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

On 26 May 2025, the Securities and Exchange Commission of Thailand (SEC) opened a public consultation on draft regulations governing Government Digital Tokens (G-Tokens), open until 10 June 2025. The proposed regulations define G-Tokens as digital debt instruments issued by the Ministry of Finance under the Public Debt Management Act B.E. 2548 (2005) and classify them as alternative forms of public borrowing that entitle holders to repayment of principal and predetermined returns. The framework exempts G-Tokens from standard offering requirements such as the filing of a prospectus and the use of digital token offering portals (ICO portals), consistent with the regulatory treatment for investment products issued by the Ministry. Furthermore, the draft regulations include licensing exemptions for market participants. Specifically, digital asset exchanges and dealers will not need digital asset broker licences for G-Token services. In addition, licensed securities firms will be exempt from digital asset business licensing for G-Token activities and remain regulated under the Securities and Exchange Act B.E. 2535 (1992). The rules also impose operational standards, including suitability checks, data collection, and indicative price disclosure. Exchanges listing G-Tokens will be exempt from certain issuer-related contractual and disclosure requirements. They may also invest in G-Tokens for their own account, subject to existing risk controls.