Thailand’s Securities and Exchange Commission (SEC) has proposed minimum content requirements for the knowledge test that initial coin offering (ICO) portals must arrange for investors before they subscribe to digital tokens.

The SEC and TDO jointly developed the framework to establish a consistent standard across the industry.

In Thailand, the SEC only allows approved ICO portals to facilitate initial coin offerings (ICOs).

These portals must arrange a knowledge test to ensure investors understand the characteristics of digital tokens and the risks involved before making investment decisions.

Under the proposal, the test must cover at least six areas: digital tokens and investor rights, blockchain technology, digital asset wallets, channels for obtaining project information and making investment decisions, investment risks and limitations, and the differences between primary and secondary markets.

ICO portals would retain the flexibility to develop their own questions in accordance with guidelines established by the TDO, provided their tests cover all six areas outlined in the proposed framework.

The proposal builds on testing requirements revised by the SEC in November 2025.

Under the revised rules, which took effect on 16 November 2025, non-institutional investors who have previously passed the knowledge test are no longer required to retake it.

Previously, a passing result was only valid if obtained within three months of the investment.

The November 2025 revision also requires ICO portals to assess the suitability of every digital token investor and update the assessment at least once every two years.

Thailand has regulated token offerings through approved portals since introducing its ICO framework in 2018 .

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