Abstract
Thailand has established itself as one of Southeast Asia’s most progressive jurisdictions for digital assets, with a mature regulatory framework under the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018) and an ambitious policy agenda positioning Bangkok as a regional digital asset hub . The country has implemented aggressive tax incentives, including an indefinite 7% VAT exemption on digital asset trading and a proposed five-year personal income tax exemption on gains from licensed platforms . The Securities and Exchange Commission (SEC) has removed retail investment caps for real estate-backed and infrastructure-backed tokens, opening the market to broader participation . Landmark projects such as RealX (THB 2.4 billion) and SIRIHUB (THB 2 billion) demonstrate commercial viability and regulatory approval . However, fundamental legal constraints remain: cryptocurrency is not legal tender, the Bank of Thailand prohibits its use for everyday payments, and token holders gain only economic rights through SPVs or trusts—not legal title to land . The Condominium Act’s 49% foreign ownership cap and Foreign Exchange Transaction Form (FET) requirements continue to apply . This paper analyses Thailand’s regulatory framework for real estate tokenisation, examining the roles of the SEC and Bank of Thailand, the landmark RealX precedent, and the critical distinction between digital assets under the Emergency Decree and property rights under the Civil and Commercial Code . It concludes by assessing the open-source SQMU standard against Thailand’s requirements and proposing implementation strategies for compliant deployment.
I. Introduction
The global real estate tokenisation movement has found one of its most receptive environments in Thailand. With a sophisticated digital asset regulatory framework dating to 2018, a proactive Securities and Exchange Commission, and ambitious government policy to establish Bangkok as a regional digital asset hub, the country has attracted both developer innovation and investor interest .
The numbers are compelling. RealX raised approximately THB 2.4 billion in mid-2023 through the sale of 13.19 million tokens backed by three Park Origin condominium towers in Bangkok . Earlier, Sansiri’s SIRIHUB raised THB 2 billion in 2021 . These are not pilot projects or sandbox experiments—they are live, regulator-approved, commercially significant offerings traded on licensed Thai exchanges.
Yet this momentum operates within clear legal boundaries that any compliant project must respect. Under the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018), digital tokens are regulated as a distinct asset class, but they do not constitute legal title to land . Token holders gain economic rights through Special Purpose Vehicles (SPVs) or trusts, not direct ownership recorded with the Land Department . The Condominium Act’s 49% foreign ownership cap remains in force, and foreign buyers must comply with Foreign Exchange Transaction Form (FET) requirements, remitting foreign currency into Thailand for conversion to Thai Baht .
Critically, the Bank of Thailand does not recognize cryptocurrency as legal tender and has strongly discouraged its use for everyday payments, including property transactions . Businesses facilitating unlicensed crypto payment arrangements face criminal penalties, including imprisonment of up to five years and fines reaching THB 2 million . Property transfers connected to digital asset payments may face delays, voidance, or financial investigation .
This paper analyses Thailand’s regulatory framework for real estate tokenisation, examining the authorities, laws, and compliance requirements that govern this emerging sector. It evaluates the landmark RealX project as a case study in regulatory approval and market reception. It then assesses how the open-source SQMU standard—with its measurement-based supply (1 SQMU = 1 verified m²) and ERC-1155 dual-layer architecture—can be implemented compliantly within Thailand’s legal constraints. The thesis is clear: SQMU is not a competitor to Thai regulation but a technology layer that can integrate with required legal structures, enforce SEC compliance through whitelist contracts, and ensure settlement in Thai Baht through licensed channels.
II. The Thai Regulatory Framework for Tokenised Real Estate
2.1 Regulatory Authorities
Thailand’s approach to real estate tokenisation involves multiple regulatory bodies with distinct but complementary mandates.
Securities and Exchange Commission (SEC)
The Securities and Exchange Commission is the primary regulator for digital assets under the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018) . The SEC’s jurisdiction covers:
- Licensing and oversight of digital asset exchanges, brokers, and dealers
- Approval of Initial Coin Offerings (ICOs) and digital token offerings
- Regulation of digital asset custodians
- Enforcement of disclosure, investor protection, and market conduct rules
- Supervision of advertising and marketing by digital asset businesses
The SEC has demonstrated a progressive yet prudent approach, approving major real estate tokenisation projects while maintaining rigorous standards for disclosure, governance, and investor protection .
