Tokenized RWAs in Thailand: an analysis of the legal status and implications

The world of digital assets continues to evolve, creating new options for payments, fundraising, and other financial services on blockchain networks. One of the innovations that has gained popularity in recent years is the creation of digital assets that serve as proof of rights over a particular type of property — known as Tokenized Real World Assets, or simply RWAs.

This article presents an analytical framework for considering the legal status and consequences of RWA digital assets in Thailand, from both private law and regulatory law perspectives.

Global and Domestic Market Context

The RWA digital asset market has become increasingly important and has emerged as an attractive investment option for investors worldwide. The RWA trading market grew by more than 380%, reaching over USD 24 billion in June 2025. This rapid growth over the past year has been driven by major global financial institutions offering RWA‑based financial products.

Examples include:

• The issuance and use of digital tokens granting rights to returns from the BlackRock USD Institutional Digital Liquidity Fund (BUIDL), which invests in U.S. Treasury bonds and serves as collateral for institutional borrowing.

• Digital tokens representing rights of holders in the Apollo Diversified Credit Fund, used as part of a DeFi yield‑generating strategy.

RWA Activity in Thailand

In Thailand, RWAs have been issued and utilized for some time. Projects have, for example, created digital assets using raised funds to invest in various asset classes — such as gold and real estate — granting token holders rights akin to direct ownership of those assets.
However, further commercial or investment applications of RWA digital assets remain limited, partly due to a lack of understanding of their legal status and implications. The following considerations may serve as a starting point for legal analysis.

Legal Characterization under Thai Law

1. Under the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018)

RWA digital assets — units created on an electronic network to represent the rights of holders as determined by the issuer — may be considered digital assets under the Decree.

If an RWA project can clearly and transparently demonstrate:

• A verifiable strategy for acquiring or holding the underlying asset; and

• A demonstrable link between the underlying asset and the issuance of the digital asset (e.g., holding gold in an audited, secure location; or documented possession of high‑value artworks in a fund that grants token holders a share of profits or other benefits from the artworks)

…then such projects should be categorized as ready‑to‑use digital tokens. These tokens do not carry investment risks in the traditional sense because buyers know the value and details of the asset from the outset — unlike investment tokens, whose value depends on future project performance after fundraising.

2. Under the Civil and Commercial Code 

From a private law perspective, RWAs can be classified as non‑corporal objects under Section 138 CCC — assets without physical form that cannot be touched — similar to intellectual property. Such assets can be for instance:

• Bought and sold
• Exchanged
• Leased
• Used as collateral for loans

…in accordance with the provisions of the Civil and Commercial Code and other relevant laws, such as the Business Security Act B.E. 2558 (2015), especially where RWA holdings give rise to a claim over the project’s underlying asset.

Limitations of Rights Enforcement

The relationship or rights between an RWA holder and the project’s asset pool exist solely as civil contractual arrangements between the parties. This differs from statutory ownership documents — such as land title deeds, condominium unit title certificates, or intellectual property registration certificates — that are directly recognized by law.

Accordingly, enforcing such rights against counterparties or third parties can only be done under the Civil and Commercial Code and through standard judicial processes.

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