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Similar to the majority of the world, Thailand’s cryptocurrency market has experienced exponential growth in recent years, particularly as the country has become more crypto-friendly and regulated. The popularity of cryptocurrencies and the services that support them has increased since the 2014 ban on their sale, purchase, and trading was lifted. Additionally, billboards across the nation and Bangkok Mass Transit System (BTS) Skytrain stations all over Bangkok feature advertisements for regional Thai cryptocurrency exchanges.
The various regulations that the Thai government has placed on cryptocurrencies go along with their popularity. To begin with, it’s crucial to clarify that cryptocurrencies should, under no circumstances, be used to pay for any legal services. In relation to that, laws against money laundering and terrorism financing also apply to cryptocurrencies. Thai cryptocurrency investors must also properly file their tax returns and pay their taxes in relation to their cryptocurrency investments.
Aside from that, purchasing cryptocurrency and beginning a cryptocurrency investment career in Thailand is very simple. Let’s look at the legal aspects of cryptocurrencies, the different ways you can buy them, and other details to help you start investing in cryptocurrencies.
How to Buy Crypto in Thailand: Best Exchanges
- A large number of cryptocurrencies and trading pairs
- Beginner-friendly interface and easy purchase process
- Supports over 100 cryptocurrencies and crypto pairs
- Also offers advanced trading platforms in addition to its beginner-friendly platform
- Lower fees with Coinbase Pro
FUNDING METHODS
CRYPTOCURRENCIES
40+
COUNTRIES
100+
- Relatively lower fees in comparison to other exchanges
- Wide range of cryptocurrencies with over 300 different assets to choose on
- Advanced trading tools for advanced traders
- Crypto-to-crypto or fiat-to-crypto trading
FUNDING METHODS
CRYPTOCURRENCIES
175+
COUNTRIES
100+
- Supports over 250 crypto coins
- Wide variety of payment methods
- A Short verification process for fast trading
- Relatively low fees
FUNDING METHODS
Crypto, Credit Card, Bank Transfer, Debit Card
CRYPTOCURRENCIES
200+
COUNTRIES
80+
- In all operating jurisdictions, Kraken is fully licensed and able to operate legally, including the US and UK
- Industry-leading security
- All personal information, such as Know Your Customer protocol information is securely encrypted and stored
- A large range of cryptocurrencies to choose from
FUNDING METHODS
CRYPTOCURRENCIES
20+
COUNTRIES
300+
- It offers lower fees, maximum leverage, competitive trading conditions, and competitive trading fees
- Offers 100x leverage of up to 1:100
- Robust technical analysis tools and charting
- Trades can be executed instantly since the platform uses the latest liquidity resources
- Novel covesting feature and turbo trade
FUNDING METHODS
Crypto, Credit Card
CRYPTOCURRENCIES
7
- Relatively low trading fees which can reach a low of 0.075 per cent to a high of 0.195 per cent
- Offers 100x leverage of up to 1:100
- Offers a free trial for verified users
- Does not require users to verify their account using ID
FUNDING METHODS
Crypto
CRYPTOCURRENCIES
5
Is Bitcoin Legal in Thailand?
It is important to establish that cryptocurrencies are not lawful currencies, and are not considered legal tender in Thailand. However, as long as you abide by the rules established for these digital assets, purchasing, selling, and trading crypto assets are legal.
In accordance with the Royal Decree on Digital Asset Business, which came into effect in May 2018, cryptocurrencies and other digital tokens are classified as “digital assets.” Operators of digital asset businesses, who can issue, trade, and exchange digital assets, are subject to the Securities and Exchange Commission’s (SEC) regulation and licensing in Thailand and are governed by the Royal Enactment on Digital Asset Businesses (REDA), which also came into effect in 2018. Thailand had previously outlawed the purchase and sale of cryptocurrencies, though this restriction was removed back in 2014.
As of right now, the SEC has authorized the trading of the following cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Stellar (XLM), as well as digital asset exchanges, brokers, and dealers. Whenever there are fund transfers between businesses, cryptocurrency exchanges are required to promptly disclose user information, particularly information pertaining to Know-Your-Customer (KYC) and suitability requirements. Initial coin offerings (ICOs) require that newly issued digital tokens be registered with all necessary materials, approved by the SEC, accompanied by a draft prospectus, and issued through a portal which is approved by the SEC.
Any income generated by the sale or exchange of digital assets is subject to taxation in accordance with the general tax laws outlined in the 2018 Revenue Code Royal Decree and Amendment. Digital assets are regarded as intangible assets, and both residents and nonresidents are subject to a 15% withholding tax on capital gains from these assets. Individual taxpayers must typically report this income on their annual returns, even though the withholding tax will be deducted from their tax obligations. However, no law exists that specifies the rate of withholding tax on capital gains transactions carried out by corporate entities.
