Tokenize Real Estate in Thailand

Yes. The Emergency Decree on Digital Asset Businesses B.E. 2561 (2018), effective since May 14, 2018, provides the legal framework. The SEC licenses digital asset businesses through five distinct categories and requires all public digital token offerings to be conducted through SEC-approved ICO portals. XSpring Digital's SiriHub and SiriHub2 tokens demonstrate that tokenization is working in practice

No. Land title deeds remain registered with Thailand's Department of Land in the name of the SPV holding the property. Tokens represent fractional ownership interests in the SPV or fund, not direct title substitution. The Department of Land does not restrict or block tokenization of properties

Yes. Foreign investors can participate through SEC-licensed ICO portals for Thai SPV tokens, through regional Singapore or Hong Kong funds, or via offshore tokens referencing Thai assets. No explicit nationality restrictions for token holders in compliant structures. Withholding tax at 15% applies unless acquired through licensed exchange dealers (eligible for 2025–2029 exemption)

Timeline depends on the route: 6–8 weeks for local ICO portal under the Emergency Decree, 8–12 weeks for a regional Singapore/Hong Kong fund structure, and 2–4 weeks for an offshore issuance with geo-blocking. Tokenizer.Estate handles SEC licensing, SPV formation, land deed verification, and ICO portal registration in parallel

Minimum investment is set by the issuer based on the token structure. SiriHub offered tokens at THB 10 per token, enabling broad participation. The Emergency Decree does not impose a regulatory minimum. Issuers typically set minimums between THB 5,000 and THB 50,000 (USD 150–1,500) depending on asset value

The Emergency Decree on Digital Asset Businesses B.E. 2561 (2018) is Thailand's primary regulation for cryptocurrencies and digital tokens. It defines two asset classes: cryptocurrency (medium of exchange) and digital tokens (investment rights). Businesses must obtain SEC licenses in one of five categories: Exchange, Broker, Dealer, Fund Manager, or Advisor. Violators face up to THB 1,000,000 in fines and/or 5 years imprisonment

XSpring Digital is Thailand's first SEC-licensed ICO portal operator specializing in real estate tokenization. It raised THB 2.4B for SiriHub (2021) and THB 2.49B for SiriHub2 (2025), both backed by Thai real estate. XSpring Digital demonstrates the operational and regulatory path for launching tokenized offerings. Uses SIX Network infrastructure for RWA blockchain support

Capital gains from digital assets sold through licensed operators are exempt from personal income tax from January 1, 2025 to December 31, 2029. Standard 15% withholding tax applies to crypto income from other sources. Transactions on licensed exchanges and dealers qualify for the exemption. No VAT on cryptocurrency transactions. Investors must file tax returns even if gains are exempt

Tokenizer.Estate manages the SEC licensing process through local legal partners licensed to practice in Thailand. This includes preparing the Digital Asset Business application, compliance mapping to the Emergency Decree, ALARMS (Thai AML system) registration, and ongoing SEC reporting requirements

The SEC Digital Asset Regulatory Sandbox, launched August 9, 2024, allows six categories of digital asset services to operate under relaxed compliance for up to one year. The 2025 crypto sandbox for foreign tourists enables digital asset exchange for Thai baht through licensed operators. Designed to stimulate innovation while maintaining SEC oversight