Thailand's Securities and Exchange Commission (SEC) has initiated a public consultation on significant rule changes that would allow licensed digital asset businesses to apply directly for derivatives licenses without establishing separate legal entities. The proposed revisions, published in release No. 81/2026 on April 20, 2026, aim to streamline market entry and expand the scope of Thailand's derivatives market to include digital assets.
The current framework requires a company holding a digital asset exchange or broker license to create a new legal entity to offer derivatives referencing digital assets. The proposed changes would remove this barrier, permitting operators to apply for derivatives licenses through their existing corporate structures. This move follows a Cabinet decision on February 10, 2026, which expanded permissible goods under the Derivatives Act to include digital assets. A subsequent SEC notification on March 5, 2026, formally added digital assets as eligible underlying assets, with the SEC Board approving the licensing proposal on April 2, 2026.
The consultation paper introduces new, digital-asset-specific license categories, including designations such as S-3, D-DAIA, and D-DAF, reflecting different tiers of derivatives activity. The regulator stated the changes are intended to provide investors with additional tools for hedging and portfolio management while aligning derivatives exchange and clearing house standards with international practices.
A key concern flagged in the proposal is the need for robust conflict-of-interest controls. A digital asset exchange seeking a derivatives license would already have access to clients' order-book data, necessitating additional safeguards for operators holding both license types. The SEC has indicated it will coordinate with the Thailand Futures Exchange on contract specifications for digital-asset-referencing derivatives, suggesting a move toward standardized products traded on existing infrastructure.
SEC Secretary-General Pornanong Budsaratragoon emphasized that the broader push toward digital asset derivatives will "help promote more inclusive market growth, facilitate diversification and more effective risk management." The public consultation period is open until May 20, 2026, with feedback from industry participants expected to inform the final framework. The SEC has not published a target date for finalizing the rules.
This development occurs within a global context of expanding crypto derivatives. Recently, Blockchain.com introduced perpetual futures trading in its self-custody wallet, while exchanges like Kraken and Coinbase have launched perpetual futures tied to equities for non-US users. In the United States, the Commodity Futures Trading Commission is reportedly working to enable crypto perpetual futures, with potential movement "within the next month or so," according to Commissioner Michael Selig.
