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BTC 
ETH Thailand's SEC's advisory opinion is at least two steps away from the formal rulebook.
Regulators still need to collect feedback, revise suggestions, and finally decide whether to approve relevant products. The draft released by Thailand's Securities and Exchange Commission (SEC) in August continued its April consultation, when most of the opinion supported the regulator's plan for custody arrangements and helped officials adjust some of the original design. No final approvals or time commitments to market have been confirmed.
Thailand only recognizes Bitcoin and Ethereum
The first phase of Thailand's crypto ETF design plan covers only two top digital assets: Bitcoin and Ethereum, and can only be traded on the Stock Exchange of Thailand. The draft also requires licensed asset managers to operate each fund as a passive product, track the price of a single crypto asset, and maintain an average net exposure to the underlying asset at no less than 80% of the net asset value in each fiscal year. The investor protection clause also applies, and the draft clearly requires disclosure of information such as product structure, risks and service providers.
In addition to holding approved foreign-issued ETFs, Thai mutual funds and private equity funds will also be able to purchase locally registered crypto ETFs, but current investment limits will still apply. However, the SEC will not approve alternative instruments (such as depositary receipts) linked to overseas crypto ETFs at least initially.
What is the difference in Thailand's SEC's latest advisory document?
One significant change in Thailand's SEC's August draft involves the custody mechanism-this adjustment has been significant since the issue was last discussed in April. The SEC's new design uses domestic digital asset custodians as the main custody venue for crypto ETFs. Regulators also reserve discretion to open access to qualified foreign custodians "as necessary and appropriate according to current circumstances." Eligible foreign custodians can also register as mutual fund supervisors for crypto ETFs. Any foreign institution wishing to provide digital asset custody services in Thailand must first meet standards within its own jurisdiction and be subject to supervision by a regulatory body with actual legal powers, while reviewers from the Thailand SEC must also confirm that the custody institution complies with its own asset protection standards.
Positioning this move in the advancement of Thailand's encryption policy
This consultation is a continuation of a series of work that the SEC continues until 2026. In January, Deputy Secretary-General Jomkwan Kongsakul said that crypto ETFs had received approval in principle, noting that such products would reduce concerns about hacking and wallet security-concerns that had previously deterred some investors. Thailand approved its first spot Bitcoin ETF in June 2024, initially only for institutional investors. Tax policies also provide support for this: Thailand has implemented a 0% capital gains tax rate on cryptocurrencies for many years, and this preferential measure will be effective from January 1, 2025 to December 31, 2029. The SEC views the ETF framework as another channel to channel investor demand into regulated products.
