The supreme court of Thailand has recognized Bitcoin ($BTC) as property under Thai law. Today’s official ruling says that the cryptocurrency can be subject to property crimes and legal protection. In Judgment No. 4929/2569, the court determined that Bitcoin meets the definition of property under Sections 137 and 138 of Thailand’s Civil and Commercial Code. The ruling cited Bitcoin’s market value, transferability and ability to be exchanged for cash when a buyer is available.
Supreme Court Upholds $BTC Robbery Conviction
The decision arose from a 2022 robbery case on Koh Samui. In this incident, 5 foreign nationals were convicted of assaulting a tourist and forcing the victim to transfer approximately $50,000 worth of Bitcoin. The victim transferred around 2.480801 BTC to the group. Each defendant received a 10-year prison sentence. Additionally, the court has ordered the return of the Bitcoin or equivalent compensation.
One defendant challenged the conviction with the argument that Bitcoin lacked intrinsic value and therefore could not qualify as property subject to robbery. The Supreme Court’s full bench has today rejected the argument. The court has emphasized the cryptocurrency’s economic value and its capacity to be held, transferred and converted into cash.
The court also referred to Thailand’s 2018 Digital Asset Business Decree. This decree recognizes digital assets as electronic data used as a medium of exchange.
Bitcoin Is Property but Not Legal Tender: Thailand Court
The judgment distinguishes Bitcoin’s status as property from its role as currency. Although it can be owned and transferred, Bitcoin is not legal tender in Thailand and does not carry the same debt-settlement status as the Thai baht.
As a full-bench Supreme Court decision, the ruling establishes a precedent for lower courts handling similar disputes. In future, this will strengthen legal protections for digital asset holders in cases involving theft, robbery and embezzlement.
The latest judgment comes at a time when Thailand continues to develop its digital asset regulatory framework. By affirming Bitcoin’s status as property, the court has clarified an important legal question surrounding the ownership and protection of digital assets.