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Crowdfunding Regulation in Thailand: SEC Equity Crowdfunding
SEC Thailand allows equity crowdfunding (ECF) under the Securities and Exchange Act + 2019 ECF Notification. Per-investor cap THB 100,000 per offering; per-issuer cap THB 40 million / year.
TL;DR
SEC Thailand allows equity crowdfunding (ECF) via licensed funding portals under the Securities and Exchange Act B.E. 2535 (1992) and the SEC Notifications on Crowdfunding (2019, as amended). Per-investor cap is THB 100,000 per offering for retail investors (no cap for qualified investors); per-issuer cap is THB 40 million / year. Funding portals are SEC-licensed; offerings are short-form filings (not full prospectus).
Eligible Issuers
- Private companies (limited companies, juristic partnerships).
- Public companies (PLCs) using crowdfunding for non-listed offerings.
- Not banks, insurance companies, securities firms.
Investor Categories
| Category | Per-offering cap |
|---|---|
| Retail investor | THB 100,000 |
| Angel / accredited | Higher cap by classification |
| Qualified investor | No cap |
Funding Portal Obligations
- SEC licence + minimum capital.
- KYC / suitability assessment.
- Disclosure standards for issuer documents.
- Anti-fraud screening.
- Post-funding reporting.
Common Mistakes
- Marketing the offering outside the portal — securities-law breach.
- Issuing more than the annual cap.
- Skipping post-funding reporting.
FAQs
1. Debt crowdfunding?
Separate regime (debenture-based crowdfunding); per-issuer caps differ.
How Equity Crowdfunding Is Regulated
Equity crowdfunding in Thailand operates under rules of the Securities and Exchange Commission (SEC) made under the Securities and Exchange Act. Companies raise capital by offering shares to the public through an SEC-approved funding portal, which performs gatekeeping — vetting issuers, disclosing risks, and administering the offer. The framework is designed to open early-stage funding to SMEs and startups while protecting retail investors through disclosure and investment limits rather than the full prospectus regime of a public offering.
The Caps That Matter
Investor protection is delivered mainly through investment limits: retail investors face a cap on how much they can invest per company and in aggregate across crowdfunding in a year, while high-net-worth, institutional and other qualified investors are subject to lighter limits. Issuers face a ceiling on how much they can raise through crowdfunding within a period, and must provide the required disclosures and post-funding reporting. Failing to use an approved portal, exceeding the caps, or skipping ongoing reporting are the common compliance failures. Debt (debenture-based) crowdfunding is a separate regime with its own issuer caps.
2. Is crowdfunding investment liquid?
Generally no — shares bought through crowdfunding are typically illiquid and high-risk, with no ready secondary market, which is why the retail caps exist. Investors should treat it as long-term risk capital.
Related Reading
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