Bitcoin will now be legally recognized as property under Thailand’s criminal law, following a Supreme Court decision that clarifies the status of digital assets in the country.
Supreme Court decision clarifies Bitcoin’s legal status
The Supreme Court ruling directly affects anyone in Thailand who holds or trades cryptocurrencies, as it affirms that digital assets can be involved in property-related crimes. The court found that although Bitcoin has intrinsic value and can be traded, it does not meet the criteria to be considered legal tender. The ruling aligns with the stance of the Bank of Thailand, which cites the volatile nature of cryptocurrencies as a reason for not considering them official currency.
Referencing Sections 137 and 138 of the Thai Civil and Commercial Code, the court established that intangible assets with possessive value can be classified as property. The justices pointed to the 2018 Emergency Decree on Digital Asset Businesses, which describes crypto assets as electronic data designed to function as a medium of exchange and convertible to cash when buyers are available.
By separating the concepts of property and legal tender, the court determined that Bitcoin meets the standard for possessing a market value and being held as an asset, but cannot be used to settle debts as official currency.
The court also cited the Bank of Thailand’s position, which does not recognize digital assets as a means of payment due to price volatility.
Mini dictionary: Bank of Thailand, the central bank responsible for monetary policy, financial stability, and regulation of financial institutions in Thailand.
Court ruling triggered by $50,000 Koh Samui robbery
This legal clarification emerged from a notorious robbery that took place on September 15, 2022, on Koh Samui island. A group of foreign nationals threatened a victim and his Russian wife, demanding Bitcoin and leveraging fears for their child’s safety.
Under pressure, the victim converted $50,000, or 1.878 million baht, into 2.480801 BTC and transferred it to a wallet owned by the perpetrators. The defendant was responsible for organizing the group’s transport and escape by ferry.
A lower court initially sentenced the main perpetrator to 15 years in prison, which was later reduced to 10 years. The Supreme Court upheld this sentence, finding that the Bitcoin transfer was made under duress rather than voluntarily. Judges ordered the stolen Bitcoin to be returned to the victim, or alternatively, that 1.878 million baht be paid as restitution.
| Item | Value |
|---|---|
| Robbery amount (BTC) | 2.480801 BTC |
| Robbery amount (baht) | 1,878,000 baht |
| Robbery amount (USD) | $50,000 |
| Initial Sentence | 15 years |
| Reduced Sentence | 10 years |
Crypto not recognized as payment in Thailand
Thailand has taken a firm position against the use of cryptocurrencies as a payment method, even while encouraging their use for investment. On March 18, 2022, the Securities and Exchange Commission (SEC) announced a ban on using cryptocurrencies to pay for goods or services, with penalties of up to 300,000 baht and 10,000 baht per day for ongoing violations.
Despite the payment ban, authorities have created a more welcoming environment for crypto investments. Capital gains tax on digital asset sales through licensed platforms was abolished from January 2025 to December 2029, further supporting investment activity.
Additionally, the SEC introduced the TouristDigiPay initiative in August 2025, an 18-month sandbox that allows tourists to convert cryptocurrencies into baht for spending within Thailand. In this system, merchants receive payments in baht, rather than digital assets, which ensures compliance with the country’s payment regulations.
In another development, Thailand has permitted the listing of Bitcoin and Ethereum exchange-traded funds (ETFs) on the Stock Exchange of Thailand, with the new regulation taking effect on October 16, 2026.
Mini dictionary: Exchange-traded fund (ETF), an investment fund that tracks the value of an underlying asset and is traded on a stock exchange like a regular stock; Bitcoin and Ethereum ETFs allow traditional investors to gain exposure to these cryptocurrencies through regulated markets.
