Thailand Regulatory Storm: Gold and Digital Assets Face the Strictest Regulations Yet, How Should Investors Respond?

Thai Prime Minister Anutin Charnvirakul recently ordered to strengthen the regulation of gold trading and digital assets, sparking widespread attention from global investors. As an important financial market in Southeast Asia, Thailand is responding to capital flows, exchange rate fluctuations, and financial security challenges through a series of policy adjustments. The tightening of gold trading reporting rules and the enhanced regulation of overseas digital asset service providers mark a more regulated development phase for Thailand’s financial market.

The Catalyst for Regulatory Storm

Thailand’s gold exports increased by 69% year-on-year in the first seven months of 2025, reaching approximately 254 billion Thai Baht (about 8 billion USD), with an abnormal growth in exports to Cambodia raising regulatory concerns. This growth may involve capital flows through gold trading, even combined with cryptocurrency settlements, making it difficult for regulators to grasp the true situation.

The regulatory gap in gold trading is increasingly evident. Bank of Thailand Governor Ratanakorn pointed out that gold in Thailand is not directly regulated, and discussions are ongoing about who should serve as the regulator. If exporters ship gold to Cambodia and settle via cryptocurrencies, regulators have no way to see the relevant transaction information.

Meanwhile, Thailand’s digital asset market is developing rapidly, with a large influx of overseas digital asset service providers offering services to Thai users. These platforms often display content in Thai, settle in Thai Baht, or are specifically targeted at Thai users, yet they are not effectively regulated under Thai law, bringing risks such as fraud and money laundering.

Tightening Gold Trading Regulations

The Bank of Thailand is revising relevant regulations to require more detailed reports on gold transactions, enabling regulators to better understand how cross-border settlements impact the currency market. This measure aims to address the volatility of the Thai Baht caused by increased gold flows. The tightened gold trading reporting rules will require traders to provide more comprehensive information, including the identities of both parties, transaction amounts, sources and destinations of funds, etc. This will help regulators more accurately monitor capital flows in the gold market and prevent illegal capital transfers through gold trading.

The purpose of strengthening gold trading regulation by the Bank of Thailand is to address the upward pressure on the Thai Baht and maintain macro-financial stability. This regulatory measure will not impose additional taxes on gold trading but will instead use market rules and transaction management to ease pressure on the foreign exchange market.

Upgrading Digital Asset Regulation

Thailand officially implemented the “Digital Asset Business Emergency Decree (No. 2) B.E. 2568 (2025)” on April 13, 2025, which significantly revises the existing digital asset regulatory framework. The decree extends regulation to digital asset businesses operating outside Thailand but providing services to users within Thailand. According to the new rules, foreign digital asset service providers will be considered to operate within Thailand if they meet any of the following conditions: content displayed entirely or partially in Thai; website domain ending with “th” or “ไทย”; support for transactions in Thai Baht (THB) or through Thai financial institutions; terms of service explicitly applying Thai law or disputes resolved in Thai courts, etc.

These regulations aim to ensure that foreign digital asset service providers comply with Thai laws when conducting business with Thai residents, thereby enhancing consumer protection and the integrity of the financial system. The Securities and Exchange Commission (SEC) of Thailand has launched a digital asset regulatory sandbox to provide a safe environment for digital asset companies to test innovative products.

Potential Market Impact and Investor Strategies for Gold and Digital Assets Regulation

Impact on the gold market: Tightening gold trading regulation may reduce arbitrage and high-frequency speculation—especially behaviors that bypass traditional reporting restrictions via online trading platforms. This will push market participants toward greater transparency but may also increase operational costs.

Impact on the digital asset sector: Strict enforcement of the Travel Rule helps prevent anonymous transfers used for illegal purposes, thereby enhancing compliance requirements. This not only protects legitimate crypto trading activities but also aligns with international regulatory trends.

The tightening of regulation will have profound effects on Thailand’s gold and digital asset markets. Increased transparency in gold trading may temporarily suppress some trading activities, but in the long run, it will promote healthy market development. Strengthening digital asset regulation will eliminate non-compliant platforms and create a fairer environment for compliant operators.

Gold investors should pay attention to changes in reporting requirements to ensure compliance. Digital asset investors should choose platforms licensed or applying for licenses from the Thai SEC to safeguard their rights.

Gate, as a leading global digital asset trading platform, closely monitors regulatory policy changes worldwide and is committed to providing safe, compliant trading services for users globally. The platform has established a comprehensive risk management system to help users cope with market fluctuations and regulatory changes.

Current Market Price Overview

Below is the latest market overview of two representative digital assets in the core industries:

Bitcoin (BTC) Market Performance and Outlook

As of January 13, 2026, Bitcoin (BTC) is trading at approximately $91,245, down $818 from the previous trading day, a decline of about 0.01%. During the day, BTC reached a high of $92,196 and a low of $90,097, with prices oscillating around the key psychological level of $90,000. Short-term trends show that the market remains highly sensitive to macroeconomic environment and regulatory news, with increased buying and selling battles, and volatility mainly digesting expectations within the range.

Ethereum (ETH) Market Performance and Outlook

As of January 13, 2026, Ethereum (ETH) is trading at about $3,112.11, down $43.66 from the previous day, also about 0.01%. The intraday high was $3,161.65, and the low was $3,070.65, showing a range-bound pattern. The current price reflects cautious market sentiment amid risk appetite recovery and macro data release expectations, with funds maintaining a neutral stance, mainly digesting uncertainty through volatility in the short term.

GateToken (GT) Market Performance and Outlook

As of January 13, 2026, GateToken (GT) is trading at $10.31, slightly down 0.38% in 24 hours. In different periods, GT shows volatility: up 0.1% in the past hour, down 3.38% over 7 days, and down 1.61% over 30 days. Year-to-date, it has declined by 44.04%. GT’s current market cap is about $1.03 billion, ranking 85th in the crypto market cap list, with a market share of 0.095%. The circulating supply is 100,359,279 GT, accounting for 33.45% of the maximum supply of 300 million. The market sentiment index is 26, indicating a “fear” state, which may create contrarian opportunities for long-term investors.

Various analysis models suggest that in 2026, GT’s price may fluctuate between $8.40 and $12.15, with an average forecast of about $10.30. Conservative predictions range from $9.682 to $10.3, neutral forecasts around $10.3, and optimistic predictions up to $14.523.

GT implements a dynamic burn mechanism, adjusting flexibly based on market conditions and platform development, continuously reducing circulating supply to enhance scarcity and value. This mechanism may have a positive long-term impact on GT’s price.

Thailand’s financial market is undergoing profound changes. On the bustling streets of Bangkok, traditional gold shops stand alongside digital asset billboards, symbolizing the country’s financial market’s diversity and vitality. With continuous improvement of regulatory frameworks, Thailand’s gold and digital asset markets will become more transparent and regulated. For global investors, this presents both challenges and opportunities—exploring the emerging Southeast Asian markets within a compliant environment offers unlimited possibilities.