The SEC Board has determined digital assets, namely cryptocurrencies and digital tokens, to be additional underlying products and variables under the Derivatives Act B.E. 2546 (2003)* to further develop Thailand’s derivatives market and enable business operators to provide services under appropriate regulatory oversight. The SEC is currently in discussions with Thailand Futures Exchange Public Company Limited (TFEX) to determine appropriate contract specifications for DA derivatives that align with the risk characteristics of the products and to accommodate intermediaries’ facilitation of clients’ investment in DA derivatives overseas.

Currently, intermediaries are permitted to facilitate investment in overseas derivatives for retail investors and high net worth investors (HNW) only where the products have characteristics and conditions similar to those of products tradable in Thailand. However, overseas DA derivatives vary in form and risk level. The SEC therefore proposes amendments to the regulations on intermediaries’ facilitation of clients’ investment overseas to accommodate DA derivatives, taking into account the nature of the products and the need for adequate investor protection. The key points are as follows:

            (1) Prescribing characteristics and conditions for providing services on overseas DA derivatives to retail, HNW, and ultra high net worth (UHNW) investors: The products must have key characteristics and conditions consistent with those of DA derivatives traded in Thailand, such as the underlying digital assets, contract maturity, leverage, and delivery or settlement methods. In addition, the products must be traded on a derivatives exchange where clearing is conducted through a central counterparty (CCP), and the derivatives exchange must be supervised by a regulatory authority that is a Signatory A to the International Organization of Securities Commissions Multilateral Memorandum of Understanding (IOSCO MMoU) or a member of the World Federation of Exchanges (WFE).

            (2) In the case of overseas DA derivatives with characteristics other than those specified in (1), business operators may provide services only to institutional investors (II), given that such investors are more capable of assessing and managing the risks of complex or high-risk products.

The consultation paper is available on the SEC website at https://www.sec.or.th/TH/Pages/PB_Detail.aspx?SECID=1201 and on the Legal Hub at https://law.go.th/listeningDetail?survey_id=ODA5MERHQV9MQVdfRlJPTlRFTkQ=. Stakeholders and interested parties are invited to submit comments through these websites or by email at sukritta@sec.or.th or ekarit@sec.or.th. The public hearing ends on 30 September 2026.

Note: * Notification of the Securities and Exchange Commission No. Kor Thor. 2/2569 Re: Determination of Additional Types of Products and Variables, dated 5 March 2026. https://publish.sec.or.th/nrs/11128p_r.pdf