USDT issuance party Tether issues gold Token, interpretation of Thailand's digital asset regulatory policies.

Thailand's regulatory attitude towards encryption assets has shifted from cautious observation to active embrace. This evolution is closely related to global digital economic development trends and adjustments in Thailand's domestic economic strategy.

Written by: Deron, Mankiw

On May 13, 2025, Tether, the issuer of the stablecoin USDT, announced the launch of Tether Gold Token (XAU₮) on the Thai digital asset exchange Maxbit. According to Tether, 1 XAU₮ corresponds to 1 ounce of gold in the real world.

Before this, on March 10, 2025, the Thai SEC announced USDT as an accepted encryption currency, and the Thai Deputy Prime Minister also announced Thailand's intention to utilize encryption currency and blockchain technology to promote the development of the local tourism industry.

Figure 1 Tether officially announces the launch of gold tokens in Thailand

Earlier, on December 7, 2023, Tether announced a collaboration with Bitkub, the largest cryptocurrency exchange in Thailand, to launch an educational project on stablecoins and blockchain knowledge in Thailand. The two parties will enhance Thai users' understanding of digital finance through the establishment of educational courses, general awareness campaigns, incentive-based learning programs, and Q&A sessions. It is worth noting that USDT is also the largest stablecoin traded by Thai users and on the Bitkub exchange.

Tether, the issuer of USDT, the largest stablecoin by market size globally, announced in its latest Q1 2025 financial report that as of March 31, the market capitalization of stablecoins issued by Tether is approximately $143.7 billion, with holdings of U.S. Treasury bonds amounting to about $120 billion. In the first quarter, the new supply of USDT was around $7 billion, with an addition of 46 million user wallets.

Even as the leading stablecoin, Tether has been continuously embracing regulation in recent years, hoping to gain more regulatory endorsement and market share. On January 13 of this year, Tether announced the relocation of its headquarters and related entities from the British Virgin Islands (BVI) to the Central American island nation of El Salvador after obtaining a Digital Asset Service Provider license (DASP) issued by El Salvador. The company's CEO and COO also purchased properties locally and obtained resident status.

Thailand, one of the most active economies in Southeast Asia, is a world-renowned tourist destination with an export-oriented economy and frequent cross-border flows of funds and personnel. Under the influence of various factors, the Thai government has adopted a relatively friendly policy towards digital assets, attracting many industry giants and startups to engage in encryption asset business in Thailand. In a global cryptocurrency adoption index country ranking released by Chainalysis in 2024, Thailand ranked 16th.

Figure 2 Chainalysis released the 2024 Cryptocurrency Adoption Index ranking

This article will take Tether's strategic layout in Thailand as a starting point to summarize the characteristics of digital asset regulation in the Thai market.

Thailand's Regulatory Attitude Towards Digital Assets

Thailand's regulatory attitude towards encryption assets has undergone a transformation from cautious observation to active embrace, a change closely related to the global digital economy development trends and adjustments in Thailand's domestic economic strategy.

On May 14, 2018, Thailand issued the "Digital Asset Business Act" which categorizes digital assets into two main types: encryption currency and digital tokens. The main difference between the two is that encryption currency serves as a medium of exchange, while digital tokens represent rights. At the same time, the act regulates encryption assets from two main dimensions: first, the issuance of digital tokens; second, the conduct of digital asset businesses, including exchanges, market makers, service providers, fund managers, investment advisors, and custodial wallet service providers.

Thailand's Regulation on Token Issuance

1. Regulated token issuance: investment tokens, utility tokens ready for exchange listing, encryption currencies.

According to the different sources of income, the Thai Securities and Exchange Commission categorizes digital tokens into categories such as real estate digital tokens, infrastructure digital tokens, sustainable development-related digital tokens, and debt tokens, among others. In 2022, the real estate company SC Asset raised approximately 300 million Thai Baht (about 8 million USD) through an STO, becoming the first approved case.

If investors want to issue regulated tokens, they need to meet the following conditions:

• Obtained permission from the Thai SEC;
• Submit a registration application to the Thai SEC for the issuance of digital tokens and submit a prospectus for the issuance of tokens.
• Qualification conditions that meet regulatory requirements.

2. Exempted Regulatory Token Issuance: Digital tokens issued by the Bank of Thailand (BOT), consumable utility tokens, and limited offerings that meet specific conditions.

Utility token for consumption:

The issuer issues tokens based on consumption purposes or as digital certificates.

• Utility tokens that are not based on consumption purposes or as digital certificates, but are limited to use within specific distributed ledger systems, such as tokens used within centralized finance (CeFi) and decentralized finance (DeFi), tokens used as discounts or other subsidies at licensed digital exchanges, and tokens representing voting rights.

Limited issuance by the issuer that meets the SEC's requirements for investor information disclosure and satisfies one of the following specific conditions:

• Issued to institutional investors or ultra-high-net-worth clients;
• The issuance period shall not exceed 12 months for specific investors with a special relationship with the issuer, and the number of specific investors shall not exceed 50.
• The issuance period shall not exceed 12 months, and the total issuance value shall not exceed 20 million Thai Baht.

Thailand's Regulation of Digital Asset Exchanges

Regulated digital asset exchanges category: centers or networks that provide services for buying, selling, and matching transactions of digital assets.

Conditions required for a digital asset exchange:

1. An entity registered in Thailand and licensed by the Ministry of Finance of Thailand.

2. The exchange 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 net asset level required by regulatory requirements;

5. Comply with regulatory requirements for anti-money laundering and anti-terrorism financing regulations;

6. Fulfill the obligations of KYC, CDD, and timely reporting of suspicious transactions.

Mankun Lawyer's Advice

1. To conduct token issuance business in Thailand, it is necessary to register a company entity in Thailand and evaluate whether it is necessary to obtain a license from the Thai Securities and Exchange Commission based on the characteristics of the token.

2. The company's management, such as directors, executive directors, and other management personnel, must not have a bankruptcy or criminal record;

3. The company should have at least a reliable business plan and audited financial statements;

4. The company should pay attention to timely disclose its operating and financial data in accordance with SEC requirements.