You are using an outdated browser and your browsing experience will not be optimal. Please update to the latest version of Microsoft Edge, Google Chrome or Mozilla Firefox. Install Microsoft Edge

March 16, 2026

Thailand Adds Digital Asset Operators to Institutional Investor Definition

Subscribe to Updates

Thailand’s Securities and Exchange Commission (SEC) has broadened the definition of institutional investors, expanded the types of qualifying investments, and updated financial qualification thresholds for various investor categories through a revised notification on the definitions of institutional investors, ultra-high net worth investors, and high net worth investors.

The amended framework, which came into force on March 1, 2026, adds digital asset business operators, investment planners, and investment consultants to the roster of entities recognized as institutional investors, and broadens the definition of investment to account for digital tokens.

Expanded Definition of Institutional Investors

Under the SEC’s revised notification, the category of institutional investors now expressly includes digital asset business operators licensed under the Royal Decree on Digital Asset Businesses B.E. 2561 (2018). This addition recognizes the growing role of digital asset platforms and service providers in Thailand’s investment ecosystem and aligns the regulatory treatment of digital markets with that of traditional markets.

The definition of institutional investors now also encompasses investment planners and investment consultants approved by the SEC. Previously, only SEC-approved investment analysts held this status; the expansion covers a broader scope of professionals who possess comparable expertise and experience in evaluating investment opportunities.

Broadened Investment Definition

The revised framework now defines investment to mean direct or indirect investment in a wider range of assets beyond deposits. Specifically, the definition covers:

  • Securities under the Securities and Exchange Act
  • Derivatives under the Derivatives Act
  • Investment tokens offered to the public
  • Government-issued digital tokens (G-tokens) as specified in a separate SEC notification

This expansion ensures that financial status assessments reflect the full spectrum of an investor’s holdings, including emerging digital assets.

Updated Financial Qualification Thresholds

The amended SEC notification also provides updated qualification thresholds for angel investors, ultra-high net worth investors, and high net worth investors. While the core criteria remain anchored in knowledge or experience and financial standing, the updated thresholds have been recalibrated. For instance, an individual angel investor (together with their spouse) must have net assets of at least THB 50 million, annual income of at least THB 4 million, or investment holdings of at least THB 10 million, or THB 20 million including deposits. Corporate angel investors must meet shareholder equity of at least THB 100 million, or investment holdings of at least THB 20 million, or THB 40 million including deposits. Similar adjustments apply to ultra-high net worth and high net worth investor categories.

Impact on Market Participants

These regulatory updates create significant opportunities across Thailand’s capital markets. The expanded definition of “investment,” encompassing securities, derivatives, and investment tokens, allows investors to leverage a broader portfolio when meeting qualification thresholds, giving them greater flexibility in demonstrating their financial standing. For digital asset business operators and other newly recognized institutional investors, this means enhanced access to a wider and more diverse range of investment sources and products. Securities issuers and investment service providers also stand to benefit, as the reforms expand the pool of sophisticated investors available to participate in Thai capital markets offerings.

