Thailand’s financial regulator proposed changing the rules governing investor access to foreign derivatives based on digital assets. The new rules would set requirements for crypto derivatives available to retail and high-net-worth clients, while the most complex and risky products would remain available only to institutional investors.
Thailand’s Securities and Exchange Commission (SEC) opened a public consultation on amendments to requirements for intermediaries providing investment services involving foreign derivatives. The changes would extend the existing regulatory framework to derivatives with digital assets as their underlying assets.
The initiative is tied to the development of a regulated crypto derivatives market in the country. The SEC board previously added cryptocurrencies and digital tokens to the list of assets that can serve as underlying assets for derivatives under the Derivatives Act of 2003.
At the same time, the regulator is holding discussions with the Thailand Futures Exchange (TFEX) on the parameters of digital asset contracts. In particular, the parties need to establish terms that reflect the risk profile of these instruments. The SEC also plans to create a regulatory framework that would allow intermediaries to provide clients with access to crypto derivatives on foreign trading venues.
Intermediaries can currently provide retail and high-net-worth investors with access to foreign derivatives only if the characteristics and terms of those instruments are comparable to products permitted for trading in Thailand. However, foreign digital asset derivatives vary significantly in structure and risk, so the SEC proposed establishing separate requirements for them.
The proposal sets out 2 main frameworks:
- For retail, high-net-worth, and ultra-high-net-worth investors, foreign crypto derivatives would need to match instruments traded in Thailand on key parameters. The SEC plans to consider the underlying digital asset, contract maturity, leverage, and the method of delivery or settlement. Trading would have to take place on a derivatives exchange, with clearing through a central counterparty.
- For institutional investors, intermediaries would be allowed to provide access to foreign crypto derivatives that don’t meet the requirements outlined above. The regulator said the more flexible approach reflects these investors’ greater ability to independently assess and manage the risks associated with complex financial products.
Additional requirements would also apply to foreign trading venues. An exchange offering crypto derivatives accessible to retail and high-net-worth clients would have to be supervised by a regulator that is a member of the World Federation of Exchanges (WFE) or a Signatory A participant in the IOSCO Multilateral Memorandum of Understanding.
The SEC therefore isn’t proposing unrestricted access to all foreign crypto derivatives for individual investors in Thailand. The plan would primarily allow them to invest in products with parameters comparable to regulated instruments available domestically and traded on venues that meet the established requirements. More complex or risky contracts would remain available exclusively to institutional market participants.
The public consultation began on August 31 and will run through September 30, 2026. The regulator is accepting comments and proposals through the Thailand SEC website, the government’s Legal Hub portal, and by email.
In June 2025, Vietnam’s National Assembly approved the Law on Digital Technology Industry, which established the legal status of digital assets and outlined government regulatory measures in this area.
