Regulatory overview
- Scope
- Thailand
- Authorities
- Regulatory index
- Latest regulatory change
ThailandThailand distinguishes digital asset businesses, investment token offerings and securities governed by securities legislation. Foreign platforms targeting the local market may also need a licence. April 2026 tokenized fund rules and sandboxes have defined scopes; the new travel rule takes effect in February 2027.
A business financing a project through tokens in Thailand must first decide whether it offers a token within the digital asset decree or an instrument governed by securities law. That classification determines the offering, intermediary and eligible investors.
The market combines business licences, offering approvals and tests with their own limits. An ICO portal, tokenized fund and TouristDigiPay do not provide interchangeable permissions. The structure must connect each function with its entry route and distinguish current duties from the Travel Rule taking effect in 2027.
How to classify the token before preparing an offering
The 2018 Digital Asset Businesses Decree governs activities including exchange, brokerage and dealing, alongside categories introduced through implementing measures. Section 5 excludes securities governed by securities legislation. Classification requires examining rights, activities and recipients: using a distributed network does not place every token under the same regime.
Public token offerings within the decree require approval and documentation through an approved ICO portal, subject to applicable exceptions. Sections 17 to 19 distinguish issuers from portals. An intermediary's permission does not validate every issuance or replace classification of an instrument that may constitute a security.
What SEC authorises and what belongs to Finance or the central bank
The SEC supervises and develops the framework; Section 26 gives the Minister of Finance power to grant business licences on the SEC's recommendation. That licence, offering approval and permission to commence operations must be distinguished. A company's commercial name does not establish the scope of its permissions.
Bank of Thailand oversees payment and e-money matters; AMLO participates in anti-money laundering controls. The SEC distinguishes several sandboxes, including digital assets, TouristDigiPay and tokenized securities. Admission to one does not extend its exemptions, users or duration to other programmes or to general commercial operations.
What operating and targeting Thai customers require
Applications must demonstrate category-specific capital and organisation, responsible persons' suitability, systems and operational capacity. SEC documentation separates applications, technology assessment and operating conditions. Additional permissions must be checked when combining custody, trading, advice or management; one licence is not sufficient merely because services involve similar assets.
Since 13 April 2025, the cross-border reform identifies services targeting Thailand through language, domains, baht payments, targeted advertising or local support, among other criteria. Operating abroad does not exclude licensing duties. Blocking an unauthorised platform is distinct from a general prohibition on holding digital assets.
Which rights tokenized funds and securities retain
The reform effective from 1 April 2026 adapts sales and redemptions of fund units issued as tokens. It concerns funds under their own framework, without removing management permissions or turning every investment token into a fund unit. Economic rights and records must correspond to the approved product.
The securities tokenization sandbox permits bounded tests, including debt and fund units. Its permission must define functions, clients and exit arrangements. In a real estate structure, claims against an issuer or vehicle must be distinguished from registered ownership: a token does not itself change the formalities for transferring the underlying asset.
Which transfer and payment controls the model needs
The travel rule announced in September 2026 takes effect on 27 February 2027. It includes originator and beneficiary information, counterparty assessment and verification of self-hosted wallet control. Systems require preparation, without treating the new package as already applicable or suspending existing AML duties.
TouristDigiPay permits approved participants to test conversion into baht and spending through e-money. The custodian, conversion provider and e-money provider must be identified, alongside the point at which the customer's position changes. Merchants receive baht payments; the programme does not generally authorise direct digital asset acceptance.
How to prepare the issuance and operating timetable
Define the investor’s right and offering route before engaging a portal or designing the smart contract. If the product is a fund or security, check its own regime and any sandbox conditions. If the platform operates from abroad, assess its channels, language, payments and solicitation targeting Thailand.
The transfer plan should prepare originator and beneficiary data, counterparty checks and self-hosted wallet controls for the new Travel Rule. Keep testing programme permissions and limits distinct: converting assets into baht for spending does not authorise every financial service or direct cryptoasset payment to merchants.
To understand how this framework applies to your project, discuss your case with our team.
Key takeaways
- An exchange licence does not automatically authorise issuance or additional services.
- The April 2025 reform captures certain services provided from abroad.
- Tokenized funds and investment tokens belong to distinct legal categories.
- TouristDigiPay converts assets into baht for e-money payments; it does not generally authorise direct asset payments.
Regulatory milestones
Expanded cross-border scope
Criteria apply to foreign platform services targeting Thailand.
Tokenized fund rules
Sales and redemptions of tokenized fund units are adapted.
Travel rule announcement
The SEC announces rules effective on 27 February 2027.
Frequently asked questions
The programme tests conversion into baht and e-money payments through approved operators under specific conditions. It is not general permission for every merchant to accept digital assets.
The SEC announced commencement on 27 February 2027. Existing AML duties remain relevant while the new systems are prepared.
The SEC announcement requires checking ownership or control of self-hosted wallets when assets are sent or received. This measure forms part of the package applying from 27 February 2027.
The new transfer rules also address beneficiary information and checks on counterparty providers and intermediaries. Participants need arrangements to exchange that data.
Not necessarily. The cross-border reform includes indicators of targeting Thailand, such as language, payments and advertising. Assess how services are offered as well as incorporation location.
