In Thailand, there are only few projects of initial coin offerings (ICOs) thus far. In an effort to promote the use of technology in fundraising while establishing, effective risk prevention mechanisms, addressing regulatory arbitrage (comparing with the securities offerings with similar characteristics), and ensuring adequate investor protection, while also promoting the use of technology in fundraising, the Securities and Exchange Commission (SEC) has recently published a set of new regulations on debt-liked and infra-backed ICOs. These regulations, effective from 16 November 2023, specifically target the ICOs with the following characteristics: