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October 2026 · 5 min read

A Thai baht stablecoin: the Bank of Thailand proposes two licences

The Bank of Thailand proposes that issuing a baht stablecoin and running a wallet for it become licensed payment services: a small number of issuers, backed one to one by bank deposits, and wallet providers licensed in rounds with no cap on their number. Comments are open until 28 October 2026.

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1

What happened

On 19 October 2026 the Bank of Thailand opened a public hearing on its principles for supervising businesses related to a THB stablecoin. Comments are open until 28 October 2026. The paper sets out principles, not draft notifications: after the hearing the Bank of Thailand would propose that the Ministry of Finance designate the business as a payment service that needs a licence, and would then issue the supervisory rules. Nothing is in force and no date has been set.

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What the paper proposes

  • What a THB stablecoin is. A digital form of money on distributed ledger technology (DLT), pegged one to one to the baht and fully backed. The Bank of Thailand sees it as one form of tokenized money alongside tokenized deposits and tokenized e-money, for payments where DLT adds something, such as linking to tokenized assets. It is meant to add to existing payment systems such as PromptPay, not replace them.
  • Two separate roles. An issuer issues and redeems the coins and manages the backing assets. A wallet provider serves the public: holding, transferring, accepting payment, and buying, selling or exchanging coins at one to one. The market is open-loop: many providers can connect to the same coin, and an issuer may not set commercial or technical terms that shut out players outside its own group.
  • Few issuers, many wallet providers. In the first phase the number of issuers would be limited, citing the Hong Kong Monetary Authority's approach. The Bank of Thailand would select issuers against its criteria and may open new rounds when needed. Wallet providers that meet the criteria could apply in rounds, with no cap on the number licensed.
  • Backing and redemption. At first, 100% of the backing must be bank deposits, spread across several banks. Holders may redeem at one to one within one business day. The paper says this structure gives holders a full refund under the Payment Systems Act even if the issuer fails. High-quality liquid assets, such as short-term government bonds, may be allowed later, possibly through a change in the law.
  • No interest, daily disclosure. Issuers may not pay interest, returns or any incentive based on how long or how much a holder holds, directly or indirectly. They must segregate the backing, disclose it and the coins in issue to the public daily, and have it checked by an external auditor at least once a year.
  • Only verified wallets. Coins may move only between wallets that have passed KYC (whitelisting). Issuers must be able to freeze, seize or burn coins used against the conditions, including bridging or wrapping them out of the regulated scope. Wallet providers apply KYC, KYM and CDD to the e-money standard.
  • No offshore exchanges. Wallet providers may not serve or connect to digital asset exchanges abroad that are outside the SEC's supervision, to prevent the coin being used to get around exchange control.
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Where it sits on the map

Both roles would sit in the Bank of Thailand's payment services family. As for other designated payment services, the licence would come from the Minister of Finance on the Bank of Thailand's proposal, under the Payment Systems Act B.E. 2560 (2017), and the Bank of Thailand would set the rules and supervise. Issuers would be supervised more like financial institutions, with on-site visits and ongoing supervision, to a higher standard than e-money providers.

The SEC appears at the edges: the paper lists digital asset operators supervised by the SEC, in types the SEC will consider permitting, as one route to buy or sell the coin at market price, and it sees settlement of retail digital asset trades as a suitable use.

