Thailand's Supreme Court rules bitcoin is property

Thailand's Supreme Court has ruled that bitcoin is property that can be stolen: judgment No. 4929/2569, in a Koh Samui robbery case, was released on Oct. 28. The court upheld a 10-year prison term for an accomplice of the attackers and ordered the victim's 2.480801 BTC returned, or its equivalent in baht.

Details

The crime took place on Sept. 15, 2022. Under duress and threats, the victims were forced to transfer about $50,000 in bitcoin, which was 2.480801 BTC, or 1.878 million baht at the time. The case is described by ForkLog, Journal du Coin and Tronweekly. The trial court imposed 15 years, which was cut by one-third to 10.

The defense argued that bitcoin is electronic data with no independent value and so cannot be the object of theft. The court disagreed: the asset has market value, can be owned by an individual and can be exchanged for cash if a buyer is found. It cited Thailand's 2018 digital asset decree, which describes cryptocurrency as electronic data used for exchange. In the judges' view, the Bank of Thailand's position that digital assets are not legal tender does not strip bitcoin of its status as property.

Tronweekly stresses that the ruling concerns a criminal robbery case, not the general application of crypto law in Thailand. We have not seen the judgment text itself; the details above come from the cited outlets.

What it means for the market

The ruling is unlikely to move prices, as it does not change exchange or tax rules. In practice, though, it matters: stealing bitcoin in Thailand can be treated as an offense against property, and stolen coins can be recovered from offenders in kind or in money. It is another sign of courts treating crypto as ordinary property.

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