The Thai Securities and Exchange Commission (SEC) has initiated a public consultation on proposed new regulations that would permit licensed exchanges and their affiliated entities to issue utility tokens. This move, announced by the SEC on Friday, is a significant step in Thailand’s broader strategy to formalize and refine its cryptocurrency regulatory framework.
A key component of the draft regulations aims to bolster the SEC’s ability to monitor and prevent insider trading. Under the proposed rules, exchanges would be required to disclose the identity of individuals linked to token issuers. This increased transparency is designed to mitigate conflicts of interest and ensure a fairer trading environment for digital assets.
This public consultation follows a series of recent regulatory changes in Thailand, signaling the nation’s proactive stance on integrating cryptocurrencies into its economy while maintaining robust oversight. In May, Thailand approved the use of crypto payments for tourists, a move intended to boost its tourism sector.
Simultaneously, the Thai SEC took action against unlicensed exchanges, including OKX and Bybit, by blocking their operations within the country. Furthermore, in June, Thailand introduced a five-year capital gains tax exemption for cryptocurrency transactions conducted on licensed platforms, effective from January 1, 2025, to December 31, 2029.
The comprehensive Markets in Crypto-Assets (MiCA) framework, which came into full effect across the European Union at the end of last year, establishes similar guidelines for crypto assets. Thailand’s proposed regulations align with international efforts to provide clarity and investor protection in the digital asset space.
Other major crypto players are also engaging with regulatory bodies in various jurisdictions.
For instance, Gemini, the crypto exchange owned by the Winklevoss twins, is reportedly in the final stages of obtaining a MiCA license in Malta, having applied for operational approval earlier this year. Similarly, OKX has also selected Malta as its MiCA hub. These developments underscore a global trend among crypto exchanges to seek regulatory clarity and operate within established legal frameworks.
The Thai SEC’s initiative to allow exchanges to issue utility tokens, coupled with enhanced transparency measures, aims to strike a balance between fostering innovation in the digital asset sector and safeguarding investor interests. The public consultation period, which runs until July 21, 2025, invites feedback from stakeholders to ensure the final regulations are both effective and responsive to the evolving crypto landscape.
Cryptoniteuae, June 2025
