Jomkwan Kongsakul
Deputy Secretary-General, The Securities and Exchange Commission Thailand, Thailand

Jomkwan Kongsakul is the Deputy Secretary-General of the Securities and Exchange Commission, Thailand (SEC Thailand), an independent government agency in Thailand with a vision to embrace changes and develop a sustainable capital market and economy for the benefit of all stakeholders. In her current role, she oversees the Intermediaries Supervision and Market Department, Investment Management Department, and Financial Innovation and Digital Technology Department at the SEC Thailand. She has significantly contributed to and enriched the Thai financial industry with her robust educational background and extensive industry experience. Under her leadership, the capital market has expanded with regulatory support, especially in financial innovation. She has supported innovative technology and enabled the development of the Thai capital market toward digitalization.

Key developments and latest trends in Securities Tokenization and Digital Assets – Thailand Perspective

Introduction

Capital markets play a vital role in supporting economic growth by providing businesses with access to funding and offering investors a wide range of investment opportunities. Over the years, technology has become increasingly integrated into capital markets and financial systems around the world. This is reflected in the growing adoption of technologies supporting securities tokenization and the emergence of crypto-related investment products such as crypto ETFs in certain jurisdictions. These developments demonstrate that technology is reshaping not only fundraising and investment activities, but also the broader operation of capital markets.

In Thailand, the capital market landscape is also evolving toward greater adoption of digital technology. The Securities and Exchange Commission Thailand (SEC Thailand) recognizes the importance of leveraging technology to enhance efficiency, accessibility, and innovation in the capital market. As part of its strategic direction, the SEC Thailand is promoting initiatives related to securities tokenization, inclusive fundraising through digital assets and portfolio diversification through crypto-related investment products.

To accomplish these objectives, the SEC Thailand has outlined the following three frameworks.

1. Driving Securities Tokenization

Securities tokenization is becoming an important structural development in global capital markets, transforming how financial products are issued, transferred, and settled. Tokenization can enhance market efficiency by reducing processing time, improving liquidity, and enabling more streamlined settlement processes, including the potential for atomic settlement. It can also broaden investor access to financial products and support greater financial inclusion through digitalized investment channels. As the global adoption of securities tokenization continues to grow, the SEC Thailand recognizes the importance of supporting the digital transformation of the capital market while maintaining market integrity and investor protection.

In response, the SEC Thailand is pursuing amendments to the Securities and Exchange Act to support the issuance and operation of fully digital securities. The proposed amendments would allow the entire lifecycle of securities (including issuance, transfer, and settlement) to be conducted electronically without requiring physical certificates. Importantly, tokenized securities would maintain the same legal validity and enforceability as traditional securities.

While the legislative amendments remain underway, the SEC Thailand is advancing the Digital Securities Ecosystem (DSE) framework as an interim approach to support the fully digital transition of the capital market. The DSE framework aims to enable tokenized securities in a secure, interoperable, and efficient manner, while supporting market efficiency, reducing operational costs, and strengthening investor access and financial inclusion. To facilitate this transition, the SEC Thailand has outlined the following four approaches under the DSE framework.

• Project Acceleration

Under this approach, the SEC Thailand aims to promote use cases for securities tokenization in the capital market. A regulatory sandbox has been introduced specifically for market participants to test their innovation and assess risks prior to full-scale implementation. At present, six market participants have expressed interest and are engaging in ongoing discussions with the SEC Thailand regarding the issuance of tokenized mutual funds and tokenized bonds.

• Regulatory Realignment

The SEC Thailand acknowledges that the advancement of technologies that may exceed the current legal framework. Therefore, the SEC Thailand has taken a step toward reviewing and amending the existing rules that may impede tokenization to ensure alignment between the legal framework and technology development especially on an issuance, transfer and settlement of tokenized securities. For instance, the SEC Thailand amended the regulation regarding the tokenization of money market funds (MMFs) in January 2026, which became effective on 1 April 2026. The amendment aims to facilitate the development of tokenized funds while ensuring that the regulatory requirements and operational practices of market participants remain clear and consistent.

Under this amendment, tokenized funds are granted exemptions from the prescribed timeframe for the issuance or cancellation of fund units, in line with technology capabilities that enable accelerated processing. For example, issuance and redemption processes may be completed within the same day. Furthermore, the SEC Thailand is in the process of reviewing other related rules to accommodate tokenized securities. This includes exploring settlement mechanisms such as pay-in-kind for tokenized funds, as well as coordination with the Bank of Thailand (BOT) with regard to the use of THB-backed stablecoins and tokenized deposits for settlement.

