Tokenize Real Estate in Thailand

Yes, and Thailand is a pioneer. The SEC regulates digital investment tokens under the Emergency Decree on Digital Asset Businesses (2018), and has specific rules for real estate-backed offerings – the underlying property must be complete and free of disputes. Thailand's first such token, SiriHub, launched in 2021.

Yes, through investment tokens. Foreigners cannot own Thai land and can own condominiums only up to a 49% quota per building. SEC-regulated investment tokens backed by a property's income – like SiriHub – are a practical way for foreign investors to gain exposure to Thai real estate within those limits.

SiriHub is Thailand's first SEC-regulated real estate-backed investment token, issued through ICO portal XSpring Digital in 2021. It raised THB 2.4 billion backed by the Siri Campus office building, which is leased long-term to property developer Sansiri, and paid token holders quarterly income. A second offering, SiriHub2, raised THB 2.49 billion in 2025.

The Securities and Exchange Commission (SEC) of Thailand. It licenses digital-asset businesses across five categories – exchange, broker, dealer, fund manager and advisor – approves ICO portals that distribute investment tokens, and runs a Digital Asset Regulatory Sandbox launched in 2024.

Thailand has no separate capital-gains tax; gains are captured through a withholding tax on the appraised value (effectively about 1–5%). A Specific Business Tax of 3.3% applies if a property is sold within five years, plus a 2% transfer fee and an annual Land and Building Tax of 0.02–0.1%. The treatment of a tokenized holding depends on its structure, so confirm with a Thai tax advisor.

XSpring Digital, Thailand's leading ICO portal, issued the SiriHub and SiriHub2 real estate-backed tokens – together raising about THB 4.9 billion (≈US$141M) backed by a Bangkok office campus. These SEC-regulated offerings make Thailand one of Asia's most advanced markets for tokenized real estate.