Bank of Thailand (BOT)
The Bank of Thailand is the central bank, responsible for monetary policy, payment systems, and financial stability. The BOT’s stance on cryptocurrency is defined by caution :
- Cryptocurrency is not legal tender under Thai law
- The BOT has strongly discouraged the use of digital assets for payments, citing risks of price volatility, cyber theft, and money laundering
- Cryptocurrency transactions are treated as “barter contracts” under the Civil and Commercial Code—legal as private contracts but not formalized currency transactions
- High-value transfers (particularly those involving property) are subject to Anti-Money Laundering (AML) reporting to the Anti-Money Laundering Office (AMLO)
Despite this cautious stance, the BOT launched an Enhanced Regulatory Sandbox on June 14, 2024, allowing financial service providers to test distributed ledger technologies (DLT) and smart contracts for programmable payments in a controlled environment . This represents a regulatory carve-out for approved participants but does not signal a reversal of the broader prohibition on crypto payments .
Ministry of Finance
The Ministry of Finance has driven Thailand’s digital asset hub ambitions through strategic tax policy. Key initiatives include:
- Indefinite suspension of the 7% VAT requirement on cryptocurrency and digital token trading (effective early 2024)
- Cabinet approval of a draft regulation granting a five-year personal income tax exemption on digital-asset gains from licensed domestic platforms
- Policy coordination with the SEC to channel trading through regulated local platforms
Land Department
The Land Department administers land registration and title transfers under the Civil and Commercial Code and the Condominium Act. For tokenised real estate, the Land Department’s requirements remain paramount:
- Foreign ownership of condominiums is capped at 49% of total unit area under the Condominium Act
- Foreign buyers must remit foreign currency into Thailand and obtain a Foreign Exchange Transaction Form (FET) documenting conversion to Thai Baht at or above the purchase price
- Land officers may require proof of payment in fiat currency for registration purposes
- Smart contracts have no standing in Thai courts; only registered title documents are legally recognized
2.2 Primary Legislation and Rules
Emergency Decree on Digital Asset Businesses B.E. 2561 (2018)
This foundational statute establishes Thailand’s digital asset regulatory framework . Key provisions include:
- Definition of Digital Tokens: Digital tokens are units created on an electronic network to represent the rights of holders as determined by the issuer . This definition encompasses real estate-backed tokens.
- Classification of Tokens: The Decree distinguishes between:
- Licensing Requirements: Digital asset exchanges, brokers, dealers, and fund managers must be licensed by the SEC .
- ICO Portal Approval: Issuers must conduct token offerings through SEC-approved ICO portals .
SEC Notifications and Regulations
The SEC has issued numerous notifications updating and refining the regulatory framework:
Investment Criteria Updates (January 2024) : The SEC eliminated the previous 300,000 baht per offering investment limit for retail investors in real estate-backed and infrastructure-backed digital tokens . This removal reflects the SEC’s assessment that market maturity and investor education have progressed sufficiently to warrant greater investment freedom .
Custodial Wallet Provider Regulations: The SEC revised criteria to support businesses providing digital asset custody services to other operators within the same group, provided custodians are listed companies or subsidiaries with expertise and capability .
Regulation 5/2565 (April 2022) : This regulation imposes strict limitations on licensed digital asset operators, barring them from promoting or facilitating the use of digital assets for payments . However, on September 3, 2024, the SEC revised this regulation to provide exemptions for digital asset operators participating in the BOT’s sandbox .
Approved Cryptocurrencies List: The SEC expanded the list of cryptocurrencies allowed for ICOs and certain transactions to include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Stellar (XLM), and sandbox-issued cryptocurrencies . ICOs may now accept these approved cryptocurrencies in exchange for newly issued digital tokens, rather than being limited to Thai Baht .
