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The regulator is proposing a mutual fund structure for spot crypto ETFs with strict exposure requirements and passive-only strategies
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Aug. 25, 2026
Thailand’s Securities and Exchange Commission has kicked off a public consultation period to build out rules for spot crypto ETFs, covering everything from fund structure to custody standards. The consultation opened on April 10 and runs through May 11, giving market participants a month to weigh in on what could become Southeast Asia’s most comprehensive crypto ETF framework.
Only two digital assets made the cut for the initial phase: Bitcoin and Ethereum.
What the proposed rules actually require
The SEC is proposing that these ETFs be structured as mutual funds. Funds would need to maintain an average net exposure of at least 80% of their net asset value to a single eligible digital asset.
The strategy must be passive. No active trading, no tactical allocation shifts.
Listing would be restricted exclusively to the Stock Exchange of Thailand. The SEC is also mandating investor education measures as part of the framework.
Custody and governance standards
The proposed amendments would allow licensed digital asset custodians and qualified digital asset business operators to serve as fund trustees or supervisors.
Context and timeline
This isn’t Thailand’s first move on crypto ETFs. The SEC approved the country’s first spot Bitcoin ETF back in June 2024, structured as a fund-of-funds and aimed primarily at institutional investors.
The new rules are expected to take effect in the third quarter of 2026, following earlier SEC board approvals that greenlit the concept in principle.
Hong Kong approved spot Bitcoin and Ether ETFs in April 2024 but saw relatively modest inflows compared to their US counterparts.
What this means for the market
The 80% NAV exposure requirement leaves a 20% buffer that could be held in cash or cash equivalents for liquidity management.
The consultation period closes May 11, and implementation is targeted for Q3 2026.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Source: cryptobriefing.com