泰国在允许本地设立比特币和以太坊交易所交易基金（ETF）方面迈出了重要的一大步。.
"(《世界人权宣言》) 泰国证券交易委员会 已发布可通过泰国证券交易所上市的基金让投资者涉足比特币和 Ethereum 的法规草案。.
咨询期开放至2026年9月20日，美国证券交易委员会（SEC）预计新框架将于2026年期间生效。.
截至目前，在这些规则下尚未有泰国比特币或以太坊 ETF 获批。然而，泰国现在已经不再讨论是否应该允许加密货币 ETF，而是正在规划国内市场将如何运作。.
概览
根据拟议的规则：
- 泰国资产管理公司可以设立加密货币 ETF
- 比特币和以太坊将成为首批符合条件的加密货币
- 基金将在泰国证券交易所独家交易
- 基金必须将对单一加密货币的平均净头寸维持在其净资产价值的至少80%
- 这些资金将用于投资并追踪基础加密货币，而投资者则通过持有ETF份额来获得风险敞口
- 数字资产通常应由受监管的泰国托管机构持有
- 在必要和适当的情况下，可以允许合格的境外托管机构入境。
- 加密货币ETF将被归类为风险等级8+
- 散户投资者在投资前将获得额外的风险信息
- 证券公司不得为购买加密ETF提供融资融券服务
对于在泰国的海外侨民来说，这些提案可能会创造一种更简单的方式来获取比特币或以太坊的投资敞口，而无需通过交易所或数字钱包亲自持有加密货币。.
它们还可能在托管、记录保存和税务处理方面产生重大差异。.
泰国提出了什么建议？
SEC首先 咨询泰国加密货币ETF框架相关事宜 在2026年4月10日至5月11日之间。大多数受访者支持这些提案。.
现已发布详细的法规草案，涵盖这些基金如何设立、管理、持有以及向投资者销售。.
拟议的产品是在泰国证券交易所上市的泰国共同基金。.
投资者可以通过证券账户购买受监管基金的份额，而不是直接通过加密货币交易所购买比特币。该基金将在基金架构内持有该加密货币。.
这意味着比特币 ETF 的投资者持有的是基金份额，而不是个人钱包中的比特币。.
比特币和以太坊将位居前列
SEC 已将比特币和以太坊确定为首批符合泰国加密货币 ETF 资格的加密货币。.
未来的增补可能取决于包括以下因素在内的种种因素：
- 流动性与广泛的市场接受度
- 现货市场的成熟度
- 受监管衍生品市场的存在
- 可靠的加密货币价格指数
- 合适的抚养权安排
- 网络安全
- 投资者保护
目前，拟议的框架牢牢地以比特币和以太坊为中心。.
泰国加密货币ETF将如何运作
该基金将采用旨在追踪底层加密货币价格的被动策略。.
基金必须将对某一种加密货币的平均净头寸维持在其净资产价值的80%以上。.
这使得加密货币ETF区别于更广泛的区块链或数字资产基金，后者可能会投资于交易所、矿商、科技公司和其他与加密相关的企业。.
比特币ETF将主要提供对比特币本身的投资敞口。以太坊ETF对以太坊也会起到同样的作用。.
基金经理和托管人将负责加密货币的购买、存储和管理。.
为什么ETF与直接拥有比特币不同
价格敞口可能相似，但所有权结构却大不相同。.
直接购买比特币的人可能需要管理：
- 加密货币交易所账户
- 数字钱包
- 私钥
- 抚养权安排
- 交易记录
- 加密货币专项报告
通过ETF，投资者通过常规投资账户购买受监管的证券，而基金则负责处理底层加密货币。.
这可能更简单，但投资者并不直接拥有或控制比特币或以太坊。.
加密货币ETF的风险仍然很高
受监管的 ETF 并不能消除加密货币风险。.
根据拟议的框架，加密货币ETF将被归类为风险级别8及以上。.
散户投资者在投资前也将获得有关风险的额外信息。适当性评估将考虑投资者的数字资产知识、以往经验以及承担损失的能力等因素。.
美国证券交易委员会（SEC）还提议，通常应建议合格投资者将其总投资组合中不超过5%的资金配置于加密货币相关产品。.
这是一项投资指引，并非对个人可持有的加密货币ETF份额数量的法定限制。此外，该指引也与美国证券交易委员会（SEC）现有的投资限制不同——后者规定某些零售基金的加密货币持仓比例不得超过净资产价值（NAV）的5%。.