Advertising Regulations (Notification KorThor 19/2565) : Digital asset operators must notify the SEC about advertising campaigns, ensure content compliance, avoid misleading claims, and disseminate ads only through official channels . Ads featuring influencers or prominent spokespeople are subject to heightened scrutiny .
Civil and Commercial Code
From a private law perspective, digital tokens are classified as non-corporeal objects under Section 138 of the Civil and Commercial Code—assets without physical form that can be bought, sold, exchanged, leased, or used as collateral . However, the relationship between token holders and the underlying asset pool exists solely as civil contractual arrangements . This differs fundamentally from statutory ownership documents such as land title deeds or condominium unit title certificates that are directly recognized by law .
Condominium Act B.E. 2522 (1979)
The Condominium Act governs foreign ownership of condominium units:
- Foreign ownership is limited to 49% of total unit area
- Foreign buyers must remit foreign currency into Thailand
- Payment must be documented with a Foreign Exchange Transaction Form (FET)
- Title transfer requires registration with the Land Department
Anti-Money Laundering Act
High-value cryptocurrency transactions—particularly those involving property—trigger mandatory reporting to the Anti-Money Laundering Office (AMLO) . Recent enforcement actions have revealed common cryptocurrency-related crimes, including phishing attacks, fraudulent trading platforms, rug-pull schemes, and the use of Thai bank accounts as mule accounts for laundering stolen cryptocurrency funds .
2.3 Recent Regulatory Developments
Indefinite VAT Exemption (Early 2024)
The Finance Ministry suspended the 7% VAT requirement on cryptocurrency and digital token trading indefinitely . This policy:
- Significantly reduces transaction costs for traders and investors
- Provides long-term certainty for market participants
- Positions Thailand competitively against regional hubs
Removal of Retail Investment Caps (January 2024)
The SEC eliminated the 300,000 baht per offering investment limit for retail investors in real estate-backed and infrastructure-backed digital tokens . This reform:
- Aligns investment limits with product risks
- Encourages the use of digital technology in fundraising
- Opens the market to broader retail participation
Proposed Five-Year Income Tax Exemption (June 2024)
The Cabinet approved a draft regulation granting a five-year personal income tax exemption on digital-asset gains, provided trades are made on licensed domestic platforms . Key features:
- Intended to pull trading onshore and reinforce Bangkok’s digital asset hub status
- Expected to increase medium-term tax revenue by at least THB 1 billion (USD 30.5 million)
- Scope limited to transactions handled by SEC-licensed exchanges, brokers, or dealers
- Still requires formal enactment as law
BOT Enhanced Regulatory Sandbox (June 2024)
The BOT launched a sandbox allowing financial service providers to test DLT and smart contracts for programmable payments . While narrowly defined and limited to approved participants, the sandbox represents a controlled pathway for innovation in payment systems .
SEC Regulatory Alignment with BOT Sandbox (September 2024)
The SEC revised Regulation 5/2565 to exempt digital asset operators participating in the BOT’s sandbox from restrictions on facilitating payments, enabling them to engage in crypto payment processing within the sandbox framework . The SEC also expanded the list of approved cryptocurrencies for ICOs and certain transactions .
RealX Tokenisation Project (2023–Present)
RealX represents the most significant real estate tokenisation project in Thailand to date :
- Raised approximately THB 2.4 billion from the sale of 13.19 million tokens at THB 182 each
- Underlying assets: three Park Origin condominium towers in Bangkok (Phrom Phong, Phayathai, Thonglor)
- Token structure: investors receive quarterly yields of 4–5% for first five years, followed by payouts tied to condo sales as tokens are redeemed and burned
- Trading began September 2023 on TDX, a licensed Thai exchange
- SEC approval required disclosure, governance standards, and baht-denominated payouts on licensed exchanges
The project’s debut below issue price and thin secondary trading highlight the challenges of liquidity and trust that regulation alone cannot solve .
G-Token Project
The government’s “G-Token” project signals plans for state-backed tokenisation, though details remain limited . This initiative could provide significant momentum for the broader ecosystem if implemented.
