Thailand has finalized 11 regulations allowing Bitcoin and Ether exchange-traded funds (ETFs) to list on its main stock exchange, with the new rules taking effect on October 16, 2026.
Summary
- Thailand has finalized 11 regulations allowing Bitcoin and Ether ETFs to trade on its stock exchange.
- October 16 marks the effective date for Thailand’s new crypto ETF framework and investor protections.
- 80% minimum annual average exposure to one cryptocurrency will be required for every eligible ETF.
- Thai brokers cannot provide margin loans for crypto ETFs or sell foreign alternatives to retail customers.
Thailand’s Securities and Exchange Commission (SEC) announced the framework on October 8, confirming that locally established crypto ETFs will trade exclusively on the Stock Exchange of Thailand (SET). Bitcoin and Ether will be the only eligible cryptocurrencies during the initial stage, while fund managers must meet new investment, custody and investor protection requirements.
The rules will allow Thai investors to gain exposure to the two cryptocurrencies through regulated securities products without directly purchasing or storing digital assets. However, the October 16 effective date does not mean that individual ETFs will begin trading that day, as fund managers must first satisfy the applicable requirements.
Thailand crypto ETFs must hold at least 80% in one asset
Under the approved framework, each crypto ETF must operate as a passive investment fund designed to track the price of its underlying cryptocurrency. The SEC requires funds to maintain an average net exposure of at least 80% of their net asset value to a single eligible cryptocurrency over each accounting year.
During the first phase, the regulator will permit investment only in Bitcoin and Ether. Future additions will depend on factors including liquidity, market acceptance, blockchain network security and investor protection standards.
Asset management companies seeking to establish these funds must demonstrate that they have qualified employees, adequate operating systems and suitable arrangements with service providers. Their applications must meet the rules governing ordinary ETFs alongside the additional requirements for digital assets.
The SEC has required crypto ETFs to hold fund assets with digital asset custodians licensed and supervised in Thailand. Managers can outsource digital asset investment management, but only to firms holding the appropriate digital asset fund management licenses.
Custody providers and other qualified digital asset businesses may apply to become mutual fund supervisors for crypto ETFs under Section 121 of Thailand’s Securities and Exchange Act. Applicants must demonstrate adequate financial resources, qualified personnel and operating systems.
The framework permits supervisors to appoint sub-custodians, provided that any digital asset custody services are performed by licensed custodians. The SEC left open the possibility of permitting qualified overseas custodians in the future when it considers such arrangements appropriate.
Thailand had already advanced its Bitcoin and Ether ETF regulations to the draft stage in August, proposing the same 80% exposure requirement. The final rules follow consultations held in April and May on the policy principles and another round in August and September on the draft notifications.
According to the regulator, most respondents supported the proposed framework during those consultations.
Retail investors face limits on overseas crypto ETFs
While domestic crypto ETFs will become eligible for listing, Thai authorities have maintained restrictions on access to foreign products during the initial rollout.
Securities companies will not be permitted to facilitate investments in overseas crypto ETFs for customers who do not qualify as institutional or ultra-high-net-worth investors. Thailand will prohibit the initial issuance and offering of alternative products linked to foreign crypto ETFs, including depositary receipts.
The restriction applies even where foreign products track Bitcoin or Ether, with the SEC reserving the domestic listing route for locally established funds.
At the same time, Thai mutual funds and private funds will be allowed to invest in domestic crypto ETFs. Previously, those funds could invest in foreign crypto ETFs, subject to the applicable investment rules.
The SEC confirmed that existing investment limits will continue to apply when mutual funds and private funds purchase the locally established products.
For retail customers purchasing crypto ETFs on the SET, brokers must explain the characteristics and risks of the products before trading. Investors will need to confirm that they understand those risks, while fund issuers must disclose details about investment structures, service providers and custody arrangements.
The regulator has prohibited securities firms from providing margin loans for crypto ETF purchases. Brokers must advise customers on asset allocation, avoiding excessive exposure to digital assets and choosing investments consistent with their risk tolerance.
Thai crypto firms prepare to support Bitcoin and Ether ETFs
Following the regulatory announcement, digital asset companies operating in Thailand expressed support for the new products.
Attakrit Chimphlapibul, co-founder of Bitkub Group, told Money and Banking on October 8 that U.S. spot Bitcoin and Ether ETFs had created new ways for institutional and retail investors to access cryptocurrencies.
Commenting on Thailand’s framework, he said the products could provide opportunities for local asset managers, custody providers and other financial businesses to participate in crypto ETF operations.
“However, the actual results will depend on the readiness of operators and the response from investors,” Chimphlapibul said, cautioning that the outcome would depend on how companies and customers respond to the products.
Bitkub Online, which operates the Bitkub Exchange, said it was prepared to support transactions involving asset management companies planning Bitcoin and Ether ETFs, subject to the applicable regulations.
Nirun Fuwattananukul, CEO of Binance TH by Gulf Binance, welcomed the regulatory decision and said the company was prepared to support fund launches through liquidity services and cooperation with asset managers.
The Thai Digital Asset Association raised a separate concern over investor participation. Its president, Nares Laopannarai, said institutional and traditional stock market investors had shown limited interest in digital assets, while ETFs had not attracted substantial popularity in Thailand.
The association intends to encourage cooperation between asset managers, brokers and digital asset companies on crypto ETFs and tokenized investment products.
New crypto ETF rules take effect October 16
The October 16 implementation follows several months of work by Thailand’s securities regulator on cryptocurrency investment products.
In January, deputy SEC secretary-general Jomkwan Kongsakul outlined plans to finalize Thailand’s domestic crypto ETF framework during 2026. At the time, authorities were preparing detailed rules covering investment structures and operations.
Thailand subsequently expanded its legal framework for cryptocurrency derivatives in February, recognizing digital assets such as Bitcoin as eligible underlying instruments for regulated futures and options contracts.
The SEC later proposed allowing retail customers to access certain overseas crypto derivatives through licensed intermediaries. The August proposal required eligible products to meet prescribed standards and use approved clearing arrangements, with public consultation closing on September 30.
For crypto ETFs, the October 8 announcement confirms the completed regulations, including rules governing fund establishment, outsourcing, custody and securities trading.
The regulator published the framework through five notifications from the Capital Market Supervisory Board and six from the SEC’s office. Among them is Notification Sor Nor. 15/2569, which specifies the cryptocurrencies eligible for investment by crypto ETFs.
The remaining notifications address fund management, prospectus disclosures, client services, supervision and margin lending.
Asset management companies seeking to introduce Bitcoin or Ether ETFs must comply with the requirements once the regulations take effect. The October 8 SEC announcement did not identify an approved ETF issuer, a confirmed trading launch date or a ticker for the first products.
