The SEC and the Thai Digital Asset Operators Trade Association (TDO) have jointly discussed establishing a minimum content framework for the Knowledge Test to provide a comparable standard across the industry and promote investors’ appropriate and comprehensive understanding of the characteristics and risks of digital tokens before making investment decisions. The SEC has therefore proposed principles concerning the details of the Knowledge Test that ICO portals are required to arrange for investors to take before subscribing to digital tokens. The key details are as follows:

        (1) The content framework for the Knowledge Test must, at a minimum, cover digital tokens and investor rights, blockchain technology, digital asset wallets, channels for obtaining project information and making pre-investment decisions, investment risks and limitations, and the differences between the primary and secondary markets.

        (2) An ICO portal may design a set of questions for the Knowledge Test in accordance with the guidelines established by the TDO, provided that the test covers, at a minimum, the topics specified in the content framework under (1).

The consultation paper is available on the SEC website at https://www.sec.or.th/TH/Pages/PB_Detail.aspx?SECID=1244 and on the Legal Hub at https://law.go.th/. Relevant parties and interested persons may submit comments via either website or by email to kewalee@sec.or.th and perapong@sec.or.th. The public hearing period ends on 25 November 2026.