禁止使用保证金贷款购买加密货币ETF
证券公司将不得为购买加密货币ETF份额提供保证金贷款。.
其原因是标的资产的波动性，以及使用借来的资金购买波动性较大的投资所产生的额外风险。.
加密货币 ETF 份额仍然可以被接受作为抵押品，但在拟议的保证金规则下，它们将无法产生额外的购买力。.
加密货币将如何被持有？
基础加密货币通常由受泰国证监会监管的数字资产托管机构持有。.
最新提案还允许在必要和适当的情况下引入合格的外国数字资产托管机构。.
在一个 SEC就外国数字资产托管机构展开单独咨询, 监管机构表示，其正在考虑一份初步名单，可能涵盖11个司法管辖区：韩国、中国香港、日本、法国、马来西亚、德国、卢森堡、列支敦士登、新加坡、美国和爱尔兰。.
在初期阶段，受泰国监管的托管机构仍将是主要的托管途径。如果泰国证券交易委员会（SEC）认为有必要且合适，则可能允许合资格的外国托管机构开展业务。.
外国托管机构必须满足涵盖财务实力、监管监督、网络安全、客户资产隔离和公司治理等领域的合规要求。.
对于个人投资者来说，这其中很大一部分会在幕后进行。然而，托管对于任何加密货币ETF的安全都至关重要。.
谁来管理和监督这些资金？
该咨询还涵盖了加密货币 ETF 周边的专业基础设施。.
如果资产管理公司将数字资产投资管理的职责委托出去，该工作必须交由获得许可的数字资产基金经理承担。.
符合资质的数字资产企业也可能被允许专门担任加密货币ETF的基金监督机构。.
这些措施旨在围绕基金建立一个受监管的国内体系，而不仅仅是允许现有投资基金购买加密货币。.
该基金不能简单地将其比特币借出
拟议中的规则还将限制ETF持有的加密货币的使用方式。.
这些资产通常无法投入借贷、存款或其他旨在产生额外回报的安排中，包括通过托管人进行的间接安排。.
这意味着该 ETF 应主要提供对基础加密货币的敞口，而不是通过借贷或收益生成活动来增加额外风险。.
泰国希望建立国内加密货币 ETF 市场
泰国投资者已经拥有一些投资海外加密货币产品的渠道，尽管这些渠道可能仅限成熟或高净值投资者使用。.
拟议的框架走得更远，通过在泰国证券交易所交易本地设立的加密货币ETF来实现。.
拟议的变更还将允许泰国共同基金和私募基金投资于在泰国注册成立的加密货币ETF，但须遵守现有的投资限额。.
在初期阶段，美国证交会（SEC）还提议限制普通投资者访问外国加密货币ETF的一些替代途径。.
这些包括与外国加密货币ETF挂钩的存托凭证，以及泰国证券公司为散户客户投资海外加密货币ETF提供便利的安排。.
这表明泰国并不仅仅是在努力让海外加密货币 ETF 的购买变得更加容易。.
它正试图建立一个国内受监管的加密货币ETF市场。.
这对在泰国的外国人意味着什么？
对于外籍人士而言，拟议结构中最明显的特征之一是，可以通过泰国证券账户而非加密货币交易所或个人钱包来获得比特币或以太坊的敞口。.
投资者可能会考虑的功能包括：
更简单的托管
投资者不需要亲自管理加密货币钱包或保管私钥。.
更清晰的投资记录
买卖将出现在证券账户内，而不是跨交易所、钱包和其他平台。.
更简便的投资组合集成
Bitcoin or Ethereum exposure could sit alongside conventional investments within the same portfolio.
A Regulated Thai Structure
The fund manager, broker and custody arrangements would operate within Thailand’s regulated securities system.
None of this removes the investment risk. It simply changes how the exposure is obtained and managed.
What About Thai Tax?
This could become one of the most important differences for investors.
Thailand currently provides a temporary personal income tax exemption for qualifying cryptocurrency and digital token gains from transfers made through licensed Thai digital asset exchanges, brokers or dealers.
That exemption applies from 1 January 2025 until 31 December 2029 under the current rules.
A Thai Bitcoin ETF would be different.
The investor would be buying and selling units in a Thai mutual fund, not personally buying and selling the cryptocurrency held by the fund.
