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SEC issues Government Token rules to expand public savings and investment opportunities and promote the use of technology and innovation in fundraising



Tuesday 22 July 2025 | No. 184 / 2025


Bangkok, 22 July 2025 – The Securities and Exchange Commission (SEC) has issued regulations for Government Tokens (G-Tokens) to support broader and more inclusive access to savings and investment opportunities for the public (financial inclusion), while promoting the use of technology and innovation to enhance the efficiency of fundraising. The regulations provide for appropriate regulatory oversight, a level playing field among market participants, and adequate investor protection mechanisms, taking effect from 21 July 2025.

The SEC has issued rules regarding G-Tokens to promote the use of technology to enhance the efficiency of government fundraising, expand savings and investment opportunities for the public through digital tokens in the digital age, and support the growth of the country’s digital economy. These rules follow the Cabinet’s resolution of 13 May 2025 approving the Ministry of Finance’s issuance of, and related action concerning, G-Tokens, which constitute borrowing by other means approved by the Cabinet under Paragraph 1 of Section 10 of the Public Debt Management Act B.E. 2548 (2005). Such borrowing is subject to the borrowing limit for financing the budget deficit. The SEC conducted a public hearing on the proposed principles and related draft notifications. Most respondents agreed with the proposed principles.

The SEC has therefore issued notifications of the above rules, with the key points as follows:

            1. Prescribing G-Tokens as an additional category of digital tokens under the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018). Specifically, G-Tokens are prescribed as a digital token issued by the Ministry of Finance that utilizes technology to enhance the efficiency of access to government funding sources as a form of borrowing by other means under the Public Debt Management Act. Such tokens provide the rights of holders to receive repayment of the principal amount and returns as determined by the Ministry of Finance;

            2. Exempting G-Tokens from offering requirements including offering approval, filing and draft prospectus submission, and the requirement to offer digital tokens through an approved ICO portal. This approach aligns with the supervisory framework for other investment products issued by the Ministry of Finance;

            3. Exempting digital asset business operators and securities business operators from the requirement to obtain licenses, namely: (1) exempting digital asset exchanges (DA Exchange) and digital asset dealers (DA dealer) from the requirement to obtain a digital asset broker license for providing services related to G-Tokens; and (2) exempting securities companies (SCs) from the requirement to obtain a digital asset business license in relation to G-Tokens, based on the types of securities business licenses held by such SCs, with SCs being supervised under the rules for operating other businesses pursuant to the Securities and Exchange Act B.E. 2535 (1992);

            4. Establishing requirements for the provision of G-Token services, including requirements for providing advice and services to clients, collecting and assessing client information, and disclosing indicative prices. The requirements also include specific rules applicable to DA Exchanges regarding the execution of agreements, disclosure of information, and investment in G-Tokens.

The notifications of the relevant regulations* have been published in the Government Gazette, taking effect from 21 July 2025.

Notes:

* Six relevant notifications are as follows:

1. Notification of the Securities and Exchange Commission No. Kor Jor. 10/2568 Re: Determination of Additional Types of Digital Tokens (No. 2), dated 9 July 2025: https://publish.sec.or.th/nrs/10771s.pdf;

2. Notification of the Securities and Exchange Commission No. Kor Jor. 11/2568 Re: Exemption of the Provisions regarding Public Offering of Digital Tokens for Certain Types of Digital Token Offerings (No. 2), dated 9 July 2025

3. Notification of the Securities and Exchange Commission No. Kor Thor. 12/2568 Re: Determination of Characteristics of Service Provision Not Deemed as Operating Digital Asset Exchanges, Digital Asset Brokers, or Digital Asset Dealers (No. 3), dated 9 July 2025 https://publish.sec.or.th/nrs/10778s.pdf;

4. Notification of the Securities and Exchange Commission No. Kor Thor. 13/2568 Re: Determination of Characteristics of Providing Advice to the Public Not Deemed as an Undertaking of Digital Asset Business in the Category of Digital Asset Investment Advisory (No. 3), dated 9 July 2025 https://publish.sec.or.th/nrs/10774s.pdf;

5. Notification of the Securities and Exchange Commission No. Kor Thor. 14/2568 Re: Determination of Characteristics of Fund Management Not Deemed as an Undertaking of Digital Asset Business in the Category of Digital Asset Fund Manager (No. 3), dated 9 July 2025 https://publish.sec.or.th/nrs/10775s.pdf; and

6. Notification of the Securities and Exchange Commission No. Kor Thor. 15/2568 Re: Rules, Conditions and Procedures for Undertaking Digital Asset Businesses (No. 28), dated 9 July 2025 https://publish.sec.or.th/nrs/10776s.pdf.












