The Securities and Exchange Commission (SEC) of Thailand is holding a public hearing regarding proposed rules for “Government Tokens (G-TOKEN),” a new type of digital asset intended to broaden investment opportunities. These tokens aim to leverage blockchain technology to facilitate public fundraising and offer smaller investors access to government-backed investment options.

The initiative follows a Cabinet resolution on May 13, 2025, authorizing the Ministry of Finance to proceed with G-TOKEN under the Public Debt Management Act 2005. The goal is to create a modern avenue for public participation in government debt, with proceeds earmarked to offset budget deficits.

G-TOKENs will be issued by the Ministry of Finance, granting holders rights to principal and returns as specified by the government. These tokens will be available for subscription in the primary market and traded in the secondary market through licensed Digital Asset Operators and Securities Brokers regulated by the SEC.

Streamlining Access to G-TOKENs

To simplify access to G-TOKENs, the SEC is considering measures to waive certain requirements, such as the need for a data list submission or utilizing an ICO Portal system, typically required for general tokens. This reflects an effort to enhance the agility and accessibility of public sector fundraising.

“Investment, even less money” and “transparent under directing”

The SEC is also considering adjustments to licensing requirements for relevant business operators. For instance, Digital Asset Trading Centers (DA Exchange) and Digital Asset Traders (DA dealer) may not need a separate broker license (DA Broker). securities Companies already holding licenses woudl be able to offer G-tokens without additional licensing, provided they adhere to the Securities Act 1992.

Investor Protection and Market Clarity

To protect investors, the SEC plans to issue guidelines for providing advice, collecting and assessing customer data, and ensuring clear disclosure of market prices (Indicative price). Additional requirements for DA Exchanges will include contracting, disclosure protocols, and investment guidelines specific to G-TOKENs.

The SEC has released a consultation paper (Police Station 17/2568) and invites interested parties to submit their opinions until June 10, 2025, via the provided links or by emailing siwakarn@sec.or.th, Thapanee@sec.or.th, and perapong@sec.or.th.