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| Dimension |
Pinned 🇯🇵 Japan partly open Verified 2026-08-15
|
🇹🇭 Thailand
partly open
Verified 2026-08-15
|
|---|---|---|
| Licence type | Crypto-Asset Exchange Service Provider (CAESP) registration with the Prime Minister (delegated to the FSA), under Article 63-2 of the Payment Services Act (PSA). Crypto derivatives trading is separately regulated as a Type I Financial Instruments Business under the Financial Instruments and Exchange Act (FIEA). A parallel intermediary-only registration category was introduced by the 2025 PSA/LPAI amendments. | Digital Asset Business licence under the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018), as amended (most significantly by an April 2025 amendment extending extraterritorial scope). Categories, each with its own capital tier: Digital Asset Exchange, Digital Asset Broker, Digital Asset Dealer, ICO Portal, Digital Asset Fund Manager, Digital Asset Advisory Service and Digital Asset Custodial Wallet Provider. |
| Regulator | Financial Services Agency of Japan (FSA / JFSA), registration authority, acting via the Prime Minister's delegated power and Local Finance Bureaus. The Japan Virtual and Crypto-assets Exchange Association (JVCEA) is the FSA-certified self-regulatory organisation that runs mandatory token-listing screening and conduct rules; JVCEA membership is the de facto baseline for registration even though not a strict legal requirement. | Securities and Exchange Commission (SEC) Thailand is the primary licensing/supervisory authority; the Ministry of Finance formally grants the licence on SEC recommendation. The Ministry of Digital Economy and Society (MDES) holds blocking powers over unlicensed platforms (added by the 2025 amendment). The Bank of Thailand has a consultative role for certain payment-related and stablecoin aspects. |
| Capital requirement | Japan capital requirement is included in the £349 pass. | Thailand capital requirement is included in the £349 pass. |
| Timeline to authorisation | Japan timeline to authorisation is included in the £349 pass. | Thailand timeline to authorisation is included in the £349 pass. |
| Local substance | Japan local substance is included in the £349 pass. | Thailand local substance is included in the £349 pass. |
| Application cost | Japan application cost is included in the £349 pass. | Thailand application cost is included in the £349 pass. |
| Ongoing cost | Japan ongoing cost is included in the £349 pass. | Thailand ongoing cost is included in the £349 pass. |
| Passporting | Japan passporting is included in the £349 pass. | Thailand passporting is included in the £349 pass. |
| MiCA CASPs approved | Japan mica casps approved is included in the £349 pass. | Thailand mica casps approved is included in the £349 pass. |
| Key restrictions | Japan key restrictions is included in the £349 pass. | Thailand key restrictions is included in the £349 pass. |
| Recent changes | The FIEA and Payment Services Act amendment was promulgated on 23 July 2026. The first tranche, raising penalties for unregistered business and expanding SESC investigative powers, took effect on 12 August 2026. The core crypto-to-FIEA reclassification takes effect within one year of promulgation on a day to be fixed by cabinet order, so the exact date remains pending and cannot be later than 23 July 2027. | April 2025: extraterritorial scope amendment plus MDES no-court-order blocking powers, the biggest regulatory shift in this period. 1 November 2024: new capital requirement notification (KorThor. 28/2567) took effect, phased to full compliance by 1 November 2025. May-June 2025: first major enforcement wave blocking 5 offshore exchanges. Early 2026: criminal complaints filed against local/overseas joint-operation arrangements, signaling a shift from blocking to prosecution. ERX rebranded as KuCoin Thailand in 2025 following acquisition by KuCoin, illustrating global exchanges entering via licensed local subsidiaries. |
| Difficulty rating | Japan difficulty rating is included in the £349 pass. | Thailand difficulty rating is included in the £349 pass. |
Informational only, not legal advice. A delta compares the sortable figure only (capital, timeline, cost, difficulty, passporting, approvals); it is not a judgement on overall suitability. Verify with qualified counsel before acting.
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