Thailand Proposes Draft Rules for Locally Listed Bitcoin and Ether ETFs

Thailand has taken another step towards allowing Bitcoin and Ether exchange-traded funds (ETFs) to be listed on its stock market. The country's Securities and Exchange Commission (SEC) published draft rules for locally established crypto ETFs, which would allow them to track a single cryptocurrency rather than holding a mixed portfolio.

According to the proposal, each ETF would need an average net exposure of at least 80% of its net asset value to the selected asset over each accounting year. The fund would have to follow a single cryptocurrency, such as Bitcoin or Ether, and not hold a mixed portfolio.

The SEC has left room for overseas custody when local arrangements are unavailable or unsuitable. A separate custody consultation identifies 11 jurisdictions being considered for this purpose: South Korea, Hong Kong, Japan, France, Malaysia, Germany, Luxembourg, Liechtenstein, Singapore, the United States, and Ireland.