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BTC 
ETH Thailand establishes a regulatory framework for Bitcoin and Ethereum ETFs and officially opens up securities trading
Thailand has finalized a regulatory framework that allows locally established cryptocurrency exchange-traded funds (ETFs) to track the prices of Bitcoin and Ethereum and trade them on the Thai Stock Exchange. This opens up a new compliance channel for retail and institutional investors to enter both asset classes.
The 11 new regulations issued by the Securities and Exchange Commission of Thailand (SEC) on October 8 will come into effect on October 16. These regulations establish the requirements that asset managers must meet to create cryptocurrency ETFs, but do not directly approve the listing of any specific Bitcoin or Ethereum fund. In the initial phase, only Bitcoin and Ethereum were eligible. In the future, the Securities and Exchange Commission can expand the list of qualified assets based on factors such as liquidity, broad market acceptance, cybersecurity and investor protection.
Strict position and custody requirements
Thailand's cryptocurrency ETFs must operate as passive investment vehicles designed to track the price of a single qualified cryptocurrency. Each fund's average net exposure to its underlying crypto assets during the fiscal year must not be less than 80% of its net asset value. Asset managers seeking to launch funds must also demonstrate that they have sufficient personnel, operating systems and service provider arrangements to ensure the safe management of digital assets.
Crypto assets held by funds must be kept by digital asset custodians regulated by the Securities and Exchange Commission of Thailand. Although mutual fund supervisors can use sub-custodians, the entity that actually holds digital assets must be a licensed cryptocurrency custodian. Regulators have also left room for allowing qualified overseas digital asset custodians to participate in the future under appropriate circumstances.
Trading on the Stock Exchange of Thailand only
Domestic cryptocurrency ETFs will only be listed and traded on the Stock Exchange of Thailand. Brokers are not allowed to provide margin financing and securities lending services for the purchase of such funds. Investors must receive information explaining product characteristics and risks before trading and confirm understanding of the relevant risks. Asset managers are required to fulfill additional disclosure obligations covering fund structures, investment mechanisms, service providers and specific risks to cryptocurrency assets.
Mutual funds and private equity funds are also allowed to invest in Thai cryptocurrency ETFs under existing investment restrictions. Previously, they could only obtain similar exposure through qualified overseas cryptocurrency ETFs. During the initial implementation phase, Thailand will restrict alternative products linked to overseas cryptocurrency ETFs, including depositary receipts that cite overseas cryptocurrency funds and certain brokerage arrangements that allow retail customers access to overseas products. Institutions and ultra-high-net-worth investors are treated separately under this framework.
Broader regulatory context
As Thai regulators expand digital asset supervision in other areas, new ETF rules have emerged. Authorities have stepped up their review of large-scale USDT transactions this year, while the Bank of Thailand is separately developing a stablecoin framework backed by the Thai baht.
Starting from October 16, eligible asset management companies can use this framework to promote domestic Bitcoin and Ethereum ETF products.
