泰国将于下周实施比特币和以太坊ETF的有效规则

Disclaimer: Content does not constitute investment advice. Trading involves risks—please invest with caution!

泰国金融监管机构敲定加密货币ETF上市新规

泰国金融监管机构已最终确定新规则，允许加密货币交易所交易基金（ETF）在该国主要证券交易所上市。首批获准的产品将仅限于比特币（Bitcoin）和以太坊（Ether）。泰国证券交易委员会（SEC）表示，该框架将于2026年10月16日正式生效，要求获批的加密货币ETF仅在泰国证券交易所（Stock Exchange of Thailand）进行交易。

此外，监管机构还划定了投资者获取这些基金的边界，限制了与外国加密货币ETF结构的链接，并禁止通过经纪商向零售客户进行分销。

核心要点

泰国证券交易委员会已就泰国证券交易所上市的加密货币ETF敲定规则，初期仅限比特币和以太坊。
加密货币ETF交易规则将于2026年10月16日生效，初期不允许挂钩外国加密货币ETF（如存托凭证）的产品上市。
共同基金和私募基金可以投资于在泰国设立的加密货币ETF，这与此前侧重于外国加密货币ETF的做法有所不同。
禁止经纪商提供购买加密货币ETF的保证金贷款，且ETF基金资产必须由受SEC监管的数字资产托管机构持有。
An ETF must be designed as a passive investment vehicle that tracks the performance of a single cryptocurrency and has an average of at least 80% of net exposure to the asset during each fiscal year.

Thailand paves the way for listing of spot cryptocurrency ETFs

The Securities and Exchange Commission of Thailand said in a statement on its website that the new regulations will allow cryptocurrency ETFs to be listed on local exchanges, which is an important shift for investors seeking to gain exposure to regulated digital assets through familiar market packaging.

Under this framework, cryptocurrency ETFs must be exclusively listed and traded on the Stock Exchange of Thailand. The Securities and Exchange Commission also clearly stipulated that products based on foreign cryptocurrency ETFs are not allowed to be listed initially, including referring to overseas listed depositary receipts.

This design is significant to market participants because it ensures that compliance and trading concentration in the first wave of products are supervised by Thai regulators, rather than introducing foreign ETF structures to the local market.

Restrictions on overseas access and retail distribution

Regulators 'rules continue to set boundaries around the accessibility of overseas cryptocurrency ETFs. The Securities and Exchange Commission said Thai brokers are still prohibited from assisting retail investors in investing in overseas cryptocurrency ETFs unless they are institutional investors and high-net-worth individuals.

For retail investors, the practical impact is: Thailand's new ETF channel is designed to be accessible through locally listed products rather than through foreign-listed products provided by domestic intermediaries. This may reduce regulatory fragmentation, but may also slow the launch of alternative structures previously accessible to retail investors in other jurisdictions.

Industry commentators include Bitkub co-founder Attakrit Chimphlapibul, who told media that similar to the US launch of spot Bitcoin and spot Ethereum ETFs provide institutional and retail participants with new channels for more direct access to digital assets.

Treatment of Funds, Brokers and Custodies

The Securities and Exchange Commission's amendments also address distribution channels and operational safeguards. The regulator said it changed its rules to allow mutual funds and private equity funds to invest in cryptocurrency ETFs established in Thailand. Previously, such investors could only invest in foreign cryptocurrency ETFs.

Operational requirements include prohibiting brokers from providing margin loans used to purchase cryptocurrency ETFs. Investors must also receive product information and confirm they understand risks before trading-a clear emphasis on appropriateness and investor understanding rather than assuming standardized retail qualifications.

Custody requirements are equally critical. The Securities and Exchange Commission said that fund assets of ETFs must be held by digital asset custodians regulated by the SEC, thereby establishing a compliance chain for exposure to underlying assets of ETFs.

Passive structure and exposure requirements

The Securities and Exchange Commission stated that cryptocurrency ETFs must be managed as passive investment vehicles designed to track the price performance of the cryptocurrencies they invest in. The framework contains concentration requirements: During each fiscal year, ETFs must maintain net exposure to a single cryptocurrency, accounting for at least 80% of net asset value on average.

By requiring a single asset focus and defined exposure thresholds, the Securities and Exchange Commission limited investors 'expectations for the first batch of approved products. The rules emphasize copying price fluctuations of underlying assets rather than allowing multi-asset strategies or more aggressive trading methods under the ETF label.

The Securities and Exchange Commission has previously consulted on these principles, first soliciting comments in April and May. Subsequently, according to the regulator, it conducted additional consultations on the draft regulations in August and September. The Securities and Exchange Commission said a majority of respondents supported the proposals.

Previous reports have noted that Thailand intends to clarify how cryptocurrency ETFs are integrated into its regulated investment landscape, and the currently finalized framework largely reflects the principles outlined, including passive management and custodian supervision.