Thailand's Supreme Court has officially recognized Bitcoin as property under criminal law, establishing that cryptocurrency can be the subject of theft and robbery even without legal tender status.
The decision, identified as Supreme Court Ruling No. 4929/2569, involved a violent cryptocurrency robbery on the island of Koh Samui in September 2022.
The court upheld a 10-year prison sentence against a defendant involved in forcing a victim to transfer approximately $50,000 worth of Bitcoin.
The ruling clarifies that Bitcoin's economic value and ability to be owned are sufficient for it to qualify as property under Thai criminal law.
Importantly, the decision does not make Bitcoin legal tender or establish it as an officially recognized payment currency.
Court Rejects Argument That Bitcoin Has No Value
The defendant challenged the robbery conviction by arguing that Bitcoin lacked intrinsic value and therefore could not legally qualify as stolen property.
However, the Supreme Court rejected that interpretation.
The judges examined Sections 137 and 138 of Thailand's Civil and Commercial Code, which address property and rights associated with assets possessing economic value.
They also referenced Thailand's 2018 Emergency Decree on Digital Asset Businesses, which recognizes cryptocurrencies as electronic data used for exchange.
Although the Bank of Thailand does not recognize Bitcoin as legal tender, the court determined that its market value, transferability and ownership characteristics establish it as property.
The judges emphasized that cryptocurrency can be exchanged for conventional money and represents measurable economic value.
Consequently, the absence of legal tender status does not prevent Bitcoin from receiving protection under criminal property laws.
Victim Forced to Transfer $50,000 in Bitcoin
The criminal case originated on September 15, 2022, when a group of foreign nationals confronted a man and his Russian wife at a coffee shop on Koh Samui.
According to court records, five men approached the couple and threatened their family, including their young child.
The confrontation escalated when attackers physically assaulted the victim and attempted to seize his mobile phone.
Under threats and physical pressure, the victim converted approximately $50,000, equivalent to 1.878 million Thai baht, into 2.480801 BTC.
He subsequently transferred the cryptocurrency to a wallet controlled by one of the attackers.
Investigators established that the group had coordinated transportation and accommodation before the robbery.
Following the attack, the suspects fled using rented vehicles and ferry transportation arranged with assistance from the defendant.
Supreme Court Upholds 10-Year Prison Sentence
Thailand's lower court originally sentenced the defendant to 15 years in prison for participating in the coordinated robbery.
The sentence was subsequently reduced by one-third to 10 years after the court considered evidence provided during the proceedings.
The court also ordered the return of the stolen Bitcoin or compensation equivalent to approximately 1.878 million baht.
An appeals court upheld the conviction before the case reached the Supreme Court.
In its final decision, the Supreme Court determined that witness statements, photographs and cryptocurrency transaction records supported the robbery conviction.
The judges also rejected arguments suggesting the Bitcoin transfer had been voluntary.
The court concluded that the victim transferred the assets because of threats and violence, establishing the elements required for a robbery offense.
Ruling Strengthens Legal Protection for Crypto Owners
The decision provides important legal clarity for cryptocurrency ownership in Thailand, particularly in criminal cases involving stolen digital assets.
By recognizing Bitcoin as property, the Supreme Court confirmed that existing criminal laws can apply to cryptocurrency theft even when the assets exist entirely as electronic data.
The distinction between property and legal tender remains important.
Bitcoin can receive legal protection as an asset without becoming an officially accepted national currency.
The ruling could also influence how Thai courts approach future disputes involving cryptocurrency theft, coercion and unlawful transfers.
For cryptocurrency holders, the case demonstrates that digital assets can be subject to restitution and criminal property protections.
Ultimately, Thailand's highest court has confirmed that Bitcoin's digital nature does not prevent it from qualifying as legally protected property, reinforcing the application of existing criminal law to cryptocurrency-related offenses.
