Thailand: Securities and Exchange Commission closes consultation on draft regulations for Government Digital Tokens

On 10 June 2025, the Securities and Exchange Commission of Thailand (SEC) concluded its public consultation on draft regulations governing Government Digital Tokens (G-Tokens). The proposed framework consists of four components. First, it classifies G-Tokens as digital debt instruments issued by the Ministry of Finance under Section 10 of the Public Debt Management Act B.E. 2548 (2005), granting holders rights to principal repayment and predetermined returns. Second, it provides exemptions from standard offering requirements, such as the filing of a prospectus and the use of digital token offering portals (ICO portals), in line with existing regulatory treatment for Ministry-issued investment products. Third, it introduces licensing exemptions for G-Token service providers, under which digital asset exchanges and dealers are not required to obtain digital asset broker licences, and licensed securities firms are exempt from digital asset business licensing and remain subject to the Securities and Exchange Act B.E. 2535 (1992). Fourth, it sets out operational requirements for service providers, including suitability assessments, data collection, indicative price disclosures, and modified contractual and disclosure obligations for exchanges facilitating G-Token transactions. The SEC will review the submitted feedback before finalising the regulatory framework.