Simply put, as long as cryptocurrencies are accepted by the SEC, they are completely legal to buy, sell, and trade in Thailand. Additionally, as a cryptocurrency investor, it is your duty to declare and pay any taxes owed on your cryptocurrency earnings.
What is the Fastest Way to Buy Bitcoin in Thailand?
There are numerous ways to purchase cryptocurrencies like Bitcoin in the country due to their popularity. Among all of these, using cryptocurrency exchanges to purchase Bitcoin in Thailand is the best and quickest option. Cryptocurrency exchanges are online platforms where you can trade, buy, sell, and do other things with your crypto assets from the convenience of your home.
Paxful, Zipmex, and eToro are well-liked exchanges in Thailand for Bitcoin-related services. These exchanges accept a variety of payment methods, including e-wallets, credit or debit cards, bank transfers, and others.
Steps to Buy Cryptocurrency in Thailand
This guide focuses on purchasing Bitcoin in Thailand, but these instructions can also be used to purchase other cryptocurrencies. The two current methods for purchasing Bitcoin and other cryptocurrencies are through Bitcoin ATMs and a platform for cryptocurrency exchanges.
Similar to regular automated teller machines, Bitcoin ATMs allow users to buy and sell cryptocurrencies, specifically Bitcoins. There are numerous Bitcoin ATMs located all over the country, and because they are open to everyone and are very easy to use. To get started, simply create a cryptocurrency wallet, go to one of the many BTC ATMs scattered throughout Thailand, and follow these easy steps to buy cryptocurrency using a Bitcoin ATM:
Provide an identification card and login using your crypto wallet.
Scan your cryptocurrency wallet's QR code to the camera and wait for it to process. This could be the public Bitcoin address from your paper wallet, an app, or any cryptocurrency exchange you may own.
Feed your cash into the ATM, this is used to pay for the cryptocurrency you are buying.
Verify the amount that was fed and complete the transaction.
Wait for it to process, and you should have the Bitcoins (BTC) sent into your crypto wallet account.
It is recommended to purchase cryptocurrencies through crypto exchange platforms. The term “crypto exchange” refers to an online market where users can buy, sell, and trade cryptocurrencies as well as provide other cryptographic services to their clients using any internet-connected electronic device. Thailand cryptocurrency exchanges like FTX, Bit.com, and Kraken are all well-liked places to use to buy digital assets like Bitcoin online.
Follow these easy steps to buy Bitcoin using a crypto exchange platform. Go to any reliable crypto exchange platform:
Sign up and follow the KYC process in one of the many operating cryptocurrency in Thailand. A valid identification card and some personal information might be requested from you.
Connect your bank, e-wallet, or debit card, or deposit fiat money to your cryptocurrency exchange account. This will serve as your account fund to pay for crypto purchases in the future.
Go to the Marketplace page on the website and look for the cryptocurrency you want to buy, like Bitcoin (BTC). Select it, then select Buy.
Give the necessary details, such as the cost of the purchase and the method of payment. Review the transaction, then confirm it. Then you're done.
Frequently Asked Questions
If you do so on the right cryptocurrency exchange and use the right credit card, buying cryptocurrencies with a credit card is possible. Only a few credit card companies allow the purchase of cryptographic assets, so make sure to check its feasibility with your card company and exchange before you buy. Next, look for a cryptocurrency exchange that accepts credit cards as a payment method. Among the Thai cryptocurrency exchanges that permit this are Paxful, Zipmex, and Lobstr.
Your cryptocurrency exchange account needs to be linked to your credit card. Simply follow the instructions in this article to learn “how to buy cryptocurrency on cryptocurrency exchanges”.
The three primary methods for purchasing bitcoin in Thailand using cash are peer-to-peer transactions, conventional brokerage, and Bitcoin ATMs. For the purpose of purchasing Bitcoin with cash, Bitcoin ATMs are frequently used. Simply remember to bring enough cash to cover the amount of Bitcoin you intend to purchase and to add a 5–10% service fee when using a Bitcoin ATM when using one.
Using a Bitcoin wallet is a great way to guarantee the privacy and security of your financial transactions. There are many different Bitcoin wallets available in Thailand; however, these are the best and most well-liked options among Thai investors. Coinbase is an excellent choice for beginners because it provides a simple crypto and NFT wallet for iOS and Android. The Ledger Nano X is a very secure hardware wallet that connects to your wallet computer via USB and is frequently purchased for maximum security for your crypto investments. Finally, Electrum is a well-known desktop Bitcoin wallet that works on Windows, Mac, and Linux.
Remember that you should only install or buy crypto wallets from the crypto wallet’s website and not anywhere else.