Thailand paves the way for Bitcoin and Ethereum ETFs

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

核心要点

泰国加密货币ETF相关法规将于10月16日正式生效。首批允许交易的标的资产仅为比特币（Bitcoin）和以太坊（Ether）。这些基金将在泰国证券交易所上市交易，并采用受监管的托管服务。此外，法规明确禁止为购买加密货币ETF提供保证金贷款。

10月16日：框架正式确立

泰国证券交易委员会（SEC）发布了涵盖加密货币ETF创建、管理、托管及交易等内容的11项通知。经过数月的公众反馈与监管起草工作，该政策组合标志着泰国从咨询阶段正式迈入可执行的规则体系阶段。此前，泰证交委已在8月份概述了拟议的结构，如今已确立了资产管理人、托管人和经纪商在产品面向投资者之前必须达到的标准。

需要注意的是，10月16日是法规本身的生效日期。资产管理人仍需组建基金、任命服务提供商并发布相关文件后，方可挂牌交易。目前，泰证交委尚未确定首家发行机构、股票代码、费率或具体的开盘交易日期。

起步阶段仅限比特币和以太坊

在启动阶段，允许的底层资产仅限于比特币和以太坊。泰证交委表示，未来将基于流动性、广泛的市场接受度、网络安全以及投资者保护等因素评估其他潜在合格资产。

Each ETF must track a single crypto asset through passive strategies and maintain a net exposure to that asset of at least 80% of its net asset value during the fiscal year. For example, Bitcoin ETFs are expected to provide primarily bitco-linked exposure rather than mixing the portfolio with other unrelated tokens.

The new regulations also establish a domestic path to cryptocurrency ETFs. Shares must be exclusively listed and traded on the Stock Exchange of Thailand, and initial rules do not allow local retail investors to use alternatives such as depositary receipts linked to foreign cryptocurrency ETFs. This policy gives Thai asset managers and digital asset service providers the first opportunity to build markets within their existing securities framework.

Design mechanism for the first Thai cryptocurrency ETF

Single asset fund: Contains only Bitcoin or Ethereum.
Passive exposure: Funds follow the price trend of the selected asset.
SET Trading: Investors buy and sell shares through the Thai securities market.
Regulated Custody: The underlying crypto assets are held by digital asset custodians regulated by the Thailand SEC.

Investors buy shares, not directly manage coins

Thai investors using new products will hold ETF shares through securities brokers. Fund managers and their custodians are responsible for managing and safeguarding the underlying Bitcoin or Ethereum, eliminating the need for each investor to set up his own wallet, protect private keys, or use a crypto exchange directly.

This convenience is accompanied by a more traditional investment fund structure. Fund managers must provide investors with sufficient information so that they can understand products, service providers, investment mechanisms and risks. Brokers must also provide risk education and obtain confirmation of their understanding of the product before trading.

The Thai Securities and Communications Commission has banned brokers from providing margin loans to purchase shares in cryptocurrency ETFs. This limits the ability to use borrowed funds to increase exposure, making the first products closer to cash-funded investment funds than leveraged trading instruments.

Custody mechanism gives regulators direct supervision power

Crypto-assets supporting ETFs must be held by a custodian regulated by the Thailand SEC. Eligible digital asset operators can also apply to supervise these funds, provided they meet regulatory standards for capital, personnel and operating systems. Thailand may allow qualified overseas custodians to participate if necessary and appropriate in the future. The framework places SEC-regulated custodians at the heart of asset custody and fund supervision, giving regulators clearer visibility into the assets that underpin SET's listed shares.

Asset managers can also outsource digital asset investment management business, but only to licensed digital asset fund managers. This arrangement separates the roles of portfolio management, asset holding and fund supervision, which is consistent with the pattern of responsibility investors encounter in traditional ETFs.