Thailand Embraces Digital Debt: Government Token Framework Launched

Thailand’s Securities and Exchange Commission (SEC) has officially introduced a new regulatory framework for Government Digital Tokens (G-Tokens).

This move is designed to expand savings and investment opportunities for the public, fostering greater financial inclusion, whilst simultaneously boosting the efficiency of state fundraising through the strategic use of technology and innovation.

The new rules came into force on 21 July 2025.

The initiative aligns with a Cabinet resolution from 13 May 2025, which approved the Ministry of Finance's plans to issue and manage G-Tokens.

These tokens represent a novel method of government borrowing, falling under the Public Debt Management Act B.E. 2548 (2005) and adhering to the existing budget deficit compensation framework.

The SEC had previously conducted public consultations on the proposals, with broad support from key stakeholders.

Key Aspects of the New Framework

The SEC's new announcements, comprising six related notices, primarily focus on four core areas:

Defining G-Tokens: G-Tokens are now formally recognised as an additional category of digital assets under the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018). These tokens, issued and managed by the Ministry of Finance, grant holders the right to receive principal repayment and returns as stipulated by the ministry.

Streamlined Offering Process: To facilitate issuance, G-Tokens are exempt from certain requirements, including the need for an offering license, the submission of registration statements and draft prospectuses, and offering through an ICO portal. This approach mirrors the regulatory treatment of other investment products issued by the Ministry of Finance.

Licensing Exemptions for Digital Asset and Securities Firms:

• Digital Asset Exchanges (DA Exchanges) and Digital Asset Dealers (DA Dealers) are no longer required to obtain a Digital Asset Brokerage (DA Broker) license for services related to G-Tokens.
• Securities Companies (SCs) are also exempt from specific digital asset business licenses pertaining to G-Tokens, falling instead under existing regulations for other business activities as per the Securities and Exchange Act B.E. 2535 (1992).

Service Provision Guidelines: The new rules establish clear guidelines for G-Token services, covering customer advice, data collection and assessment, and the disclosure of indicative prices. Specific regulations for DA Exchanges regarding contracts, information disclosure, and G-Token investment are also included.

These comprehensive regulations, now published in the Royal Gazette, mark a significant step towards integrating digital assets into Thailand's public finance and investment landscape, fostering digital economic growth whilst maintaining robust investor protection.