If the final framework retains the proposed Thai mutual fund structure, gains realised by an individual from selling crypto ETF units should fall under the rules applying to mutual fund or ETF units rather than the separate temporary exemption for direct cryptocurrency disposals.
Under current Thai rules, gains realised by individual investors from selling Thai ETF units are generally exempt from personal income tax. The Stock Exchange of Thailand’s ETF guidance explains the current tax treatment of ETF gains and distributions.
Fund distributions can be taxed differently.
The final position should still be confirmed once the regulations are issued and the first Thai crypto ETF prospectuses are available.
For a broader explanation of how digital assets are currently taxed, see our complete guide to cryptocurrency tax in Thailand.
Why 2029 Could Become Important
Thailand’s current exemption for qualifying direct cryptocurrency gains is due to expire at the end of 2029, unless it is extended or replaced.
That exemption is itself conditional on qualifying transactions being conducted through licensed Thai digital asset exchanges, brokers or dealers. The underlying exemption is set out in the Thai Revenue Department’s current Ministerial Regulations.
The tax rules applying to Thai mutual fund and ETF units operate separately.
The rules may change before 2030 and there is no basis at this stage for assuming that an ETF will provide a tax advantage after 2029.
It is nevertheless possible that the treatment of directly owned cryptocurrency and cryptocurrency held through an ETF could diverge in the future.
The important distinction is that owning cryptocurrency and owning a fund that owns cryptocurrency are not the same thing for tax purposes.
What are the Trade-Offs?
A crypto ETF would not automatically be better than holding cryptocurrency directly.
Investors would still need to consider:
- Fund management charges
- Brokerage costs
- Tracking differences
- Market liquidity
- Trading hours
- Custody and operational risks
- Bitcoin and Ethereum trade continuously.
- A Thai ETF would trade only during Stock Exchange of Thailand trading hours.
An investor using an ETF would also not be able to move the underlying cryptocurrency between wallets or use it within the wider crypto ecosystem.
No Thai Bitcoin ETF Has Been Approved Yet
The SEC has published draft regulations. Thailand has not yet approved a locally established Bitcoin or Ethereum ETF under the new framework.
The consultation remains open until 20 September 2026.
The SEC expects the framework to take effect during 2026, but the final rules could change following consultation.
Asset managers would then still need to establish funds and obtain the necessary approvals before trading could begin.
接下来会发生什么？
- The key stages to watch are:
- The consultation closes on 20 September 2026
- The SEC considers the responses
- Final regulations are issued
- Asset managers apply to establish crypto ETFs
- The first Bitcoin or Ethereum ETF is approved
- Trading begins on the Stock Exchange of Thailand
The final regulations and first fund prospectuses should provide more detail on costs, custody and tax treatment.
What to Watch Next
The key distinction for investors is whether they own cryptocurrency directly or own units in a fund that provides cryptocurrency exposure.
The two approaches may provide similar exposure to price movements, but their legal, custody, operational and tax characteristics are different.
For expats in Thailand, those differences can become particularly important where investments also involve overseas exchanges, foreign income or multiple jurisdictions.
For more detailed guidance on the current tax rules, reporting and record keeping for digital assets, see our Thailand Crypto Tax Guide for Expats.
Thailand is Bringing Crypto Further into the Mainstream
The proposals are significant because they bring digital assets further into Thailand’s mainstream regulated financial system.
A Thai Bitcoin or Ethereum ETF could allow investors to gain cryptocurrency exposure through a familiar investment structure while leaving custody and administration to regulated professional providers.
It would not make Bitcoin or Ethereum less volatile and it would not remove the need to understand the tax consequences.
It would, however, mark another important step in the development of Thailand’s regulated digital asset market.
The next key date is 20 September 2026, when the current SEC consultation closes.
Expat Tax Thailand will continue to monitor the proposals and update this guidance as the final rules and first Thai crypto ETF products emerge.
Need Help Understanding Crypto Tax in Thailand?
Crypto tax in Thailand can become complicated quickly, particularly where investments involve overseas exchanges, multiple wallets, foreign income or transfers into Thailand.
If you need help understanding how the Thai tax rules may apply to your cryptocurrency, speak to the Expat Tax Thailand team. We can help you review your position, identify potential tax and reporting obligations and understand the next steps.
重要： This article provides general information only and does not constitute investment, financial or tax advice. Crypto assets and crypto ETFs can involve substantial risk. The proposed SEC rules remain subject to consultation and may change before taking effect. Individual tax treatment depends on the investor’s circumstances.
