Mitihoon – Kubix Digital Asset Co., Ltd. (kubix), a leading Thai ICO portal under the KASIKORNBANK FINANCIAL CONGLOMERATE, in collaboration with Onigiri Capital, venture capital fund launched by Saison Capital, the corporate venture arm of Japan’s Credit Saison, has released an in-depth research report “Project Thara: Institutionalizing Real-World Asset Tokenization — Where Thailand’s Real Economy Meets Digital Capital.” The report analyzes the growth trajectory of Real-World Asset (RWA) tokenization in Thailand, projecting a total addressable market opportunity of up to USD 51 billion (approx. THB 1.7 trillion) by 2030.
Asavinee Srisomburananont, Managing Director of kubix, stated: “Global RWA tokenization is witnessing a steady upward trend, with total market value projected to reach USD 16 trillion by 2030. This shift underscores that managing real-world assets on digital systems is rapidly becoming the new standard for international capital markets. For Thailand, the projected potential of USD 51 billion reflects our robust foundations ranging from pervasive digital infrastructure to a clear regulatory framework and strong institutional trust. Our core objective is to transition from the experimental phase to execution at scale, effectively and transparently bridging the real economy with digital capital to maintain Thailand’s regional competitiveness.”
Qin En Looi, Managing Partner of Onigiri Capital, stated: “The global transition towards tokenized assets is moving from early experimentation to execution, and Thailand is uniquely positioned to drive this shift. This momentum is supported by the country’s clear regulatory roadmap, strong digital infrastructure, and active institutional participation. Thailand’s USD 51 billion opportunity is anchored in fundamental asset classes ranging from government bonds and corporate credit to ESG-linked instruments. This evolution demonstrates how tokenization is optimizing existing financial markets, rather than replacing them. At Onigiri Capital, we believe the next phase of blockchain adoption will be driven by trusted institutions delivering practical, regulated financial use cases. Thailand has emerged as a market where this transition can be realized at scale.”
Estimated Tokenization Potential by Asset Class (by 2030)
The report identifies key asset classes with the highest tokenization readiness in Thailand, encompassing both assets that can be tokenized under current regulations and those expected to become viable as the regulatory landscape evolves. These include Government Bonds, representing the largest opportunity at USD 27 billion, followed by Corporate Bonds (USD 11 billion) and Green & ESG Bonds (USD 5 billion). Other significant opportunities include Foreign Investments (USD 4 billion), SME Loans or Trade Receivables (USD 3 billion), and Real Estate/Infrastructure Funds (USD 1 billion).
Regulatory Tailwind: The Path to 2028
The release of Project Thara comes at a time of significant momentum for Thailand’s digital. Under its 2026–2028 Strategic Plan, the Securities and Exchange Commission (SEC) Thailand recently initiated public hearings to amend mutual fund regulations to accommodate Tokenized Funds. Simultaneously, a draft amendment to the Securities and Exchange Act regarding Electronic Securities has received Cabinet approval and is advancing through the legislative process. Once enacted, this will provide the essential legal foundation for issuing digital bonds and securities at scale.
Furthermore, the SEC’s preparation to finalize regulations for Crypto ETFs and Crypto Futures on the Thailand Futures Exchange (TFEX) by 2026 underscores a clear commitment to building an institutional-grade regulatory infrastructure. These developments align with Project Thara’s core finding: Thailand’s competitive advantage lies in ‘Execution over Experimentation.’ As a licensed ICO Portal, kubix stands ready to serve as a key enabler, bridging the real economy with digital capital through trusted, transparent, and regulated processes.
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