On Nov. 4, 2025, Thai SEC issued press release regarding revised rules on knowledge tests and suitability tests for digital token investors using ICO portals.
The notification was published in Royal Gazette and will take effect Nov. 16, 2025.
On Jul. 18, Thai SEC issued proposal re knowledge and suitability test.
Thai SEC published draft regs requiring ICO portals to administer knowledge tests for non-institutional investors, high net worth individuals, and corporate investors before digital token investments; exemptions for investors who previously passed such tests.
Proposed rules eliminate the previous 3-month validity period for knowledge test results, allowing permanent exemption for investors who have previously passed the test to reduce compliance burden on ICO portals and investors.
New requirements mandate ICO portals to conduct suitability assessments for digital token investments to ensure investors understand risks and have appropriate risk tolerance matching the investment products.
Suitability assessment data must be reviewed and updated at least every 2 years to maintain current investor risk profiles and investment appropriateness.
Requirements align with existing standards for securities business operators and digital asset business operators to ensure consistent investor protection across platforms.
Consultation End
The consultation period is open until Aug. 1, 2025.
Oct. 2025 Finalized Regulations
On Oct. 16, 2025, Thai SEC finalized the notice regarding the criteria, conditions, and procedures for approval of digital token offering system service providers.
Amended the Thai SEC rule No. KorJor. 16/2561 to implement the proposal above.
This notice will be effective from Feb. 16, 2026, except for section 3, which shall come into effect from Nov. 16, 2025.
Thai SEC also issued notice regarding detailed criteria for reviewing the suitability assessment of investors' investment in digital tokens, which specifies that digital token offering system service providers shall review investors' suitability assessment at least every two years.
This notice will be effective from Feb. 16, 2026.
Documents dated Oct. 16, 2025, received from Thai SEC Oct. 21, summarized Oct. 23.
Nov. 2025 Press Release
On Nov. 4, 2025, Thai SEC issued press release regarding revised rules on knowledge tests and suitability tests for digital token investors using ICO portals.
The notification was published in Royal Gazette and will take effect Nov. 16, 2025.
