According to the Cabinet’s resolution on 13 May 2025, G-Token is a new tool for the Government’s loan raising by other means as approved by the Cabinet in accordance with Section 10, Paragraph one, of the Public Debt Management Act B.E. 2548 (2005). The Cabinet also approved the principles and the draft Finance Ministerial Regulation regarding the issuance of G-Tokens, as proposed by the Ministry of Finance, to develop a framework for managing public debt by utilizing digital technology to access funding sources and promote savings among the public. Regarding this, the loan will be conducted within the loan ceiling to offset, in accordance with the Public Debt Management Act B.E. 2548 (2005). Following consultations, the Public Debt Management Office (PDMO) intends to raise funds by issuing G-Tokens, which will grant holders the rights to receive principal and interest as specified. This is to enable investors to access services related to the subscription, trading, and exchange of G-tokens in both the primary and secondary markets through digital asset business operators and securities companies.

To ensure appropriate regulatory oversight and maximize public benefit, the SEC Board has resolved to approve the principles of the proposed regulations for the issuance of G-Tokens in the primary market and related service provision in the secondary market. This includes designation of G-Token characteristics, exemption of offering requirements, and regulations related to service provision by digital asset business operators and securities business operators.   

The SEC is therefore conducting this public hearing on the principles and draft regulations, as follows:  

1. Designation of G-Token Characteristics: G-Tokens refer to digital tokens issued by the Ministry of Finance, classified as a loan raising by any other means under the Public Debt Management Act B.E. 2548 (2005), which provide the rights for token holders to receive repayment of principal and interest as specified by the Ministry of Finance;   

2. Exemption from Offering Requirements: The issuance of G-Tokens will be exempt from offering requirements, including filing and draft prospectus submission, and the requirement to offer digital tokens through an approved ICO portal. This approach aligns with existing practices for other investment products issued by the Ministry of Finance;   

3. Exemptions from the Requirement to Obtain Licenses: (1) Digital asset dealers (DA Dealer) and digital asset exchanges (DA Exchange), in relation to the provision of G-Token services, will be exempt from obtaining a digital asset broker license (DA Broker), and (2) Securities companies will be exempt from the requirement to obtain a digital asset business license related to G-Tokens, whereby such companies shall be regulated under the rules governing the undertaking of other businesses in accordance with the Securities and Exchange Act B.E. 2535 (1992); 

4. Other related Regulations for Providing G-Token Services: The amendments to the related regulations of customer advice and services, customer data collection and assessment, disclosure of indicative prices, and specific requirements applicable to DA Exchanges regarding contractual practices, disclosure, and investment in G-Tokens. 

The public consultation is available at the SEC website at https://www.sec.or.th/TH/Pages/PB_Detail.aspx?SECID=1078  and the legal hub at https://law.go.th/listeningDetail?survey_id=NTM2MkRHQV9MQVdfRlJPTlRFTkQ=. Stakeholders and other interested parties are invited to submit their comments and suggestions via the websites or email: siwakarn@sec.or.th, thapanee@sec.or.th or perapong@sec.or.th. The public hearing ends on 10 June 2025.