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The Securities and Exchange Commission of Thailand is scheduled to launch Bitcoin and Ethereum ETFs

2026-10-10 00:13:05

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关键事实

泰国证券交易委员会（SEC）发布了11项通知，确立了加密资产交易所交易基金（ETF）的监管框架，该框架将于10月16日正式生效。在初始阶段，仅限比特币（Bitcoin）和以太坊（Ethereum）作为标的资产。

只有获得许可的泰国资产管理公司才能发行此类基金。这些基金必须在泰国证券交易所（Stock Exchange of Thailand）独家交易，并且其跟踪资产的净敞口至少需占基金净资产值的80%。

监管层禁止为购买加密资产ETF提供保证金贷款，投资者在进行交易前必须完成风险确认程序。

新规主要内容

周四，泰国证券交易委员会发布了关于加密资产交易所交易基金的监管规定，该框架定于10月16日生效。规则明确规定，在启动初期，符合条件的资产仅限于比特币（BTC）和以太坊（ETH）。

此举将泰国的加密资产市场从2024年批准的仅面向机构的比特币ETF扩展开来，首次为共同基金和私募基金持有与加密资产挂钩的产品开辟了合规路径。

根据官方公告，证券交易委员会发布的11项通知涵盖了该框架的具体要求。规则规定，每只交易所交易基金（ETF）必须被动跟踪单一加密资产，并保持年均净敞口不低于净资产值的80%，且禁止使用衍生品替代直接持仓。

Only licensed Thai asset management companies can issue such funds, and digital asset management business can only be outsourced to licensed digital asset fund managers.

Custody services are limited to digital asset custodians regulated by the Securities and Exchange Commission. Regulators said foreign custodians can only participate if subsequent conditions permit.

The Securities and Exchange Commission prohibits margin loans for the purchase of crypto-asset ETFs and requires investors to complete risk education and confirmation procedures before trading. At this initial stage, depositary receipts related to foreign crypto asset ETFs are still prohibited, and it is also a violation to promote foreign crypto asset ETFs to retail customers or non-ultra-high-net-worth customers.

Mutual funds and private equity funds can now purchase Thailand-listed crypto asset ETFs within existing investment restrictions, which differs from previous rules that restricted access only to foreign investment.

The Securities and Exchange Commission said the choice of Bitcoin and Ethereum was based on factors such as liquidity, market acceptance, cybersecurity and investor protection, but did not disclose specific numerical thresholds. The regulator's board of directors approved the principles of the framework in July, after approval by the Capital Markets Regulatory Commission in June, and a public consultation period lasted from August 21 to September 20.

Thai model and regional comparison

泰国的这一有限启动方案与美国市场形成鲜明对比。在美国，Grayscale表示加密资产ETF已迅速扩展到比特币和以太坊之外，其Zcash（ZEC）基金在首个月的规模就突破了10亿美元。其他亚洲金融中心也采取了类似的时间表：渣打银行（Standard Chartered）表示，其新加坡子公司计划提供机构级数字资产托管服务，但这仍需等待监管批准。

此外，泰国已单独取消至2029年的加密资产交易资本利得税，并批准美元挂钩的稳定币用于本地交易（2025年），这是该国更广泛战略的一部分，旨在将其定位为区域性的数字资产枢纽。

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