Thailand has just made a big move for crypto traders. The country's Securities and Exchange Commission has issued new rules that will allow locally listed spot Bitcoin and Ethereum ETFs, and the framework is set to take effect on October 16.
The regulator issued 11 notifications to create the rulebook. In this first phase, only Bitcoin and Ether are allowed. No other altcoins are included yet, and the SEC has not given a timetable for adding more coins.
The rules are strict and clear. Each fund must be passively managed and must keep on average at least 80% of its value in a single crypto asset. Funds must use a custodian regulated by the Thai SEC, and their shares can only trade on the Stock Exchange of Thailand.
There are also safety rules for buyers. Investors must acknowledge the risks before trading, and securities companies cannot give margin loans to buy these ETFs. As of October 9, no issuer, ticker or first fund had been announced yet, so October 16 is the start of the rules, not a confirmed first trading day.
For traders, this matters because it opens a new regulated door for Bitcoin and Ethereum demand in Asia, at a time when Bitcoin is holding near $83,000 and Ethereum is near $2,500. The next signal to watch is which asset managers file first after October 16 and how much money those funds attract in their first weeks.
Read also: Ethereum in Trouble? $542 Million Leaves ETH ETFs — But One Expert Still Sees $5,000
This post is news only, not financial advice. Always do your own research before buying or selling crypto.
Sources: CoinDesk, The Block, Cointelegraph, CryptoDaily
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