Figure 8 — Thailand's financial regulatory landscapeThe Ministry of Finance signs most financial licences. Three sector regulators recommend: the Bank of Thailand (banks, payments, supervised lending, foreign exchange), the SEC (securities, funds, digital assets) and the Office of Insurance Commission (insurance). AMLO's anti-money laundering duties and the PDPC's data protection rules apply across all of them.MOFMinistry of FinanceSigns most licencesHOW A LICENCE IS GRANTED1 The regulator assesses and recommends2 The Minister of Finance grantsSome approvals stay with the regulator (below)BOTBank of ThailandCommercial and virtual banksPayment and e-money servicesSupervised lendingMoney changers and transfer agentsDIRECTRegisters some payment servicesSECSecurities and ExchangeCommissionSecurities brokers, dealers, underwritersFund managers and investment advisorsDigital asset exchanges, brokers, dealersCustodial wallets, DA fund managersDIRECTApproves ICO portalsOICOffice of InsuranceCommissionLife insurersNon-life insurersInsurance agentsInsurance brokersDIRECTRegistrar licenses agents and brokersRECOMMENDSRECOMMENDSRECOMMENDSAPPLIES ACROSS EVERY ROWAMLOAnti-Money Laundering OfficeCustomer due diligence and transaction reporting for financial institutions and listed businessesPDPCPersonal Data Protection CommitteeThe PDPA applies to businesses that collect, use or disclose personal data — licensed or not
Figure 8 — Thailand's financial regulatory landscapeThe Ministry of Finance signs most financial licences. Three sector regulators recommend: the Bank of Thailand (banks, payments, supervised lending, foreign exchange), the SEC (securities, funds, digital assets) and the Office of Insurance Commission (insurance). AMLO's anti-money laundering duties and the PDPC's data protection rules apply across all of them.MOFMinistry of FinanceSigns most licences1 The regulator assesses and recommends2 The Minister of Finance grantsBOTBank of ThailandCommercial and virtual banksPayment and e-money servicesSupervised lendingMoney changers and transfer agentsDirect: Registers some payment servicesSECSecurities and ExchangeCommissionSecurities brokers, dealers, underwritersFund managers and investment advisorsDigital asset exchanges, brokers, dealersCustodial wallets, DA fund managersDirect: Approves ICO portalsOICOffice of Insurance CommissionLife insurersNon-life insurersInsurance agentsInsurance brokersDirect: Registrar licenses agents and brokersAPPLIES ACROSS EVERY ROWAMLOAnti-Money Laundering OfficeCustomer due diligence and transaction reportingfor financial institutions and listed businessesPDPCPersonal Data Protection CommitteeThe PDPA applies to businesses that collect, use ordisclose personal data — licensed or not

Figure 8Thailand's financial regulatory landscape — the Bank of Thailand pathThe regulator recommends; for most licence families the Minister of Finance signs. AMLO's duties and the PDPA apply across every row. As of October 2026. See the full map and table

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What it means if you are applying

  • Issuer applicants would be selected on four tests: value added and the ability to scale, financial strength, the board and senior management, and risk management. The proposed minimums include funding to run for at least six months without revenue, with written support from shareholders; at least one director and the head of IT with direct experience of DLT and financial or payment services; at least one Thai director working in Thailand with decision-making power; a head of IT working full time in Thailand; and a business continuity plan and an exit plan.
  • Wallet provider applicants would show a service plan with at least one issuer, consumer protection and redress, AML/CFT controls including customer profiling and on-chain analytics, and IT security covering wallet and key management. For the first round, the Bank of Thailand encourages wallet providers to apply at the same time as an issuer applicant they work with.
  • Digital asset operators should read the offshore-exchange restriction and the SEC route together: the paper places the market-price route with SEC-supervised operators, in types the SEC has yet to decide.
  • Comments close on 28 October 2026, through the Bank of Thailand website or the government's central law portal.

The full map, the who-regulates-what table and every source are on the landscape page.

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Frequently asked questions

Is a Thai baht stablecoin allowed today?
The Bank of Thailand's paper of October 2026 proposes principles for licensing THB stablecoin issuers and wallet providers. They are not in force: after the hearing the Bank of Thailand would propose the licensing to the Ministry of Finance and then issue its rules. No date has been set.
Who would grant the licences?
The Minister of Finance, on the Bank of Thailand's proposal, under the Payment Systems Act B.E. 2560 (2017). The Bank of Thailand would select applicants, set the rules and supervise.
How many issuers would there be?
A small number in the first phase. The paper does not give a figure. The Bank of Thailand may open new rounds later after assessing the first licensees.
What would back a THB stablecoin?
At first, 100% bank deposits, spread across several banks. Holders could redeem at one to one within one business day. Short-term government bonds and other high-quality liquid assets may be considered later.
Could holders earn interest on a THB stablecoin?
No. Under the proposal, issuers may not pay interest, returns or incentives linked to how long or how much a holder holds, directly or indirectly. The coin is meant for payment, not saving or investment.
Can anyone get a wallet provider licence?
Applicants that meet the criteria could apply in rounds, and the paper sets no cap on the number licensed. They would need a plan with at least one issuer, KYC on every wallet and controls against fraud and money laundering.
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Sources

  1. BOT — Public hearing on principles for supervising businesses related to THB stablecoin (19–28 Oct 2026) (Thai)
  2. BOT consultation paper: principles for supervising businesses related to THB stablecoin, with annex on selection and supervision criteria (October 2026) (Thai, PDF)
  3. MOF Notification: Stipulation on Designated Payment Services (17 Apr 2018), under Payment Systems Act s. 16

Accessed and last reviewed . Each figure and table cell is traced to a source above.

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