III. Legal Interpretation and Compliance Requirements
3.1 Token Classification
Under the Emergency Decree and SEC regulations, real estate tokens are classified as digital tokens—specifically, investment tokens where value depends on the future performance of the underlying real estate assets .
Key classification considerations:
- Rights Attached: Tokens typically represent economic rights to rental income, capital appreciation, or sale proceeds, not legal title to the property
- Ready-to-Use vs. Investment Tokens: If a project can clearly demonstrate a verifiable strategy for acquiring or holding the underlying asset and a demonstrable link between the asset and token issuance, it may be categorized as a ready-to-use digital token, where buyers know the value and details from the outset . Real estate tokens, however, generally involve future performance and are treated as investment tokens .
- Disclosure Requirements: Issuers must prepare comprehensive whitepapers approved by an SEC-registered ICO portal, disclosing project fundamentals, token economics, risk factors, and governance structures .
3.2 Real Estate Law and Title Transfer
Under Thai law, a fundamental constraint applies: token holders gain only economic rights, not legal title to land or buildings .
For compliant real estate tokenisation, the following structure is required:
- Legal Vehicle Formation: A Special Purpose Vehicle (SPV) or trust is established under Thai law to hold legal title to the property .
- Property Acquisition: The SPV acquires title to the property, registered with the Land Department in the SPV’s name. For condominiums, the SPV must comply with foreign ownership restrictions (49% cap) .
- Rights Definition: The SPV’s constitutional documents define the economic rights of token holders—typically rights to rental income, sale proceeds, or other benefits.
- Token Issuance: Tokens are issued through an SEC-approved ICO portal, representing these economic rights .
- Investor Rights: Token holders’ rights are enforceable against the SPV under the Civil and Commercial Code as contractual arrangements, not as statutory property rights .
The RealX project demonstrates this structure: token holders receive quarterly yields and future payouts tied to condo sales, but legal title remains with the SPV .
Foreign Ownership Considerations
For foreign investors purchasing tokens representing Thai property:
- The underlying SPV must comply with the Condominium Act’s 49% foreign ownership cap
- Foreign buyers must remit foreign currency and obtain a Foreign Exchange Transaction Form (FET) documenting conversion to Thai Baht
- Thai exchanges generally cannot be utilized by foreign buyers due to their inability to transfer foreign currency from overseas accounts
3.3 Payment and Currency Regulations
The Bank of Thailand’s stance on cryptocurrency payments creates critical compliance requirements :
- Cryptocurrency is not legal tender under Thai law
- The BOT has strongly discouraged the use of digital assets for payments
- Businesses facilitating unlicensed crypto payment arrangements face criminal penalties: imprisonment up to five years and fines up to THB 2 million
For tokenised real estate projects:
- Primary Issuance: Token purchases must ultimately settle in Thai Baht through licensed channels. If cryptocurrency is accepted, it must be converted to THB through licensed exchanges, with proper documentation .
- Property Acquisition: When the SPV acquires property, payment to the seller must be in THB through licensed banking channels, with proper FET documentation for foreign currency remittance .
- Rental Distributions: Income distributed to token holders must be paid in THB through licensed payment systems.
- Secondary Trading: Tokens trade on SEC-licensed exchanges with THB-denominated settlement .
The SEC’s expansion of approved cryptocurrencies for ICOs (BTC, ETH, XRP, XLM) provides flexibility, but conversion to THB and compliance with BOT requirements remain mandatory .
3.4 AML/KYC and Investor Protection
Thailand’s AML/CFT framework imposes comprehensive obligations:
- Customer Due Diligence: Platforms must verify investor identity, source of funds, and beneficial ownership .
- Transaction Monitoring: Ongoing surveillance of token transfers for suspicious activity .
- Suspicious Transaction Reporting: High-value transactions trigger reporting to the Anti-Money Laundering Office (AMLO) .
- Record Keeping: Comprehensive audit trails must be maintained.
Investor protection requirements include:
- Whitelisted Participants: Only verified investors may hold tokens, enforced through platform controls .
- Risk Disclosures: Offering documents must clearly explain that tokens represent economic rights, not legal title, and disclose all material risks .
