Thailand’s Securities and Exchange Commission will tighten rules for crypto exchange-traded funds and develop digital assets as an investment class under a three-year plan released Monday to boost market competitiveness and public confidence. The plan also targets sustainable capital markets, wider public financial wellbeing, and stronger organizational capabilities.
Pornanong Budsaratragoon, the SEC secretary-general, framed the approach as balanced between promotion and supervision, saying “Amid the volatility and uncertainties arising from multiple factors that may affect Thailand’s capital market going forward, the SEC remains committed to maintaining a balanced approach between promoting market development and ensuring effective supervision, so that the capital market remains credible, sustainable, and accessible to all sectors.”
The regulator valued the domestic crypto market at $3.19 billion with average daily trading of $95 million in August 2025, according to a report that valued the market. (Ed. note: figures are from August 2025.)
The plan calls for tokenization support, a formal crypto-ETF framework, and exploration of trust-format ETFs, with new ETF rules expected early this year; the Thailand Futures Exchange is also exploring crypto futures, a local paper reported.
Industry voices see a “regulated middle ground.” Jimmy Xue, co-founder and CEO of Axis, said “Thailand appears to be taking a dual-track approach where the regulatory sandbox for bond tokens nurtures local issuers while the formalization of ETFs signals to global projects that the country is a safe jurisdiction for foreign capital.”
Authorities said they stopped 47,692 crypto mule accounts in 2025, handled over 12,000 scam-related inquiries, and issued more than 3,800 investor alerts. Officials are also investigating alleged links between regional scam networks and political figures, with an ongoing investigation into suspects.
