Thailand is moving fast to make it easier for crypto platforms to offer derivatives — part of a wider trend as exchanges race to expand 24/7, multi-asset trading.
What’s changing
The Securities and Exchange Commission of Thailand has proposed a rule change that would allow licensed digital-asset firms to apply directly for derivatives licenses without creating separate legal entities. The consultation is open for public comment until May 20.
Why it matters
Under current rules, crypto companies must set up new entities to offer derivatives — a costly, time-consuming barrier that slows product launches. The proposed amendment removes that structural hurdle while keeping firms subject to new requirements around conflict-of-interest management and regulatory oversight. The SEC frames the move as a way to give investors more tools to manage risk and diversify their portfolios, while aligning Thailand’s exchanges and clearing houses with international standards.
Market context
Thailand’s proposal arrives amid growing momentum in crypto derivatives globally:
- Exchanges have already been expanding product ranges: Kraken and Coinbase rolled out perpetual futures tied to equities for non-U.S. users earlier this year.
- Blockchain.com recently launched perpetual futures trading inside its self-custody wallet on the Hyperliquid network, letting users post Bitcoin as collateral without moving funds to an exchange and offering access to more than 190 markets with up to 40x leverage.
- In the U.S., a senior Commodity Futures Trading Commission official said the agency is working toward enabling crypto perpetual futures and could take action within weeks. Meanwhile, Kraken’s parent, Payward, agreed to buy Bitnomial — a U.S.-regulated derivatives venue — to position itself to offer perpetuals to American customers once approvals come through.
A pattern of expansion plus tighter controls
Thailand’s licensing revamp is part of a broader regulatory posture: the SEC has also proposed tougher scrutiny of the funders behind crypto firms earlier this year. That signals the regulator’s two-fold approach — widening market access while tightening oversight to mitigate risks. How strict the final rule will be depends in part on industry submissions during the consultation period, which ends May 20.
What to watch
- Industry responses to Thailand’s consultation could shape the final balance between easier market entry and investor protections.
- Regulatory moves in the U.S. and other jurisdictions will influence where and how perpetuals and other derivatives products are offered.
- Exchanges and wallet providers are likely to continue innovating on custody, leverage, and access models as they jockey for market share.
Featured image from Meta, chart from TradingView.
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