Thailand's SEC Proposes Crypto ETF Framework Favoring Local Firms

Thailand's Securities and Exchange Commission (SEC) has opened public comment on rules that would allow domestic fund managers, the Stock Exchange of Thailand, and locally regulated custodians to have a structural advantage in the country's proposed crypto exchange-traded fund (ETF) framework.

The proposal, which started on August 24, initially allows passive, single-asset funds focused on Bitcoin or Ethereum. Each fund would need to maintain an average net exposure of at least 80% of its net asset value to its chosen asset over an accounting year.

The proposed products would bring the model used in the United States, where crypto ETFs have attracted more than $60 billion in net inflows since launch, onshore while keeping much of the first-wave value chain inside the country.