The Rise of Tokenisation

Why It Matters

Tokenisation could redefine Thailand’s capital markets, forcing brokers to become infrastructure providers and safeguarding the country’s liquidity against a tide of outbound investment.

Key Takeaways

• Tokenisation could cut brokerage fees and settlement times dramatically
• Thai banks and conglomerates are investing in blockchain infrastructure
• Global tokenised assets risk draining capital from Thailand’s domestic market
• SET reforms aim to attract digital‑economy listings and tokenised securities

Pulse Analysis

Tokenisation, the process of converting stocks, bonds, commodities and real‑estate into blockchain‑based digital tokens, is reshaping the architecture of capital markets worldwide. By eliminating multiple intermediaries, tokenised assets can settle in seconds, slash transaction fees and enable programmable financial products that were previously impossible. The emerging ‘Traditional Finance 2.0’ model promises a unified ledger where any tradable instrument can be bought, sold or collateralised with a single click. Wall Street firms and sovereign wealth funds are already piloting such frameworks, signaling a shift from legacy clearing houses to decentralized infrastructure.

Thailand stands at a crossroads as its brokerage ecosystem confronts the prospect of disintermediation. If investors can acquire tokenised shares of global giants directly from issuers, the traditional commission‑based model could evaporate, forcing brokers to reinvent themselves as custodians, liquidity providers or token‑issuance platforms. At the same time, the ease of accessing foreign tokenised assets threatens to accelerate capital outflows, weakening the SET’s already thin liquidity. Recognising the risk, major Thai banks, SCB X, Kasikornbank and conglomerates such as CP Group are pouring capital into blockchain exchanges and digital‑asset subsidiaries to capture the next‑generation infrastructure.

Policy makers are responding with a suite of incentives aimed at retaining and attracting capital. The Stock Exchange of Thailand has announced lower listing thresholds, flexible revenue criteria and dedicated tracks for digital‑economy firms, while the government offers tax breaks for crypto‑related activities. Together, these measures seek to create a homegrown tokenisation ecosystem that can issue Thai government bonds, REITs and renewable‑energy projects as globally tradable tokens. If executed effectively, Thailand could transform its modest market into a digital gateway, preserving liquidity and positioning the country as a regional hub for blockchain‑enabled finance.