Building Confidence in the Capital Market
NEWS
Securities and Exchange Commission
Corporate Communication and Investor Service Department
Tel. (66)2033-9502-5 E-mail: press@sec.or.th
No. 184 / 2025 Tuesday 22 July 2025
SEC issues Government Token rules to expand public savings and investment opportunities and promote the use of technology and innovation in fundraising

Bangkok, 22 July 2025 – The Securities and Exchange Commission (SEC) has issued regulations for Government Tokens (G-Tokens) to support broader and more inclusive access to savings and investment opportunities for the public (financial inclusion), while promoting the use of technology and innovation to enhance the efficiency of fundraising. The regulations provide for appropriate regulatory oversight, a level playing field among market participants, and adequate investor protection mechanisms, taking effect from 21 July 2025.

The SEC has issued rules regarding G-Tokens to promote the use of technology to enhance the efficiency of government fundraising, expand savings and investment opportunities for the public through digital tokens in the digital age, and support the growth of the country’s digital economy. These rules follow the Cabinet’s resolution of 13 May 2025 approving the Ministry of Finance’s issuance of, and related action concerning, G-Tokens, which constitute borrowing by other means approved by the Cabinet under Paragraph 1 of Section 10 of the Public Debt Management Act B.E. 2548 (2005). Such borrowing is subject to the borrowing limit for financing the budget deficit. The SEC conducted a public hearing on the proposed principles and related draft notifications. Most respondents agreed with the proposed principles.

The SEC has therefore issued notifications of the above rules, with the key points as follows:

            1. Prescribing G-Tokens as an additional category of digital tokens under the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018). Specifically, G-Tokens are prescribed as a digital token issued by the Ministry of Finance that utilizes technology to enhance the efficiency of access to government funding sources as a form of borrowing by other means under the Public Debt Management Act. Such tokens provide the rights of holders to receive repayment of the principal amount and returns as determined by the Ministry of Finance;

            2. Exempting G-Tokens from offering requirements including offering approval, filing and draft prospectus submission, and the requirement to offer digital tokens through an approved ICO portal. This approach aligns with the supervisory framework for other investment products issued by the Ministry of Finance;

            3. Exempting digital asset business operators and securities business operators from the requirement to obtain licenses, namely: (1) exempting digital asset exchanges (DA Exchange) and digital asset dealers (DA dealer) from the requirement to obtain a digital asset broker license for providing services related to G-Tokens; and (2) exempting securities companies (SCs) from the requirement to obtain a digital asset business license in relation to G-Tokens, based on the types of securities business licenses held by such SCs, with SCs being supervised under the rules for operating other businesses pursuant to the Securities and Exchange Act B.E. 2535 (1992);

            4. Establishing requirements for the provision of G-Token services, including requirements for providing advice and services to clients, collecting and assessing client information, and disclosing indicative prices. The requirements also include specific rules applicable to DA Exchanges regarding the execution of agreements, disclosure of information, and investment in G-Tokens.

The notifications of the relevant regulations* have been published in the Government Gazette, taking effect from 21 July 2025.

Notes:

* Six relevant notifications are as follows:

1. Notification of the Securities and Exchange Commission No. Kor Jor. 10/2568 Re: Determination of Additional Types of Digital Tokens (No. 2), dated 9 July 2025: https://publish.sec.or.th/nrs/10771s.pdf;

2. Notification of the Securities and Exchange Commission No. Kor Jor. 11/2568 Re: Exemption of the Provisions regarding Public Offering of Digital Tokens for Certain Types of Digital Token Offerings (No. 2), dated 9 July 2025

3. Notification of the Securities and Exchange Commission No. Kor Thor. 12/2568 Re: Determination of Characteristics of Service Provision Not Deemed as Operating Digital Asset Exchanges, Digital Asset Brokers, or Digital Asset Dealers (No. 3), dated 9 July 2025 https://publish.sec.or.th/nrs/10778s.pdf;

4. Notification of the Securities and Exchange Commission No. Kor Thor. 13/2568 Re: Determination of Characteristics of Providing Advice to the Public Not Deemed as an Undertaking of Digital Asset Business in the Category of Digital Asset Investment Advisory (No. 3), dated 9 July 2025 https://publish.sec.or.th/nrs/10774s.pdf;

5. Notification of the Securities and Exchange Commission No. Kor Thor. 14/2568 Re: Determination of Characteristics of Fund Management Not Deemed as an Undertaking of Digital Asset Business in the Category of Digital Asset Fund Manager (No. 3), dated 9 July 2025 https://publish.sec.or.th/nrs/10775s.pdf; and

6. Notification of the Securities and Exchange Commission No. Kor Thor. 15/2568 Re: Rules, Conditions and Procedures for Undertaking Digital Asset Businesses (No. 28), dated 9 July 2025 https://publish.sec.or.th/nrs/10776s.pdf.