Thailand is preparing to admit digital assets (cryptocurrencies and digital tokens) and carbon credits as legitimate reference assets in its regulated derivatives market. On 10 February 2026, Thailand’s Cabinet approved a proposal from the Ministry of Finance to expand the list of permissible reference assets under the Futures Trading Act B.E. 2546 (2003). The proposal allows digital assets and carbon‑related instruments (carbon credits, greenhouse‑gas allowances and renewable‑energy certificates) to underpin futures and options contracts traded on the Thailand Futures Exchange (TFEX).

The Securities and Exchange Commission (SEC) will amend the Derivatives Act so that digital assets are treated as a recognised asset class rather than speculative instruments and will update licensing and supervision requirements for brokers, exchanges and clearing‑houses. This move aligns with Thailand’s broader ambitions to modernise its capital markets, support the transition to a digital and green economy and strengthen investor protection.

Key developments

Cabinet approval of new reference assets (10 Feb 2026)

✓ Expansion of reference assets - Deputy Prime Minister & Finance Minister Ekniti Nitithanprapas announced that ministers have approved the Finance Ministry’s proposal to expand the list of reference assets under the Futures Trading Act, overseen by the SEC. The approved list now includes:

⦾ Carbon credits, greenhouse‑gas allowances and renewable‑energy certificates (RECs). The aim is to provide businesses with risk‑management tools for environmental costs and to support Thailand’s national goal of carbon neutrality and net‑zero greenhouse‑gas emissions by 2050.

⦾ Digital assets (cryptocurrencies and digital tokens) - The cabinet’s decision explicitly authorises digital assets to be used as reference assets in the derivatives market. The move ensures regulation keeps pace with new financial risks and reflects the global trend towards broader asset classes.

✓ Modernising the derivatives market - Ekniti observed that derivatives markets world‑wide are no longer limited to traditional commodities and financial indices but have expanded to new assets reflecting real economic risks, from carbon to digital assets. He emphasised that Thailand needs risk‑management products and a regulatory framework that supports both its low‑carbon transition and digital economy to remain competitive.

SEC’s plan to integrate digital assets

✓ Expansion of permissible underlying products - According to the SEC, the amendment will expand the range of underlying products under the Derivatives Act so that cryptocurrencies and other digital assets can be used in regulated futures and other derivative contracts.

✓ Carbon credits reclassified as goods - Carbon credits will be reclassified from “variables” to “goods” within the derivatives framework. This classification allows both cash‑settled and physically delivered carbon credit futures contracts on regulated exchanges, aligning derivatives law with Thailand’s climate objectives and supporting the development of a domestic carbon‑trading market.

✓ Statement from the SEC Secretary‑General - SEC Secretary‑General Pornanong Budsaratragoon explained that expanding the list of permissible goods and variables aims to accommodate new forms of underlying assets such as digital assets and carbon credits. She noted that the development would promote inclusive market growth, facilitate diversification and improve risk management.

✓ Follow‑on rulemaking - The SEC plans to introduce further regulatory measures to support the new products, including amendments to derivatives business licences so that digital asset operators can offer contracts linked to cryptocurrencies. The SEC will also review supervisory requirements for exchanges and clearing‑houses to ensure appropriate oversight for the new instruments. Contract specifications for digital‑asset derivatives will be developed in coordination with the Thailand Futures Exchange (TFEX).

✓ Roadmap for implementation - The SEC will draft supporting regulations and will work closely with TFEX to finalise contract specifications. It will also review licensing and supervision regimes for derivatives brokers, exchanges and clearing‑houses to accommodate digital assets as a new asset class.

Legal and market implications

1. Integration of digital assets into the regulated capital market - Digital assets will be recognised as a legitimate asset class within the regulated derivatives market, moving them from a largely speculative space into mainstream financial products. Futures, options and other structured contracts linked to cryptocurrencies could be traded on TFEX. This recognition may facilitate the creation of cryptocurrency‑linked derivatives, exchange‑traded funds (ETFs) and structured notes, subject to SEC approval and licensing.

2. Expanded risk‑management tools - By permitting carbon credits and digital assets as underlying assets, the regulatory reforms provide businesses and investors with new instruments for hedging exposure to environmental compliance costs and managing cryptocurrency price volatility. Carbon credit futures can help firms plan for impending carbon‑pricing schemes, while crypto derivatives could attract institutional investors seeking regulated exposure to digital assets.

3. Enhanced investor protection and regulatory oversight - The SEC’s focus on amending licensing frameworks and strengthening supervision of derivatives brokers, exchanges and clearing‑houses signals heightened scrutiny of digital asset‑linked products. Market participants offering crypto‑linked derivatives will likely need to obtain or update derivatives licences and comply with anti‑money‑laundering (AML) and investor‑protection requirements.

4. Alignment with climate policy - Reclassifying carbon credits as “goods” aligns the derivatives framework with Thailand’s draft Climate Change Act and national carbon‑neutrality goals. The move enables regulated trading of carbon credit futures, providing price signals to support emissions reduction.

5. Interplay with existing digital asset regulation - Thailand already regulates digital asset businesses under the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018). The proposed derivatives amendments will intersect with this framework; digital‑asset operators intending to offer derivatives may require approvals under both the Digital Asset Business regulations and the Derivatives Act.

6. Market positioning - The reforms form part of Thailand’s strategy to position itself as a regional hub for the digital economy and sustainable finance. By offering a regulated environment for crypto‑linked derivatives and carbon credit futures, Thailand hopes to attract both domestic and foreign investors, promote financial innovation and maintain competitiveness in ASEAN markets.

Considerations for market participants

✓ Licensing and compliance - Firms interested in offering cryptocurrency or carbon‑credit derivatives will need to monitor SEC rulemaking and be prepared to apply for amended licences. Operators must ensure robust risk‑management systems, client suitability assessments and disclosure practices.

✓ Product design - Careful structuring of digital‑asset derivatives will be essential to address price volatility, liquidity and settlement risk. The SEC’s coordination with TFEX on contract specifications suggests that contract terms may incorporate conservative margin requirements and daily price limits.

✓ Carbon‑market readiness - Corporations should assess their carbon‑emissions profiles and evaluate how carbon credit futures could be used to hedge upcoming obligations under the Climate Change Act.

Thailand’s decision to recognise digital assets and carbon credits as permissible underlying assets in the derivatives market is a significant policy shift. The amendments to the Derivatives Act will blur the line between traditional finance and emerging asset classes, signalling a willingness by Thai regulators to embrace innovation while maintaining robust investor safeguards. Implementation will require further rulemaking and could take several months. Once enacted, the reforms are expected to catalyse new product offerings, attract regional investment and support Thailand’s transition to a digital and low‑carbon economy.