Thailand opens doors to retail investments in infrastructure-backed digital tokens
Thailand's Securities and Exchange Commission (SEC) has lifted restrictions on retail investors buying digital tokens backed by real estate or infrastructure projects. Previously, retail investors were limited to investing a maximum of 300,000 baht ($8,500) in these tokens.
The updated law, published in the Royal Gazette on January 16, removes this restriction, allowing retail investors to freely invest in the real estate and infrastructure-backed digital token (REIT) market.
The SEC's decision to lift the investment limit comes as the country's cryptocurrency market continues to strengthen. In the year In September 2023, Thailand's largest bank, KBank, acquired crypto exchange Sateng, signaling the growing acceptance of digital assets in the Thai financial system.
The new rules allow the creation of local wallets, secure digital storage solutions for holding digital assets. Custodial wallets can operate in Thailand if they are managed by publicly traded companies with experience in digital asset storage. The SEC is also responsible for issuing licenses to digital asset service providers (DASPs) to start operations in new lines of business.
Related: Thailand's KBank acquires crypto exchange Satang
The government's move to relax regulations on digital tokens coincides with the appointment of real estate tycoon Sereta Thavisin as Thailand's prime minister in August 2023. Thavisin, the former CEO of Sunsiri, one of Thailand's largest real estate developers, is an active investor in digital assets. And it has its own digital token, SiriHub Token.
In addition to the regulatory changes, the Thai government announced plans to distribute 10,000 baht ($274) to citizens over the age of 16 through a digital wallet network. The initiative, which aims to boost the economy and promote digital literacy, has been delayed twice since Tavisin was elected.
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