Non-Fungible Tokens (NFTs) have surged as a global phenomenon, representing unique ownership rights to tangible or intangible assets via blockchain technology. Unlike cryptocurrencies like Bitcoin, NFTs are non-interchangeable due to their inherent uniqueness. In Thailand, NFTs fall under the regulatory scope of the Digital Asset Business Emergency Decree B.E. 2561 (DA Act), which establishes a distinct legal framework for digital assets.
Legal Status of NFTs in Thailand
Under Section 3 of the DA Act, "digital assets" are classified as:
- Cryptocurrencies: Used as a medium of exchange.
Digital Tokens: Includes:
- Investment Tokens: Grant rights to participate in revenue-sharing or projects.
- Utility Tokens: Provide access to specific goods/services (only if the underlying product/service is not yet available at issuance).
Most NFTs are not considered cryptocurrencies since they typically represent unique assets rather than functioning as exchange mediums. However, if an NFT grants investment or utility rights, it may qualify as a digital token under the DA Act.
Issuance and Trading of NFTs in Thailand
Regulatory Requirements
Public Offerings:
Issuers must:
- Meet SEC-defined standards.
- Obtain SEC approval.
- Submit a registration statement and draft prospectus.
- Exemptions apply for private/limited offerings.
Trading Platforms:
- NFTs can only be traded on SEC-licensed exchanges.
- As of now, no NFT trading is permitted on Thai platforms (SEC Notification No. GorThor. 18/2564).
Current Limitations
- The SEC has not yet approved any NFT issuances.
- Utility tokens must derive value from future services/products (per SEC Notification No. GorJor.15/2561).
Future Outlook
Thailand’s regulatory landscape for NFTs remains in flux. Key developments to monitor include:
- Potential SEC guidelines for NFT trading.
- Clarifications on utility token classifications.
- Expansion of licensed digital asset exchanges.
👉 Explore global NFT trends to understand how Thailand might adapt its policies.
FAQs
1. Are NFTs legal in Thailand?
Yes, but they may be regulated as digital tokens under the DA Act if they grant investment/utility rights.
2. Can I trade NFTs on Thai exchanges?
Not currently. The SEC prohibits NFT trading on licensed platforms.
3. What’s required to issue an NFT in Thailand?
SEC approval, a registered prospectus, and compliance with DA Act standards—unless exempted.
4. How are utility tokens defined?
They must link to services/products unavailable at issuance (e.g., pre-launch software).
5. Will Thailand allow NFT trading soon?
No official timeline exists, but regulatory updates are anticipated.