Thailand crypto ETFs face slow start despite new rules, CoinShares says
New rules open door but inflows may be small
Thailand's first crypto exchange-traded funds (ETFs) — investment vehicles that let people buy shares in a fund tracking a cryptocurrency rather than buying the coin directly — may start slowly even as new rules take effect on Friday.
The regulations allow retail investors in Thailand to access locally listed Bitcoin and Ether ETFs. However, overseas crypto ETF investments through domestic brokers will remain restricted to institutional and ultra-high-net-worth investors.
James Butterfill, head of research at CoinShares, told Cointelegraph he expects "modest inflows initially, with tens of millions of US dollars across the first products a more realistic starting expectation than billions."
Hong Kong shows how tough early adoption can be
Butterfill pointed to Hong Kong as a cautionary example. Despite being a major international financial hub, Hong Kong accounts for just 0.42% of assets in global crypto exchange-traded products (ETPs).
Global crypto investment products held $172.9 billion in assets as of late September 2026, according to CoinShares data, but only $733 million of that was in Hong Kong.
Existing funds may limit new demand
Some Thai investors already have exposure to Bitcoin through foreign funds or direct trading, which could reduce interest in new local ETFs.
MFC Asset Management launched its Bitcoin ETF Tracker Fund (MBTCETF-UI) in 2024. The fund invests in BlackRock's iShares Bitcoin Trust, the world's largest spot Bitcoin ETF. ONE Asset Management also became the first Thai firm in 2024 to receive approval for a Bitcoin ETF-linked fund, according to the source article.
"Local ETFs therefore need to attract new investors or offer a compelling reason to switch," Butterfill said.
No launch dates confirmed
Butterfill said he had not confirmed whether MFC or ONE Asset Management plans to launch a locally listed crypto ETF, nor when any first products might begin trading.
Cointelegraph contacted Thailand's SEC, ONE Asset Management and MFC Asset Management about potential ETF launches but had not received responses by publication time.
What is still unclear
It remains unconfirmed which firms will be the first to launch crypto ETFs on the Stock Exchange of Thailand, what custody and distribution arrangements they will put in place, or how quickly investors may move capital into the new products.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.