Thailand moves closer to Bitcoin, Ether ETFs with draft rules
Thailand’s SEC has moved closer to launching locally listed spot Bitcoin and Ether ETFs by issuing draft rules for public comment. In the initial phase, asset managers could offer passive ETFs tracking only BTC or ETH, with each fund trading on the Stock Exchange of Thailand and maintaining at least 80% average net exposure to its underlying asset over the year. Mutual and private funds could also invest in Thai-domiciled crypto ETFs, subject to existing limits, but not in alternative products such as depositary receipts tied to foreign crypto ETFs. The regulator also revised its custody approach. Onshore digital asset custodians would remain the default for Thai crypto ETFs, while qualified foreign custodians could be allowed if needed. For mutual and private funds, foreign custodians would need oversight by a regulator with legal authority and standards the SEC views as sufficiently protective. Public comments are open until Sept. 20.
