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BTC 
ETH Thailand Securities Regulatory Commission approves local funds to invest in Bitcoin and Ethereum ETFs
Thailand's Securities and Exchange Commission (SEC) has formally approved Thailand's mutual funds and private equity funds to purchase Bitcoin and Ethereum exchange-traded funds (ETFs) listed on the Stock Exchange of Thailand (SET). The new regulations will officially take effect on October 16.
Core content of the regulatory framework
This regulatory adjustment was issued through 11 notices, aiming to clarify relevant investment rules. Prior to this, funds could only invest in cryptocurrency ETFs issued overseas. The SEC said existing investment restrictions remain in effect, but the framework released this time paves the way for localized investment. Currently, only Bitcoin and Ethereum are eligible, and whether to add other currencies in the future will depend on multiple factors such as liquidity, market acceptance, blockchain network security and investor protection.
In the initial stage, depositary receipts linked to international cryptocurrency ETFs are still not allowed. In addition, securities firms are not allowed to provide convenient services to represent overseas cryptocurrency ETFs for customers from non-institutional and ultra-high-net-worth customer groups.
Industry response and compliance requirements
Nirun Fuwattananukul, CEO of Binance Thailand, pointed out that trading through existing brokerage accounts eliminates the concerns of investors who are cautious about exchange accounts and wallets. He emphasized that before any product is launched, issuers still need to complete the necessary processes such as fund registration, product approval, listing on SET, and custody. It is worth noting that October 16 is the effective date of the framework, rather than the first trading day determined.
Fund Operations and Risk Control
Each fund is a passive fund that tracks the price trend of a single currency. According to regulations, funds must hold at least 80% of their net asset value in that single currency during each fiscal year. Custody services must be provided by a digital asset custodian regulated by the SEC; if entrusted custody is used, a licensed custodian must also be selected, and the SEC reserves the option of allowing qualified foreign custodians when necessary.
These funds are only traded on the Stock Exchange of Thailand (SET), and securities companies are not allowed to raise funds from customers to purchase such funds. Each buyer must first obtain product disclosure documents before purchasing and confirm that they are aware of the relevant risks. At the same time, companies need to warn investors to avoid excessive exposure to the risks of digital assets.
Asset managers can only outsource investment management to licensed digital asset fund managers. Eligible digital asset companies can serve as fund supervisors if they meet financial, personnel and operational standards.
Policy Background and Market Outlook
The SEC publicly solicited opinions on the core principles from April to May this year, and solicited opinions on draft rules in August and September. According to the SEC, most of the feedback received supported the plan. Previous reports pointed out that the draft has included two-currency restrictions and an 80% lower limit on position. SEC Deputy Secretary-General Jomkwan Kongsakulin said in January this year that cryptocurrency ETFs have been approved in principle.
Looking back in June 2024, Thailand approved its first spot Bitcoin ETF, but at that time only institutional investors were allowed to participate. In addition, from January 1, 2025 to the end of 2029, cryptocurrency gains will face a 0% capital gains tax rate. Data shows that Thailand has the highest per capita proportion of cryptocurrency users in the world, far exceeding the level of the United States.
