The Thailand Securities & Exchange Commission has launched a public consultation on draft regulations governing investor communication and service provision by initial coin offering (ICO) portals. The proposals would require ICO portals to ensure that investors who are not institutional investors, ultra-high-net-worth investors, or high-net-worth investors pass a knowledge test before investing in digital assets unless they have already passed such a test, and would introduce a suitability test requirement for all investors in digital tokens with periodic updates. Under the current criteria, the knowledge test exemption is limited to cases where the investor passed within the preceding three months, and the SEC proposes to remove the need for such frequent reassessment to reduce burden for portals and investors. The suitability test would be used to assess whether investors understand investment risks and have a risk tolerance aligned with the product’s risk, and would need to be reviewed and updated at least once every two years. The SEC Board approved the proposals in principle in June 2025. The consultation is open via the SEC website and the government legal hub, and closes on 1 August 2025.

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