Thailand clears crypto-linked derivatives under new rules

Thailand is widening the menu of products its regulated derivatives market can offer, but it is doing it on its own terms. The country has been steering digital assets toward investing and hedging, while keeping a clear line against using crypto for everyday payments.

The latest step came after the cabinet approved a Finance Ministry proposal to expand the list of permitted underlyings under the Derivatives Act. The change was outlined in an SEC update.

In practice, it means regulated derivatives can be built on top of digital assets. The same package also treats carbon credits as “goods,” which clears the way for physically delivered futures, not just cash-settled contracts.

The legal change is only the start. The next phase is the rulebook that turns permission into actual products. The SEC said it will draft requirements for related business activity and update derivatives licenses so eligible digital-asset operators can offer contracts that reference digital assets. It also plans to revisit oversight standards for the derivatives exchange and the clearing house, so the plumbing matches the volatility and operational risks of the new underlyings.

Contract specs will be developed with the market operator. The regulator said it will coordinate with TFEX on how these contracts should be structured and what controls are needed around trading, margin, and settlement.

This fits a broader policy track that has been building in Thailand, including preparations for crypto ETFs, futures, and tokenized products under an institutional-facing framework described in an earlier rules plan.