The Securities and Exchange Commission (SEC) revealed that it is accelerating the development of regulatory frameworks for Crypto ETFs, planning to hold the first public hearing within April. It expects to issue enforceable regulations by Q3/2026, focusing strongly on controlling investor risk assessment, fund manager qualifications, and standards for transparent disclosures.
At the same time, the SEC is introducing a new fundraising instrument called "Transition Bond" to support companies in transition toward sustainability. This addresses a gap for businesses aiming to improve ESG practices but not yet qualifying for "Green Bonds." A public hearing is scheduled within 1-2 weeks, aiming to increase access to capital and support the country's Net Zero goals.
Anek Yuyeun, Deputy Secretary-General of the Securities and Exchange Commission (SEC). He disclosed that progress on approving the establishment of mutual funds investing in digital assets, or Crypto ETFs, includes the SEC preparing to hold the first public hearing on Crypto ETF principles within April.
Following the initial round of public feedback from various sectors on the principles framework, the SEC will consider suggestions to improve suitability. Subsequently, it will hold further hearings on the detailed draft regulations. The entire process is expected to conclude with enforceable rules issued by Q3 of this year.
Key preliminary issues the SEC focuses on and will seek input about include investor risk assessment, product risk levels, qualifications and requirements for fund managers, and clear, transparent disclosure standards.
Anek Yuyeun. He further explained that listed companies are a main driver of Thailand's national commitment to achieving net-zero greenhouse gas emissions by 2050.
The SEC recognizes that the business sector is crucial in advancing Environmental, Social, and Governance (ESG) policies. To date, the SEC has issued regulations supporting two main types of ESG bonds:
This push has led to significant growth in Thailand’s capital market since 2019, with 48 ESG bond issuers raising over 1.15 trillion baht to date (2026).
However, the SEC identified a gap for companies in industries with high greenhouse gas emissions that want to improve ESG but do not yet meet Green Bond criteria, limiting their access to funding.
Therefore, in late March, the SEC Board approved regulations to support "Transition Bonds" to enable companies in transition to raise funds for environmentally friendly improvements.
A public hearing with relevant stakeholders is expected within 1-2 weeks. If approved, drafting of enforceable regulations will follow, allowing all industry sectors to issue these instruments.
Separately, the SEC places great importance on protecting the public and blocking "grey capital" that attempts to infiltrate the capital market as a money laundering conduit. Such groups typically use intermediaries to convert illicit money into clean funds.
This includes moving money through securities firms (brokers) or mutual funds to buy and sell stocks, as well as transferring funds to purchase digital assets.
Currently, the SEC has observed a rising trend of grey capital flowing into the "digital asset" sector via cryptocurrency purchases and transfers across wallets, making tracking difficult.
Additionally, weaknesses were found among securities firms where operators, aiming to facilitate fast deposit-withdrawal services for clients, inadvertently provide "mule accounts" that criminals use to cycle and withdraw funds.
To address this, the SEC has implemented front-line prevention measures requiring brokers and digital asset exchanges to have strict account opening systems and mechanisms.
This includes rigorous Know Your Customer (KYC) and Customer Due Diligence (CDD) processes to verify true identities and ensure clients’ profiles match the investment amounts. When irregularities are detected, intermediaries must intervene, block, or suspend transactions immediately.
The SEC will continue working closely with various committees and relevant agencies to build defenses and decisively block grey capital from Thailand’s capital markets.
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