Thailand’s Regulators Signal a New Phase for Digital Assets as Crypto ETFs and Tokenised Markets Take Shape

Thailand is preparing to enter a new regulatory chapter for digital assets, one that could move crypto investments further into the country’s mainstream financial system. The Securities and Exchange Commission is drafting a framework that would formally support crypto exchange-traded funds, futures contracts, and a broader range of tokenised investment products, with initial guidelines expected early this year.

According to deputy secretary-general Jomkwan Kongsakul, the regulator is finalising rules that would allow crypto ETFs to operate under clear investment and operational standards. These products are being positioned as an accessible entry point for investors who want exposure to digital assets without the technical burden of managing wallets or private keys. While the SEC has already approved the concept of crypto ETFs in principle, the current phase focuses on defining how these instruments will be structured, listed, and supervised.

The regulator envisions collaboration between traditional asset management firms and licensed digital asset exchanges to bring these products to market, potentially listing them on the Stock Exchange of Thailand. To address liquidity and volatility concerns, the SEC is also evaluating the role of designated market makers. These could include financial institutions, corporations, digital asset platforms, and entities with direct crypto holdings, a move aimed at ensuring orderly trading conditions.

Beyond ETFs, Thailand’s SEC is laying the groundwork for crypto futures. By formally recognising digital assets as an underlying asset class under the Derivatives Act, the regulator would enable futures trading on the Thailand Futures Exchange. This would give institutional and retail investors access to hedging and risk management tools that are already standard in more mature markets, reinforcing the view that digital assets are becoming a permanent feature of the financial landscape.

Tokenisation is another central pillar of the planned framework. The SEC intends to expand eligible digital tokens beyond existing categories to include bond tokens and tokenised fund units, opening the door for more traditional financial instruments to migrate onto blockchain-based rails. At the same time, Thailand’s first green token is expected to support environmental, social, and governance-linked initiatives, reflecting a policy effort to align digital innovation with sustainability goals.

To facilitate experimentation without undermining market stability, issuers will be encouraged to participate in regulatory sandboxes. These initiatives are being developed in coordination with the Stock Exchange of Thailand, including efforts to enable spot trading of carbon credits, and with the Bank of Thailand, which is supporting a sandbox focused on tokenisation and distributed ledger technology.

Regulatory expansion, however, is being matched with stricter oversight. The SEC has signalled tougher supervision of financial influencers, drawing clearer boundaries between neutral information sharing and regulated investment advice. Enforcement actions are already visible. Digital asset operators suspended 47,692 mule accounts during 2025, a figure the regulator cites as evidence of its commitment to market integrity and consumer protection.

Taken together, these measures suggest that Thailand is not simply reacting to global crypto trends, but actively shaping a regulated environment for digital finance. By integrating ETFs, futures, and tokenised assets into existing market infrastructure, the SEC is attempting to balance innovation with control, positioning Thailand as a regional hub where digital assets operate under rules rather than on the margins.