- Trustee Oversight: The SEC requires projects to be overseen by trustees with majority control .
- Independent Valuations: Underlying assets must be supported by independent valuations .
- Advertising Compliance: All marketing must comply with SEC advertising regulations, avoiding misleading or exaggerated claims .
3.5 Licensing and Intermediary Obligations
Entities involved in real estate tokenisation must hold appropriate SEC licenses:
- ICO Portals: Issuers must conduct offerings through SEC-approved ICO portals .
- Digital Asset Exchanges: Secondary trading must occur on SEC-licensed exchanges .
- Digital Asset Brokers/Dealers: Intermediaries must be licensed .
- Custodial Wallet Providers: Entities providing custody services to digital asset operators must meet SEC criteria .
The RealX project trades on TDX, a licensed Thai exchange, demonstrating this framework in practice .
IV. The SQMU Standard: Architecture and Regulatory Fit
4.1 Overview of SQMU
The SQMU (Square Metre Unit) standard is an open-source protocol for real estate tokenisation built on four core design principles:
- Measurement-Based Supply: 1 SQMU token = 1 verified square metre of a specific property. Total supply is fixed at deployment based on certified area and cannot be inflated without corresponding legal modifications to the underlying property.
- ERC-1155 Dual Representation: Each property receives a unique non-fungible token ID, while ownership units are represented as fungible tokens under that ID. This captures both the unique identity of each property and the divisibility of ownership.
- Lifecycle Alignment: The standard encodes the property lifecycle (Acquire → Hold → Rent → Finance → Transfer → Retire) into smart contract logic, enabling automated compliance at each stage.
- Built-in Compliance Tools: Whitelist contracts, transfer restrictions, and audit trails enable regulatory enforcement at the protocol level.
4.2 Alignment with Thai Regulatory Requirements
4.3 Implementation Strategies for Compliance
To implement SQMU compliantly in Thailand, developers should follow a structured approach based on the RealX blueprint and SEC requirements .
Step 1: Establish the Legal Vehicle
- Form a Thai SPV (company limited or trust) to hold legal title to the property
- Ensure the SPV’s constitutional documents clearly define the economic rights of token holders
- For condominiums, ensure SPV structure complies with 49% foreign ownership cap
- Register the property title with the Land Department in the SPV’s name
Step 2: Property Verification and Token Design
- Engage licensed surveyors to verify property area (for SQMU measurement basis)
- Deploy SQMU contracts with total supply equal to verified area
- Configure token ID to map to the specific SPV and property
- Implement whitelist contract requiring SEC-approved KYC for wallet addresses
- Program transfer restrictions to prevent trading with unverified wallets
- Encode foreign ownership limits in smart contract logic
Step 3: SEC Engagement and Licensing
- Partner with an SEC-approved ICO portal for token offering
- Prepare comprehensive whitepaper meeting SEC disclosure requirements
- Ensure all disclosures explain that tokens represent economic rights in the SPV, not direct land title
- Appoint trustees with majority control as required by SEC
- Obtain independent valuations of underlying property
Step 4: Exchange Listing and Trading
- List tokens on SEC-licensed digital asset exchanges (e.g., TDX)
- Ensure exchange enforces whitelist and trading restrictions
- All trading must be THB-denominated
Step 5: Payment Integration
- Partner with licensed Thai exchanges for THB conversion if accepting cryptocurrency
- Ensure all investor payments ultimately settle in THB through licensed banking channels
- For foreign investors, ensure FET documentation for currency remittance
- Integrate with licensed payment gateways for rental distributions
Step 6: Ongoing Compliance
- Maintain whitelist with current KYC status of all token holders
- File required reports with SEC and AMLO
- Conduct regular audits of token supply against certified property area
- Distribute rental income through licensed payment channels in THB
- Maintain transparent on-chain records for regulator inspection
- Monitor and enforce foreign ownership caps through smart contract logic
4.4 Limitations and Considerations
SQMU Does Not Replace Legal Title: Even with perfect technical implementation, SQMU tokens alone cannot constitute legal title to land in Thailand. A Thai SPV or trust must hold legal title, with tokens representing economic rights in that entity . This is not a limitation of SQMU but a requirement of Thai law that any compliant project must respect.
