Huo Xing Finance reports, according to Cointelegraph, that Thailand’s Securities and Exchange Commission (SEC) has advanced its regulatory framework for locally listed spot Bitcoin and Ethereum ETFs from a principles-based proposal to a draft rule stage and is now seeking public comments. On Monday, the regulator released two consultation papers: one outlining draft rules for Thai crypto ETFs and another setting forth eligibility principles for foreign digital asset custodians. In the initial phase, asset managers may establish passive ETFs tracking either Bitcoin or Ethereum, the only two qualifying crypto assets under the proposed rules. The draft regulations stipulate that Bitcoin and Ethereum ETFs will be traded exclusively on the Stock Exchange of Thailand (SET), each tracking a single crypto asset and maintaining at least 80% net asset exposure to that asset throughout each fiscal year. Mutual funds and private funds may also invest in Thai-local crypto ETFs, as well as foreign crypto ETFs they are already permitted to invest in, subject to existing investment limits. However, during the initial phase, the regulator does not permit alternative products linked to foreign crypto ETFs, including depositary receipts tracking them. Regarding custody, the revised framework continues to prioritize domestic digital asset custodians in the initial phase, with the Thai SEC retaining the authority to permit qualified foreign digital asset custodians when necessary. Foreign custodians must be supervised by regulatory authorities with legal power and meet standards of regulation and investor asset protection deemed sufficient by the Thai SEC. The public comment period for both consultation papers ends on September 20.
Thailand SEC Seeks Public Feedback on Draft Rules for Bitcoin and Ethereum ETFs
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Summary
The Thailand SEC has released draft rules for spot Bitcoin ETFs and foreign custodian guidelines, inviting public feedback until September 20. The proposal permits passive ETFs tracking Bitcoin or Ethereum to list on the SET, requiring at least 80% annual exposure to the underlying asset. Asset managers and funds may invest in local or approved foreign crypto ETFs within existing limits. Foreign custodians must comply with regulatory standards established by the SEC. This move could enhance liquidity and strengthen crypto markets by expanding institutional access to digital assets.
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