Proposed Exemption Framework - Investment Token Services

On 9 May 2025, the Office of the Securities and Exchange Commission (“SEC”) of Thailand opened a public hearing on its website outlining proposed principles and draft notifications (i.e., (i) draft SEC Board Notification defining service characteristics not considered those of a digital asset exchange, brokerage, or dealing business and (ii) draft SEC Board Notification defining advisory services not considered a digital asset advisory business) (“Draft Notifications”) to facilitate securities companies in providing investment token services without the need for full digital asset business licenses. This initiative aims to strengthen the investment token ecosystem, expand investment options, and improve secondary market liquidity, while maintaining robust investor protection through supervision under the “other business operations” framework of the Securities and Exchange Act B.E. 2535 (1992) (“SEC Act”).