The Thai Securities and Exchange Commission (SEC) has initiated a public consultation period to gather feedback on proposed amendments to the regulations governing the issuance of digital tokens within the country. This move signals Thailand's continued efforts to establish a comprehensive and adaptive regulatory framework for the burgeoning digital asset industry. The consultation period, open until July 21, 2025, invites input from the public, industry participants, and other stakeholders through various channels, including the SEC's website, the central legal system platform, and email.
The proposed rule changes primarily focus on digital asset listing standards and transparency requirements for licensed cryptocurrency exchanges. A key aspect under consideration is allowing licensed centralized exchanges (CEXs) to issue and list their own utility tokens. These tokens must serve a functional purpose within blockchain-based ecosystems, such as facilitating transaction fees or enabling platform governance, rather than being purely speculative investments. This proposed change aims to broaden the scope of digital assets that can be listed on regulated platforms within Thailand.
In conjunction with the potential for relaxed listing restrictions, the SEC is emphasizing increased transparency and measures to prevent conflicts of interest and insider trading. Exchanges would be required to disclose the identities of individuals connected to the issuers of listed digital assets. This measure is intended to enhance oversight and prevent instances of insider trading, which has been a concern in the crypto market. To further strengthen monitoring capabilities, exchanges would also need to implement system alerts that enable the SEC to monitor for insider trading activities in real-time. Existing listed tokens would also be subject to these disclosure requirements, with a 90-day grace period to comply once the rules take effect.
These proposed regulatory adjustments are part of a broader strategy by the Thai government to position Thailand as a global digital asset hub. Recent months have seen the introduction of various tax incentives and regulatory updates aimed at attracting crypto investors, fostering innovation, and clarifying market oversight. For instance, the government recently announced a five-year exemption from capital gains tax on profits earned from cryptocurrency trading through licensed exchanges, effective from January 1, 2025, to December 31, 2029.
It is worth noting that Thailand has also taken steps to address concerns about unlicensed operations and money laundering in the crypto space. In May 2025, the country blocked access to crypto exchanges OKX and Bybit due to licensing violations. However, this action was followed by a waiver on capital gains tax for crypto sales made through licensed service providers, demonstrating a commitment to supporting legitimate crypto businesses.
The consultation on token issuance rules reflects a balanced approach by the Thai SEC, seeking to encourage innovation and growth in the digital asset market while also safeguarding investors and preventing illicit activities. The outcome of this consultation and the subsequent regulatory adjustments will likely play a crucial role in shaping the future of Thailand's crypto industry and its ambitions to become a prominent digital asset hub in the region.
