On October 28, Thailand's Supreme Court ruled in case No. 4929/2569 that Bitcoin constitutes 'property' in criminal cases. The case was brought by the Koh Samui Public Prosecutor against a defendant whose victim exchanged $50,000 (approximately 1.878 million Thai Baht) for Bitcoin and transferred it to a criminal gang. The court determined that the elements of property crime were established. The ruling stated that Bitcoin has value according to market conditions, can be exchanged for cash when there are buyers, and can be held by ordinary people, thus it is not an object of no value or intangible. Its value does not disappear simply because it is exchanged for Bitcoin instead of cash. The ruling also pointed out that the Bank of Thailand's position on cryptocurrencies not being legal tender is a separate issue from whether they constitute 'property'. The judgment referenced Article 137 of the Civil and Commercial Code and Sections 309(2), 340(1), and 340(3) of the Criminal Code.
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Thailand's Supreme Court Rules Bitcoin as 'Property' under Criminal Law
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