Thailand’s Supreme Court has ruled that Bitcoin can be treated as property under criminal law. The decision came from a 2022 robbery case in which attackers forced a victim to transfer $50,000 worth of Bitcoin.
Meanwhile, the court also rejected the argument that cryptocurrency has no intrinsic value.
Koh Samui Robbery Case Gives Bitcoin Legal Property Status
The case dates back to September 2022, when a group of five foreign men assaulted and threatened a tourist on Thailand’s island of Koh Samui. The attackers forced the victim to convert $50,000 into 2.480801 BTC and transfer it to a wallet they controlled.
During the legal proceedings, the defendant argued that Bitcoin could not be treated as stolen property because it has no physical form and is not legal tender in Thailand.Â
On that basis, the defendant claimed that transferring Bitcoin under threat could not qualify as theft or robbery under Thai criminal law.
The Supreme Court rejected that argument, finding that Bitcoin has a measurable market value, can be owned by individuals, and can be exchanged for cash.Â
Although cryptocurrencies are not officially recognized as money and their prices can fluctuate sharply, the court ruled that these factors do not prevent Bitcoin from qualifying as property in the robbery case.
Court Recognized Bitcoin as Property
In its full-bench decision, the court referred to Sections 137 and 138 of Thailand’s Civil and Commercial Code, which cover property and intangible items that have value and can be possessed.
The judges also considered Thailand’s 2018 Digital Asset Business Emergency Decree, which recognizes cryptocurrency as electronic data used for exchange. The court concluded that Bitcoin’s digital form does not prevent it from qualifying as property in a robbery case.
The ruling upheld the defendant’s 10-year prison sentence and ordered the return of 2.480801 BTC or compensation equivalent to its value at the time of the case.
Does This Make Bitcoin Legal Tender in Thailand?
No. The decision recognizes Bitcoin as property for the case, but it does not make the cryptocurrency official money or require shops to accept it as payment.
Meanwhile, the court sentenced the defendant to 15 years in prison, later reducing the term to 10 years. It also ordered the stolen Bitcoin to be returned or compensation of about 1.878 million baht to be paid to the victim.
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