Thailand’s Securities and Exchange Commission (SEC) has opened a public consultation to shape new regulations for utility token issuance, targeting crypto exchanges and affiliated individuals. The proposed framework requires exchanges to disclose identities of those involved in token-issuing companies, aiming to curb insider trading—a persistent challenge in the global digital asset market. The consultation, announced in June 2025, invites public input to refine these rules and enhance market transparency.
This move aligns with Thailand’s broader efforts to regulate its burgeoning crypto sector while fostering growth. The SEC’s focus on insider trading stems from past incidents, such as the 2022 case involving Bitkub’s CTO, who was accused of profiting from non-public information. Globally, similar cases—like the 2021 conviction of OpenSea’s former Head of Product for front-running NFT listings and the 2022 indictment of Coinbase employees—underscore the need for robust oversight.
Balancing Innovation and Enforcement
Thailand’s crypto policy reflects a dual approach: promoting innovation while cracking down on illicit activities. In May 2025, the government announced plans to allow tourists to use cryptocurrencies, signaling openness to digital assets. However, days later, it blocked access to unlicensed exchanges OKX and Bybit, citing concerns over money laundering and regulatory non-compliance. This enforcement highlights Thailand’s commitment to balancing market growth with financial security. 
Five-Year Tax Exemption to Attract Global Investors
In a bold step to position Thailand as a global crypto hub, the Thai Cabinet approved a five-year capital gains tax exemption on cryptocurrency profits, effective from January 1, 2025, to December 31, 2029. The policy, applicable to transactions through licensed digital asset service providers, aims to lure investors and firms from established hubs like Singapore and Dubai. Deputy Finance Minister Julapun Amornvivat described it as a “pivotal step” toward making Thailand a leading financial center.
The Finance Ministry projects the tax break will generate at least 1 billion baht ($30.7 million) in economic benefits over the medium term, driven by increased crypto activity. Industry experts, including Jagdish Pandya of Blockon Ventures, estimate Thailand’s crypto holders control $180 billion in assets, suggesting significant growth potential with clear regulations.
Thailand’s Growing Crypto Ecosystem
Thailand ranks as Southeast Asia’s second-largest hub for crypto ownership, trailing only Vietnam. The country’s proactive regulatory stance, including early adoption of digital asset laws, has bolstered market confidence. The SEC’s consultation and tax incentives aim to further legitimize the sector, encouraging both domestic and international participation.
Recent global incidents, such as Binance’s suspension of a staff member in March 2025 over alleged insider trading and suspicious trading tied to a US-based memecoin, highlight the importance of Thailand’s regulatory efforts. By addressing these risks, Thailand seeks to build a transparent and competitive crypto market.
The public consultation period, ongoing as of June 2025, offers stakeholders a chance to shape the future of token issuance and strengthen Thailand’s position in the global digital economy.
