Thailand SEC has received no crypto ETF applications

Thailand's Securities and Exchange Commission has not received a single application to launch a spot crypto exchange-traded fund, even though several asset managers have come to it with questions about the product.

The regulator told Cointelegraph in a statement on Thursday that "no asset management company has yet submitted an application for approval to establish a crypto ETF," and it declined to name the companies that had held consultations. The SEC also said it was too early to say whether the first products would be approved before the end of 2026, adding that timing depends on applicants' readiness, regulatory reviews and investor protection requirements.

Crypto Briefing reached the same conclusion in a report published Oct. 22 by John Chen. The regulator has set no launch timeline, named no prospective issuers, and cannot confirm whether the first Thai crypto ETFs will reach the market in 2026. The framework has only been effective since Oct. 16, which leaves little time for an issuer to move from consultation to a listing this year.

The SEC has not said how many asset managers have approached it or published a list of the firms involved. What it has published is the rulebook. The SEC finalized 11 notifications establishing the framework on Oct. 8, and the package took effect Oct. 16, allowing licensed Thai asset managers to create locally listed funds that track a single eligible asset. Bitcoin and Ether are the assets that qualify so far.

The SEC release, numbered 216/2026, shows how the rules were built. The regulator ran public hearings on the proposed principles during April and May 2026 and on the draft notifications during August and September 2026, and it said most respondents supported both. Asset managers seeking to launch a fund have to show adequate organizational readiness, with personnel, operating systems and service providers in place so the fund can run securely.

The conditions are specific. A fund must be passive, track one asset, and keep at least 80% average annual net exposure to that asset. It must trade only on the Stock Exchange of Thailand and use digital asset custodians approved by the SEC. Buyers have to complete risk education and acknowledge the risks before purchasing, and securities firms cannot offer margin loans on the products.

CoinDesk, which covered the rules when they were issued, added details on how the products get run. Thai asset managers can outsource crypto investment management to licensed digital-asset fund managers, and regulated custodians and other qualified firms can register as fund supervisors. Brokers cannot lend clients money to buy the funds. In the initial phase, the SEC is not allowing products that give non-institutional clients indirect access to foreign crypto ETFs, such as depositary receipts, and the regulator has said it wants to broaden the market beyond bitcoin.

Thai mutual funds and private funds can invest in the domestically listed crypto ETFs within their existing limits. Before this framework, the only route to crypto ETF exposure for Thai investors was foreign-access funds, which were limited to institutional and ultra-high-net-worth clients. Once a fund lists, retail investors can buy Bitcoin or Ether exposure the same way they buy any other security on the Thai exchange, without holding a wallet or using a crypto exchange.

The release also says how the SEC will widen the list of eligible coins later. Future assets will be judged on liquidity, broad market acceptance, network security and investor protection, with Bitcoin and Ethereum the only choices in the initial stage. Asset managers must disclose enough information for investors to understand the fund's structure, how it works, which service providers are involved and what risks it carries, and any outsourcing of investment management has to go to a licensed digital-asset fund manager.

Thailand already has indirect exposure products. Several companies offer Thai investors Bitcoin exposure through funds linked to overseas ETFs. ONE Asset Management became the first Thai manager to receive approval for a Bitcoin ETF-linked fund in 2024, and MFC Asset Management later introduced a fund that invests through BlackRock's iShares Bitcoin Trust.