Thailand Supreme Court Recognizes Bitcoin as Property in Robbery Case
Thailand’s Supreme Court has recognized Bitcoin (BTC) as property in a robbery case, rejecting the argument that the cryptocurrency lacked independent value. The ruling confirms that Bitcoin can fall under legal protections against property-related crimes, even though it is not recognized as legal tender in the country.
The case dates back to September 2022, when a victim was allegedly forced to exchange $50,000 for approximately 2.48 BTC and transfer the cryptocurrency to a group of attackers on the island of Koh Samui. Bitcoin was trading at around $20,000 at the time.
The central legal question was whether Bitcoin could be considered property that had been stolen during the incident. The court determined that converting cash into cryptocurrency did not eliminate its value or change its status as an asset.
According to the court’s summary, the judges found that Bitcoin has a market price, can be exchanged for cash when a buyer is available and can be owned by members of the public. These characteristics were sufficient to establish that the cryptocurrency could qualify as property under criminal law.
The court concluded that the value transferred through the transaction met the legal requirements for an offense against property.
The judges also referred to Thailand’s 2018 digital asset business decree, which defines cryptocurrency as electronic data created on a network and used as a medium of exchange. Although the Bank of Thailand has stated that cryptocurrency is not legal tender, the Supreme Court determined that this distinction did not prevent Bitcoin from receiving protection as property in the robbery case.
Local reports described how the attackers confronted the victim and his wife at a coffee shop, threatened their family’s safety and assaulted the victim before forcing him to transfer the Bitcoin. The defendant was also reported to have helped arrange transportation and accommodation for the group.
The Supreme Court upheld the defendant’s 10-year prison sentence. The original sentence was 15 years, but the trial court reduced it by one-third because information provided by the defendant was considered useful to the proceedings. The lower court also ordered the Bitcoin to be returned to the victim.
The decision highlights the distinction between legal tender and property under criminal law. While Bitcoin cannot be used as official currency in Thailand, the ruling establishes that cryptocurrency holdings can still have legally recognized value and receive protection in cases involving robbery and the unlawful transfer of assets.