Earlier, the SEC proposed to amend regulations for communication and service provision to investors by ICO portals concerning the knowledge test and suitability test for digital token investors. These proposed amendments are consistent with those applied to securities business operators and digital asset business operators. The SEC conducted a public hearing on the principles and draft amendments. Most stakeholders agreed with the proposed changes.

The SEC has therefore issued notifications of the aforementioned amendments with key points as follows:   

1. Requiring investors who are not institutional investors, ultra-high net worth investors, or high net worth investors with legal entity status to complete a knowledge test before investing. Investors who have already passed the knowledge test are exempt from retaking the test;
          2.  Requiring ICO portals to assess investors’ suitability for digital token investment (suitability test) before providing services to investors. The suitability assessment information must be reviewed and updated at least once every two years.
 
The notifications of the amendments* have been published in the Government Gazette, taking effect from 16 November 2025.  

Note:

* The two relevant notifications are:
          1. Notification of the Securities and Exchange Commission No. Kor Jor. 21/2568 Re: Rules, Conditions and Procedures for Granting Approval for ICO portals (No. 14), dated 16 October 2025: https://publish.sec.or.th/nrs/10907s.pdf
          2. Notification of the Office of the Securities and Exchange Commission No. Sor Jor. 37/2568 Re: Rules in Details for Review of Suitability Assessment for Digital Token Investors, dated 16 October 2025: https://publish.sec.or.th/nrs/10908p_r.pdf