Thailand proposes minimum topics for ICO investor tests
The proposed framework sets six required subject areas while allowing portals to write their own questions. Consultation closes on 25 November 2026.
Thailand’s Securities and Exchange Commission (SEC) has proposed a minimum set of subjects for investor knowledge tests administered by initial coin offering (ICO) portals before digital token subscriptions. The consultation runs until 25 November 2026.
Developed jointly by the SEC and TDO, the framework aims to make testing standards consistent across the industry. Only SEC-approved portals may facilitate ICOs in Thailand, and they must test investors’ understanding of token characteristics and associated risks before investment decisions.
The proposed tests would need to address at least these six subjects:
- Digital tokens, including the rights of investors
- Blockchain technology
- Wallets for digital assets
- Where to find project information and how to make investment decisions
- Risks and limitations of investing
- How primary markets differ from secondary markets
Portals could continue writing their own questions under TDO guidelines, as long as all six subjects were included. The consultation paper can be accessed through the SEC’s website and Thailand’s Legal Hub.
The proposal follows changes that took effect on 16 November 2025. Those rules removed the need for non-institutional investors to repeat a knowledge test they had already passed. Before that change, a pass had to fall within the three months preceding an investment.
The November 2025 rules also require portals to assess each digital token investor’s suitability and refresh that assessment at least every two years. Thailand introduced its framework for ICOs through approved portals in 2018.