Related Professionals

Industries

Technology

Practices

Capital Markets

Location

RELATED INSIGHTS​ 

March 20, 2026
Thailand’s Board of Investment (BOI) now requires data center projects to demonstrate measurable benefits for local workforce development, R&D, SME capability, and domestic supply chains to qualify for corporate income tax (CIT) exemptions. BOI Notification No. Por. 3/2569, issued on February 6, 2026, updates the requirements for projects seeking promotion under BOI category 8.2.1 (data centers). All data center projects must now submit and implement plans covering development of Thai human resources and domestic supply chain support before benefiting from any CIT exemption. Human Resources Development Plan The BOI seeks to promote local talent development beyond basic training. Plans must include the following elements: Training for data center design, construction, and operations targeting vocational students, engineering and ICT undergraduates and postgraduates, and energy and building personnel in Thailand. Joint curricula with Thai universities and technical institutes. Collaborative R&D with Thai nationals or institutions in areas including AI, resource allocation, high-performance computing, and data center hardware and systems. Thai SME upskilling in electrical and energy systems and IT services. Domestic Supply Chain Support Plan Plans must demonstrate knowledge transfer in design, construction, cooling, security, and power and water management. Projects must also include usage or installation of domestically manufactured equipment or engage specialist domestic entities. Criteria for BOI Evaluation The BOI will assess data center operators’ eligibility for CIT incentives based on two criteria: Scale requirement: Training and joint-curriculum initiatives must reach a total participants equal to at least 10 times the project headcount and run for the duration of the CIT incentive. If this threshold is not met, the applicant must also implement continuous R&D or SME skills-development plans throughout the incentive period. Substantiality test: Supply-chain plans must be substantive, meet industry standards, and show measurable development of the domestic digital and data center supply base. To ensure compliance,
Read More
March 19, 2026
Thailand’s Electronic Transactions Development Agency (ETDA), which describes itself as a “co-creation regulator” working collaboratively with industry rather than imposing top-down rules, has unveiled its regulatory roadmap for digital platform businesses under the Royal Decree on Digital Platform Service Businesses B.E. 2565 (2022). The 2026 regulatory approach is guided by three core principles—“practicable, verifiable, shared responsibility”—aimed at elevating digital services to be safe, transparent, and fair. These principles inform ETDA’s 2026 priorities, which focus on three key dimensions: product and service standards on platforms, fair competition and fee transparency, and online fraud prevention. Product and Service Standards ETDA’s 2026 agenda addresses product and service standards across several platform categories: Online marketplace platforms. The Notification on Additional Measures for Online Marketplace Platforms under Section 18(2) came into force on December 31, 2025, designating 21 marketplace platforms that must verify products and merchants. Among other obligations, covered platforms must remove or suspend substandard products under the “notice and take down” principle. The ETDA has collaborated with the Food and Drug Administration and the Thai Industrial Standards Institute to develop inspection manuals and coordinate compliance procedures. Social commerce. The ETDA is preparing a new notification under Section 18(2) specifically targeting social commerce platforms with sales support functions, aiming to align regulation with evolving digital market conditions. Ride sharing. Since the postponement of the deadline to comply with the ETDA’s notification on ride-sharing platforms to March 31, 2026, the ETDA has supported drivers in registering with the Department of Land Transport through the Driver Verify registration system, which has already issued certifications to approximately 27,900 riders. The ETDA is also examining structural issues relating to appropriate insurance packages, motorcycle engine capacity expansion, and fair leasing fees and contract transfer costs in coordination with the Department of Land Transport, the Office of Insurance Commission,
Read More
March 19, 2026
Thailand’s Personal Data Protection Committee (PDPC) has launched a public consultation period to gather input for a forthcoming set of guidelines under the country’s Personal Data Protection Act (PDPA). This initiative follows the PDPC’s issuance of guidelines on consent and notification requirements in September 2022. The main consultation period, using an online questionnaire to gather feedback, runs until March 23, 2026. In addition, an interview-style online session for private-sector participants was held on March 17, and a two-day in-person event will be held on April 1–2—this is already fully booked and  walk-ins will not be accepted, but the session will be livestreamed on the PDPC’s Facebook page. The PDPC will use the public feedback to design draft guidelines that accurately reflect the operational realities of both public and private organizations, after which the guidelines will be shared with the public. Consultation Scope The PDPC has identified six priority areas for which upcoming guidance may be issued: Legal bases for processing: The online questionnaire assesses respondents’ understanding of consent requirements and seeks views on priority issues, such as explanations of the legal bases and considerations for selecting an appropriate legal basis depending on the nature of the processing activity. Security measures and data breach notification: The questionnaire examines respondents’ understanding of data breach reporting and security measure obligations. Topics proposed for inclusion in the guidelines include data breach prevention measures, incident response plans, risk assessment methods, and reporting procedures. Data protection officers: Respondents are invited to share their expectations regarding the DPO’s role and their experiences in contacting a DPO. The survey also asks respondents to identify priority issues, such as response timeframes for data subject requests and complaint procedures. Marketing and direct marketing: The online questionnaire seeks input on preferred topics for guidance, including individuals’ rights to refuse marketing
Read More
March 13, 2026
Vietnam’s Law on Intellectual Property (IP Law) has undergone continuous amendment in recent years, with the latest amendment issued at the end of 2025. Among the amended and supplemented provisions, the regulation that has perhaps attracted the most attention is a provision relating to the use of protected IP objects by artificial intelligence (AI) systems. Specifically, Article 7 of the 2025 IP Law introduces a completely new Clause 5, which reads in full as follows: “Organizations and individuals are permitted to use texts and data relating to intellectual property objects that have been lawfully published, and which the public is allowed to access, for the purposes of scientific research, experimentation, and training of artificial intelligence systems, provided that such use will not unreasonably affect the legitimate rights and interests of the authors and intellectual property rights holders in accordance with this Law. With respect to texts and data that are objects protected by copyright and related rights, the use of the texts and data as set forth herein must also be in accordance with the regulations of the Government.” Analyzing this newly added provision in the context of how it was conceived, as well as the challenges that still lie ahead, can provide some interesting insights. From Aspirations to Flight in Science and Technology From the end of 2024 and throughout 2025—the 50th anniversary of the country’s reunification—Vietnam witnessed numerous sweeping changes in many areas, including legislative development. It could be said that no sessions of the National Assembly have ever adopted as many laws, resolutions, and major policies as this one. The aspirations of the highest-level leadership have been concretized into major law and policy projects, which were drafted, developed, and passed at record speed. All of this was aimed at building a foundation for Vietnam to achieve
Read More