• Standardization for Interoperability

To prevent tokenization from developing in fragmented or isolated ecosystems, the SEC Thailand is promoting common standards to support interoperability across platforms and market participants. The objective is to establish a consistent framework for token structures, data standards, and operational practices that can be broadly adopted throughout the digital capital market ecosystem.

As part of this initiative, the SEC Thailand plans to introduce standards covering key areas such as token technical architecture, core token functionalities, cybersecurity requirements, and operational standards for tokenizers. The SEC Thailand expects these standards to enhance interoperability, enable seamless connectivity across platforms, and support more efficient and scalable market operations.

• Integration of On-Chain Settlement

The long-term objective is the integration of on-chain settlement. The SEC Thailand recognizes that for the capital market to be completely digitalized, it requires the settlement process to be also fully on chain. Therefore, integration of digital payment tokens whether in the form of deposit tokens or Thai Baht stablecoins is necessary to enhance efficiency in the digital capital market. As part of this approach, the SEC Thailand continues to explore ways to realize this integration and engaging with BOT to ensure that the integration supports market development as well as the broader economy.

2. Expanding Inclusive Fundraising

In addition to securities tokenization, the capital market has expanded beyond traditional fundraising platforms. Over the past few years, there has been a trend among businesses to raise funds via digital products. The SEC Thailand has been encouraging the use of technology in fundraising through investment tokens since 2018 when the Emergency Decree on Digital Asset Businesses (Digital Asset Law) has come into force. Investment Token refers to an electronic data unit created for the purpose of specifying the right of a person to participate in an investment in any project or business.

To conduct an Initial Coin Offering (ICO) of the investment token, the offering process must be carried out through a regulated ICO Portal. An ICO Portal serves as a gatekeeper, responsible for conducting due diligence and screening investment tokens prior to issuance, to ensure project’s credibility and appropriate risk disclosure. In Thailand, there are five types of investment tokens for businesses to raise funds, depending on their suitability.

• Project-based Token: this token grants the right for a token holder to participate in an investment in any project or business. The returns vary based on the types of projects or businesses such as the returns from the profits of the project or a fixed amount.
• Real Estate-backed Token: the underlying assets of this token are the properties; thus, the token holder can expect the derive income streams from real estate in return.
• Infrastructure-backed Token: this token follows a similar concept to real estate-backed token, except that the underlying asset is the infrastructure.
• Sustainability-themed Token: Introduced in 2024, this token including green, social, sustainability tokens (GSST) and sustainability-linked tokens (SLT) which have been issued to be on par with other sustainability-related products in the capital market. This token aims to strengthen the development of sustainable financial products.
• Soft Power Token: Also introduced in 2024, this token was designed to support projects related to soft power sector such as music, films, dramas and the arts, this type of token allows issuers to raise funds from retail investors without being subjected to the offering limitation. While other types of tokens are subject to a retail offering limit of no more than 70% of the total offering value. The objective of this token is to promote the use of technology in fundraising and creative economies.

Investment tokens are expanding and reshaping the fundraising landscape. Fundraising through investment tokens enables financial flows directly to projects that align with investors’ preferences. Since 2021, five projects have raised THB 8 billion through initial coin offerings (ICOs). SiriHub Token was the first real estate-backed token and raised THB 2.4 billion in 2021. Destiny Token followed in 2022 as the first project-based token and raised THB 265 million with a movie as the underlying project. In 2023, RealX Token raised THB 2.4 billion with 361 condominium units in Bangkok as the underlying asset. In 2025, SiriHub2 Token and SUMX Token, both backed by office buildings, raised THB 2.49 billion and THB 450 million respectively. In addition, 17 private placements raised nearly THB 900 million combined. This brings total fundraising to roughly THB 8.9 billion across 22 offerings.

In the pipeline, BLU Green-token, the first token backed by carbon credit revenue from mangrove reforestation, has been approved and is pending its THB 480 million offering. Meanwhile, a THB 2 billion project-based token offering returns from a gold trading business is undergoing the SEC Thailand’s approval process. One more prospective issuer is in discussions with the SEC Thailand.

Within the digital asset sphere, including investment tokens, the SEC Thailand strictly regulates digital asset businesses through six categories of digital asset licenses. This framework aims to ensure that investors are able to gain exposure to trustworthy and regulated investment opportunities while expanding their investment options.

From the implementation of the Digital Asset Law in 2018 to May 2026, Thailand’s digital asset industry has expanded significantly. The number of licensed digital asset business operators has grown to 25 firms, including digital asset exchange, digital asset brokers and digital asset dealers (18 firms), digital asset investment advisors (2 firms), digital asset fund managers (3 firms), and digital asset custodians (2 firms).

Furthermore, Thailand’s digital asset market has experienced strong growth over the past five years, driven by both rising investor participation and a substantial expansion in client assets.

