What are the rules and regulations for Digital Gold in Thailand?

 

What is “Digital Gold” / Gold‑Backed Tokens

By “digital gold” in this context, I mean any token/digital asset whose value is tied to / backed by physical gold; fractional ownership, tradeable on a digital asset / cryptocurrency exchange; possibly redeemable for real physical gold or its cash equivalent. Often these are “asset‑backed tokens.”

In Thailand, one example is Tether Gold (XAU₮) being listed on a Thai digital asset exchange (Maxbit) recently, where one XAU₮ corresponds to one ounce of real gold. 

Regulatory Framework for Digital Assets in Thailand

Before zooming into how digital gold is treated, here is Thailand’s broader regulatory setup for digital assets:

Legislation / AuthorityMain Purpose / Powers
Emergency Decree on Digital Asset Businesses (B.E. 2561 / 2018)This is the core law regulating digital assets (cryptocurrencies, digital tokens, etc.). It defines what constitutes a digital asset business, requires licensing, sets requirements for issuers/exchanges, and gives the Securities and Exchange Commission (SEC Thailand) regulatory authority. 
Royal Decree on the Operation of Digital Asset Businesses (No. 2), B.E. 2568 (2025)Recent decree updated rules including for foreign digital asset platforms targeting Thai users.
Rules / Notifications by Thai SECIncluding prohibitions on using digital assets as means of payment; guidelines for what kinds of tokens are allowed (or prohibited); requirements for licensing, disclosure, custodial services, etc. 

Tax / Revenue LawsThe Revenue Department applies personal income tax (PIT), corporate income tax (CIT) etc. to profits from digital assets. There have also been exemptions, VAT rules, withholding tax considerations. 

Rules & Regulations Relevant to Digital Gold / Gold‑Backed Tokens

While there is no Thailand law exclusively devoted to digital gold, several parts of the legal regime apply, or have been applied, to gold‑backed tokens. Here are the important rules, current practices, and regulatory constraints.

Regulatory / Legal AspectWhat the Rules Imply or RequireWhat It Means for Digital Gold / Tokenised Gold
Licensing / ApprovalAny issuer of digital tokens / digital assets generally must get approval / license from the Thai SEC (under the Digital Asset Businesses Decree). Exchanges / brokers / custodial wallet providers must be licensed. A gold‑backed token issuer must ensure that it is considered a digital asset under the definition, and comply with SEC’s licensing, disclosure, registration (prospectus etc.), especially if the token is publicly issued or listed.
Token Classification & Prohibited TypesSEC rules have prohibited certain token types: for example, meme tokens, fan tokens, some NFTs without clear intrinsic value etc. Also tokens must meet disclosure / substance tests. A gold‑token is more likely to be accepted (if backing and structure are transparent) BUT must avoid being structured / marketed in a way that resembles prohibited tokens or mere utility tokens lacking actual backing. Also, ensure token is not seen merely as speculative without substance.
Use of Digital Assets as Means of PaymentAs of 1 April 2022, digital asset business operators are prohibited from promoting / supporting the usage of digital assets as means of payment for goods/services. This includes providing wallets for such payments, facilitating payments in digital assets, or advertising them as payment options. This means even if the gold token is fully backed, you cannot generally use the token in Thailand to pay for goods / services (unless some exception). It might only be for investment, trading or holding.
Token Issuance / Disclosure RequirementsIssuers of tokens must register and prepare disclosure / prospectus or equivalent documentation for tokenholders. Must maintain ongoing disclosure of events / risks. Gold token issuers should disclose: backing (where the gold is stored, who audits it), redemption rights, what happens if the vault is compromised, fees, purity of gold etc. Investors should check these details.
Regulation of Exchanges, Custodial WalletsExchanges / dealers / custodial wallet providers must be licensed, meet capital/net asset requirements, perform KYC / AML / CFT, maintain safe custody. Foreign platforms targeting Thai users must comply with rules as per new decrees. If a platform offers gold tokens (or trading of them), it must satisfy these regulatory obligations: secure custody of the underlying gold or token; transparency; KYC / AML; etc. For example, Tether’s gold token (XAU₮) is being listed on a licensed Thai exchange which helps meet these criteria. 
Tax / VAT TreatmentProfits from trading digital assets are subject to personal income tax or corporate income tax, depending on who holds / issues etc. VAT rules depend: some digital asset transfers on SEC‑regulated exchanges are exempt; others attract VAT. For gold tokens, gains (on selling, trading) will likely be taxed. Whether VAT applies may depend on the platform, whether it’s a regulated exchange etc. The physical gold backing may also have tax implications depending on import / export, customs, etc.
Risk / Investor ProtectionRegulators require measures for consumer protection: disclosures of risk, transparency, limiting misleading advertisements, etc. There have also been bans or restrictions of certain platforms or token types seen as too risky. Investors should verify: Is the token fully backed? Where is gold stored? Who audits? Redemption mechanisms (can you redeem for physical gold or only liquidate for cash)? What fees? What regulatory oversight does the issuer / exchange have?
Foreign / Cross‑Border PlatformsNew regulations require foreign digital asset platforms targeting Thai users to get license / registration / comply with Thai SEC rules. Also regulators are more active in blocking unlicensed offshore platforms. If a gold token is offered by a foreign platform, it needs to comply with Thai rules; Thai users should check whether platform is licensed / legally allowed to serve them.

Recent Developments / Examples Pertinent to Digital Gold

  • As noted, Tether Gold (XAU₮) was listed on a licensed Thai digital asset exchange (Maxbit), making gold‑backed token use in Thailand more visible. 

  • Thailand continues to refine its regulatory regime, including easing or adjusting tax rules for digital assets, re‑classifying types of tokens, and updating licensing requirements. 

  • The SEC has updated conditions concerning foreign platforms and is more vigorously enforcing blocking of unlicensed providers. 

What Is Not Clear / Regulatory Gaps

Because “digital gold” is not separately spelled out in many regulations, there are some grey areas. Things to watch out for:

  • Whether a gold token is fully compliant with Thai definition of digital asset and whether it is treated more like a commodity or security depending on features (redemption, profit share, etc.).

  • Purity, physical backing, audit and storage arrangements may vary; regulations may not mandate a standard across all issuers.

  • Whether redemption of physical gold is allowed under all token structures; often tokens may allow only cash redemption, or in some cases no physical delivery. The terms will matter.

  • The tax treatment of physical vs tokenised gold (if for example you redeem in physical gold, or import / export of physical gold) may have separate customs / import / VAT / duty implications.

  • Consumer protection for fractional ownership: small‑holders may have less leverage; risk if the issuer fails or vaults are compromised.

  • Whether advertising / marketing is strictly regulated when gold tokens are presented (e.g. not misrepresenting risks etc.).

What Investors / Issuers Should Do

For someone interested in using or issuing a gold‑backed token in Thailand, here are what they should ensure / check:

  1. Ensure issuer / exchange is licensed by Thai SEC under the Digital Asset Businesses Decree.

  2. Confirm that the digital gold token is clearly backed by physical gold; check audit reports; know where the gold is stored.

  3. Read the token documentation for redemption rights: can you redeem physical gold or only cash equivalent? What are minimum quantities? What is delivery cost / timing?

  4. Check tax implications: gains on trading, VAT / income tax, corporate tax if issuer.

  5. Verify that the platform / exchange complies with KYC / AML / CFT rules.

  6. Be wary of using the token for payment of goods/services (which is prohibited) unless there are specific exceptions.

  7. Watch regulatory changes: new decrees, notifications by SEC, or Ministry of Finance that may tighten or relax rules.

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