Thailand's SEC opened public comment Aug. 24 on a framework that would allow onshore passive single-asset funds to hold Bitcoin or Ethereum directly. The proposal would bring the US crypto ETF model inside Thailand's own regulatory walls while keeping the first wave of custody in the hands of Thai-regulated custodians.
The 80% exposure test
Each fund would have to maintain an average net exposure of at least 80% of net asset value to its chosen asset over an accounting year. That's a tight leash — a manager can't drift toward cash or another token without breaking the rule.
Custody stays Thai
At launch, assets would sit with Thai SEC-regulated custodians. The regulator's registry lists Rakkar Digital and Orbix Custodian as licensed custodial wallet providers, and Soberin, Orbix Invest, and Merkle as registered digital-asset fund managers. Thailand also has 24 licensed mutual-fund management companies that could compete for roles if the framework is finalized. The SEC is separately consulting on a framework that could eventually allow qualified foreign custodians in — but that's later.
What stays foreign
The proposal doesn't ban foreign crypto products. Mutual and private funds can already invest in overseas crypto ETFs under existing rules. But Thailand would initially restrict some products tied to foreign ETFs — depositary receipts and certain securities-company arrangements for customers outside institutional and ultra-high-net-worth categories. The aim is to keep the first-wave value chain onshore while still letting some money reach the US market indirectly.
Timeline
Comments close Sept. 20. The SEC expects the rules to take effect later in 2026, though no ETF launch date has been set. US crypto ETFs have pulled in more than $60 billion in net inflows since launch, a fact that hasn't gone unnoticed in Bangkok.