The number of digital asset trading accounts increased from approximately 0.17 million accounts in 2020 to 3.11 million accounts (of which 0.135 million were active) in April 2026. Client assets have grown from THB 9.6 billion in 2020 to THB 88 billion in April 2026, reflecting growing market trust and confidence in the ecosystem. Together, these figures indicate that Thailand’s digital asset market is not only expanding in scale, but also attracting growing interest in digital assets and crypto as an asset class.

3. Unlocking Cryptos for Diversification

Digital innovation is progressively narrowing the gap between digital financial products and traditional financial instruments, driven by increasing demand from both investors and businesses seeking efficiency, accessibility, and diversification. This evolution reflects a broader transformation of the financial landscape, underpinned by technological advancements such as blockchain and distributed ledger technology, which are reshaping financial products and services in Thailand’s capital markets.

In line with the SEC Thailand’s strategic roadmap, crypto assets have been recognized as an emerging asset class (crypto as an asset class) to promote portfolio diversification. To support their development and integration into the broader financial ecosystem, the SEC Thailand has implemented policy initiatives across multiple channels, including direct investment in crypto assets through licensed Digital Asset business operators, as well as indirect exposure via crypto ETFs and crypto derivatives.

Crypto ETFs is one of the financial products that contain the characteristics of both digital and traditional financial products. It has been approved in many countries and Thailand has shifted toward the same landscape. In January 2025, the SEC Thailand amended regulations related to eligible assets and investment limits for mutual fund investments, allowing mutual funds to invest in crypto assets under a risk level appropriate for the types of investors. Mutual funds and private funds for retail investors would be allowed to have total exposure to crypto asset through crypto ETFs or foreign mutual funds, within specified investment limits, to support asset allocation by fund managers. In April 2026, the SEC Thailand proposed a new regulatory framework for the establishment of spot crypto ETFs in Thailand, which directly invest in underlying crypto assets with simple structures to enhance investors’ understanding of their characteristics and associated risks, while ensuring that they are managed by asset management companies (AMCs) operating under appropriate custody arrangements. This initiative aims to broaden investment opportunities for investors, enhance the capabilities of business operators, promote greater product diversity in Thailand’s capital market, and strengthen the crypto ETF ecosystem under a regulatory framework that ensures robust investor protection.

Furthermore, the SEC Thailand is advancing the development of an ecosystem for digital asset derivatives. This includes proposed revisions to the licensing framework for derivatives businesses to enable digital asset business operators to apply for derivatives business licenses without the need to establish separate legal entities. The proposed reforms are intended to enhance market efficiency and participation by allowing investors to utilize digital asset derivatives as additional risk management tools. At the same time, these changes aim to strengthen the SEC Thailand’s regulatory oversight by harmonizing supervisory standards across all business types in line with international practices. On 10 February 2026, the Thai Cabinet approved in principle the recognition of digital assets as eligible underlying assets for derivatives products, marking a significant step toward integrating digital assets into Thailand’s derivatives market.

Beyond product development, the SEC Thailand has also supported digital asset and securities business operators in providing integrated and responsible services under their respective licenses. This includes ensuring the provision of adequate and appropriate advice to investors, enabling them to obtain suitable exposure to crypto assets as part of a diversified investment portfolio. Moreover, the SEC Thailand has promoted the role of licensed digital asset fund managers (DAFMs) in enhancing the capacity of AMCs to manage mutual funds investing in digital assets, as well as the role of licensed digital asset custodial wallet providers (DA custodians) in acting as fund supervisors and providing crypto asset custody services for crypto ETFs.

Across these initiatives, the SEC Thailand has closely collaborated with key financial regulators, BOT and Office of Insurance Commission (OIC), to ensure policy alignment in promoting and developing new financial products and services, including the ecosystem surrounding tokenized financial assets and related services.

Conclusion

Thailand’s capital market landscape is being reshaped by rapid technological advancement and the growing integration of technology into capital market activities. Digital financial products, including securities tokenization and digital assets, are becoming an increasingly important trend in Thailand’s capital market. Technology transformation may present both challenges and opportunities for market participants and regulators. Businesses are required to adapt to evolving technologies and changing market structures while regulators are required to balance innovation, investor protection, and market integrity.

In response to this transformation, the SEC Thailand is supporting the transition toward a more digitalized capital market and promoting key enablers to facilitate a smooth and sustainable transition. Through the Digital Securities Ecosystem (DSE) framework, the SEC Thailand seeks to support the development of securities tokenization. For digital financial products, the SEC Thailand continues to support their development and recognizing their potential to enhance portfolio diversification for investors. Technology is not viewed as a disruptive force, but rather as an important tool to enhance market efficiency, transparency, and market integrity.