Thailand approves Bitcoin and Ethereum ETFs, requiring 80% of positions to be held in crypto assets

Thailand will allow trading in locally listed cryptocurrency ETFs on October 16

Thailand will allow trading in locally listed cryptocurrency exchange-traded funds (ETFs) starting from October 16, initially covering only Bitcoin and Ethereum. The move aims to provide retail investors with regulated exposure to crypto assets while steering transactions to domestic fund managers, custodians and the Stock Exchange of Thailand.

After multiple consultations from April to September, the Securities and Exchange Commission of Thailand (SEC) issued 11 notice regulations on new products. Under the rules, cryptocurrency ETFs must operate as passive funds, track a single eligible digital asset and maintain an average net exposure of at least 80% to that asset during each fiscal year. In the initial stage, only Bitcoin and Ethereum were considered eligible cryptocurrencies. The Thai Stock Exchange said that new assets in the future will depend on factors such as liquidity, market acceptance, cybersecurity and investor protection.

How do cryptocurrency ETFs work in Thailand?

These funds will be traded exclusively on the Stock Exchange of Thailand and must use a digital asset custodian licensed and regulated by the Stock Exchange of Thailand. Asset managers applying to launch a product must demonstrate that they have sufficient personnel, operating systems and arrangements with service providers to ensure the safe operation of the fund. If investment management is outsourced, the work can only be delegated to licensed digital asset fund managers.

The final rules largely follow Thailand's proposed Bitcoin and Ethereum ETF framework in August, including an 80% exposure threshold and an emphasis on regulated custody. This structure allows investors to gain exposure to cryptocurrency prices through traditional securities accounts without having to open an account on a crypto exchange or directly manage private keys.

Lessons for investors

Thailand is incorporating crypto asset exposure into its regulated securities markets, rather than simply expanding access to overseas ETFs or unregulated platforms.

What protection measures apply to retail investors?

Investors must acknowledge the characteristics and risks of cryptocurrency ETFs before trading. Securities companies must also emphasize appropriate asset allocation and warn against excessive concentration of digital assets. Leverage use will be limited: Brokers will not be allowed to provide margin loans to fund the purchase of cryptocurrency ETFs, which is consistent with Thailand's existing rules prohibiting lending money to customers to purchase cryptocurrencies through regulated digital asset businesses.

Fund managers will also face specific disclosure requirements covering ETF structures, investment mechanisms, service providers and crypto-related risks. This controlled access model coexists with stricter supervision of the country's broader digital asset industry. Thailand has also introduced a new "travel rules" framework that requires regulated crypto companies to verify counterparties and certain self-managed wallets, with requirements that will take effect in February 2027.

Why do the rules favor Thailand-listed ETFs?

最具影响力的条款之一涉及与海外加密产品的竞争。泰国的共同基金和私募基金现在被允许投资于本地上市的加密货币ETF，但需遵守其现有的投资限制。此前，这些基金只能投资于外国加密货币ETF。与此同时，监管机构正在限制普通投资者接触海外产品的其他途径。在初始阶段，泰国不允许发行与外国加密货币ETF挂钩的存托凭证。此外，券商也不得为非符合机构或超高净值投资者资格的客户安排投资于外国加密货币ETF。这一组合实际上为国内加密货币ETF提供了受保护的发行窗口。与其让本地上市基金立即与美国和其他国际成熟产品争夺零售资金，规则将大部分普通投资者的需求导向泰国正在发展的ETF生态系统。

对投资者的启示

对外国产品的限制可能会将更多的零售资金引流至泰国上市的ETF，帮助本地发行商在面临更全面的海外竞争之前建立流动性。

比特币和以太坊之后会发生什么？

泰国证交所并未承诺添加其他加密货币。相反，它将基于流动性、接受度、网络韧性以及在基金结构内管理投资者风险的能力来评估符合条件的资产。托管方式也可能演变。初始规则要求使用持牌的国内数字资产托管机构，尽管泰国证交所表示，当条件表明有必要且适当时，未来可能允许合格的国外托管机构参与。

因此，10月16日的框架谨慎地开启了泰国的加密货币ETF市场：两种资产、受监管的托管、无保证金借贷，以及以国内交易所为中心的发行。扩展到更多代币或更广泛的海外访问权，将取决于第一代产品在真实市场条件下的表现。