Regulatory Approval Required: SQMU’s open-source code does not confer any regulatory exemptions. All tokenised offerings must follow SEC-approved pathways through licensed ICO portals and exchanges .
Smart Contract Audits Essential: Given the value at stake, SQMU contracts must undergo rigorous security audits by recognised firms. The SEC expects issuers to address smart contract risks in their disclosures.
Currency Compliance Critical: The Bank of Thailand strictly regulates payments. Any platform that facilitates direct cryptocurrency payment for property without proper THB conversion through licensed channels risks criminal penalties . Integration with licensed exchanges is non-negotiable.
Foreign Ownership Monitoring: The Condominium Act’s 49% foreign ownership cap applies to the underlying SPV. SQMU’s whitelist and transfer restriction logic can monitor and enforce this limit, but legal responsibility remains with the issuer .
Tax Implications: Even with the proposed capital gains exemption, tokenised yields face a flat 15% withholding tax, with no refund or credit . Issuers should consult tax professionals to clarify obligations.
Secondary Market Liquidity: RealX’s experience demonstrates that regulatory approval does not guarantee liquidity . SQMU projects should plan for market-making and investor education.
Smart Contract Legal Status: Smart contracts have no standing in Thai courts . All tokenholder rights must be documented in traditional legal agreements enforceable under the Civil and Commercial Code .
V. Conclusion
Thailand presents one of Southeast Asia’s most mature and progressive environments for real estate tokenisation. The Emergency Decree on Digital Asset Businesses B.E. 2561 (2018) provides a comprehensive regulatory foundation, the SEC has demonstrated willingness to approve major projects, and the Ministry of Finance has implemented aggressive tax incentives to position Bangkok as a regional digital asset hub .
The RealX project, raising THB 2.4 billion and trading on licensed exchanges, proves that compliant, commercially viable real estate tokenisation is achievable in Thailand today . The SEC’s removal of retail investment caps for real estate-backed tokens opens the market to broader participation . The proposed five-year income tax exemption on digital-asset gains, combined with the indefinite VAT exemption, creates a highly competitive tax environment .
Yet this progressive framework operates within fundamental legal constraints that any compliant project must respect. Token holders gain only economic rights through SPVs or trusts—not legal title to land . The Condominium Act’s 49% foreign ownership cap and FET requirements continue to apply . The Bank of Thailand does not recognize cryptocurrency as legal tender and prohibits its use for everyday payments, with criminal penalties for violations .
The SQMU standard aligns closely with these regulatory requirements when properly implemented. Its measurement-based supply (1 SQMU = 1 verified m²) provides the transparency and auditability that the SEC expects . Its whitelist contracts enable enforcement of investor eligibility, transfer restrictions, and foreign ownership limits. Its ERC-1155 dual-layer architecture allows mapping between token IDs and SPV share classes. And its open-source, auditable code supports regulator inspection.
Crucially, SQMU is positioned as a technology layer, not a regulatory competitor. It integrates with Thailand’s required legal structures (SPVs holding title), enforces SEC compliance through whitelist contracts, ensures settlement in THB through licensed channels, and respects the fundamental distinction between digital assets under the Emergency Decree and property rights under the Civil and Commercial Code . The standard does not attempt to circumvent Thai law but provides the technical tools to comply with it efficiently and transparently.
The outlook for real estate tokenisation in Thailand is promising. The regulatory framework is mature and tested. Landmark projects demonstrate commercial viability. Tax incentives attract both domestic and international participants. Exchanges are investing in stronger infrastructure and investor education . And the government’s “G-Token” project signals potential state-backed tokenisation initiatives .
For developers, issuers, and investors, the message is clear: Thailand offers a regulated, operational environment for real estate tokenisation today, with a clear path to compliance and significant tax advantages. The SQMU standard provides the open-source technology layer to participate in this market compliantly, transparently, and efficiently.
Last Updated: February 2026
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