The Securities and Exchange Commission (SEC) of Thailand is going to make a big change to the country's capital market framework by introducing a new set of rules for digital assets early this year, according to the local outlet Bangkok Post. The regulatory package targets crypto exchange-traded funds (ETFs), crypto futures trading, and tokenised investment products, as digital assets gain broader acceptance among both institutional and retail investors.
The initiative reflects Thailand’s intent to align its financial infrastructure with global investment trends while maintaining regulatory oversight. According to the SEC, digital assets should sit alongside traditional instruments rather than exist on the fringes of the financial system.
Crypto ETFs move closer to domestic approval
Jomkwan Kongsakul, deputy secretary-general of the SEC, said the regulator plans to issue formal guidelines to support the establishment of crypto ETFs in Thailand early this year. The SEC board has already approved the products in principle and now focuses on final investment and operational rules.
Crypto ETFs already operate in overseas markets and allow investors to gain exposure to digital assets without the need to manage private wallets or security keys. The SEC views this structure as particularly suitable for Thai investors who remain cautious about operational and cybersecurity risks.
“A key advantage of crypto ETFs is ease of access; they eliminate concerns over hacking and wallet security, which has been a major barrier for many investors,” said Ms Jomkwan.
Close coordination between asset management companies and licensed digital asset exchanges remains a core requirement. The regulator expects jointly developed products that can eventually list and trade on the Stock Exchange of Thailand (SET).
To support liquidity, the SEC is considering market makers for crypto ETFs. Eligible participants could include digital asset exchanges, financial institutions, corporations, and entities that already hold cryptocurrencies on their balance sheets.
Futures trading and derivatives framework take shape
Alongside ETFs, the SEC plans to enable crypto futures trading on the Thailand Futures Exchange (TFEX). The regulator aims to formally recognise digital assets as an underlying asset class under the Derivatives Act, which would allow futures contracts to trade under the Futures Trading Act.
Ms Jomkwan said crypto futures would offer investors access to hedging tools and structured risk management options that already exist in traditional derivatives markets. The move represents a shift from viewing digital assets as purely speculative instruments toward treating them as part of a diversified investment portfolio.
The SEC has emphasized that crypto should function as “another asset class.” Investors with higher risk tolerance could allocate about 4–5% of their portfolios to digital assets while maintaining diversification.
Tokenisation and ESG-linked products expand scope
The regulatory push extends beyond crypto trading products. The SEC wants to make it easier for people to invest with digital tokens. They want to add bond tokens and tokenized fund units to the list of investment tokens that are already available.
Thailand’s first green token is expected to launch in support of sustainable finance and environmental, social and governance (ESG)-linked investment. To address legal and structural hurdles, the SEC plans to encourage issuers of bond tokens to participate in a regulatory sandbox.
“While there have been some legal and regulatory challenges in the past, this year the SEC will encourage issuers of bond tokens to enter the regulatory sandbox,” Ms Jomkwan said.
The SEC also works with the Stock Exchange of Thailand to enable spot trading of carbon credits, linking digital innovation with sustainability objectives.
Tighter oversight of financial influencers
As product offerings expand, the SEC plans to strengthen supervision of financial influencers. The regulator aims to draw a clearer line between factual information and licensed investment advice.
“Providing factual information may not require a licence, but any recommendation related to securities or investment returns will require proper authorisation as either an investment advisor or introducing broker,” said Ms Jomkwan.
The move follows heightened enforcement activity across the digital asset sector. In 2025, digital asset operators suspended 47,692 mule accounts, according to the SEC, reflecting stricter compliance and monitoring standards.
Regional ambitions face operational realities
Thailand continues to position itself as a regional digital asset hub, particularly for institutional participation, even as restrictions on crypto payments remain in place. Retail trading activity persists, with major local exchanges maintaining substantial daily volumes.
At the same time, operational challenges remain visible. Earlier this year, the SEC suspended KuCoin Thailand’s operations after the firm failed to meet minimum capital requirements for five consecutive days. The company attributed the issue to a shareholder dispute that delayed a planned capital increase rather than liquidity constraints. KuCoin entered the Thai market in June 2025 and plans to apply for a digital-asset broker license.
The SEC is also collaborating with the Bank of Thailand to establish a tokenisation and distributed ledger technology sandbox. The regulator believes tokenisation could lower barriers for retail investors and contribute to long-term economic growth.
Oleksii Shumak
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