Thailand's Securities and Exchange Commission has opened public comment on draft rules for spot crypto exchange-traded funds, with bitcoin and ether the first assets eligible. The framework would require ETFs to list exclusively on the Stock Exchange of Thailand and rules out wrapped-style funds for now, opening a retail path that the country's earlier bitcoin fund never offered.
Bitcoin and ether get first crack at the framework
Thailand's SEC published its announcement on Aug. 24, seeking comments on draft regulations for spot Bitcoin and Ethereum ETFs. The regulator said a crypto ETF must be run by a licensed asset management company and follow the same regulatory framework that already governs ETFs on the Stock Exchange of Thailand.
If bitcoin and ether funds clear that bar, altcoin funds could follow later, the SEC said. The draft covers both Thai-domiciled crypto funds and foreign ETFs such as BlackRock's IBIT, though wrapped-style products are excluded from this initial round. Asset managers seeking approval must disclose their full operational arrangements to the regulator.
Custody stays close to home, trading stays on SET
On custody, Thailand's SEC seems to prefer domestic arrangements, though foreign custodians could still qualify if deemed necessary and appropriate — a condition meant to keep the regulator able to monitor the funds closely. According to Bitcoin News: "crypto ETFs must be listed and traded exclusively on the Stock Exchange of Thailand (SET)", the SEC's announcement states.
A different product from the 2024 bitcoin fund
Thailand's securities regulator approved the ONE Bitcoin ETF in June 2024, but that product was restricted to wealthy and institutional investors and did not hold actual bitcoin. The new draft instead concerns spot funds that would hold actual BTC under Thai financial law, opening the door to retail participation for the first time.
Source: Thailand's SEC, via Bitcoin News
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