoretically possible with SEC approval, there is no legal secondary market for trading these assets.
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What This Means for Creators and Businesses
For artists, brands, and tech entrepreneurs looking to leverage NFTs in Thailand, the message is clear: compliance comes first. Even if your NFT project seems purely creative or community-driven, if it includes elements of investment returns or deferred benefits, it could attract regulatory scrutiny.
Key considerations include:
- Avoid structuring NFTs to promise financial returns unless you're prepared for full regulatory compliance.
- Be transparent about what rights the NFT confers—ownership of digital art vs. access to future perks.
- Monitor updates from the SEC regarding potential rule changes for NFT trading.
The lack of approved exchanges also suggests that cross-border sales may inadvertently expose issuers to legal risks if Thai residents participate in unregulated markets.
Frequently Asked Questions (FAQ)
Q: Are all NFTs illegal in Thailand?
A: No. NFTs themselves are not banned. However, those classified as investment or pre-sale utility tokens are subject to regulation. Purely collectible or artistic NFTs without investment features generally fall outside current oversight.
Q: Can I buy or sell NFTs in Thailand today?
A: While individuals can technically trade NFTs on international platforms, domestic exchanges are prohibited from listing them. This creates a gray area with potential compliance risks for both buyers and sellers.
Q: Does the SEC regulate NFTs globally?
A: No. The SEC’s authority applies only within Thailand. However, if an NFT issuer targets Thai investors or conducts promotional activities locally, they may still be required to comply with Thai regulations.
Q: Is there a timeline for when NFT trading will be allowed on Thai exchanges?
A: The SEC has not announced a specific timeline. Market participants should stay informed through official SEC communications for updates on future regulatory developments.
Q: What happens if I issue an unregistered investment-based NFT in Thailand?
A: Violations of the DA Law can result in severe penalties, including fines, imprisonment, and asset seizure. It's crucial to seek legal counsel before launching any tokenized project.
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Looking Ahead: The Future of NFT Regulation in Thailand
Thailand’s approach reflects a balance between fostering innovation and protecting consumers. While the current framework limits immediate commercialization of regulated NFTs, it lays the groundwork for a transparent and secure digital asset ecosystem.
As global demand for digital ownership grows, it’s likely the SEC will eventually introduce tailored rules for NFT issuance and trading—possibly distinguishing between artistic, collectible, and financialized tokens.
Until then, stakeholders should proceed with caution, prioritize legal clarity, and remain agile in response to regulatory shifts.
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