Thailand’s SEC admitted today that the framework for local spot crypto ETFs is now open, but it has yet to receive a single formal application. The rules were finalized on October 8 and took effect on October 16. They allow only passive, single-asset funds tracking and ; funds must maintain an average net exposure of at least 80% throughout the year. Listings are permitted only on Thailand’s SET, and custody must be handled by an SEC-licensed custodian. Investors must complete risk education before trading, and brokers are prohibited from offering margin leverage. The bar is set high, and although several asset management firms have made inquiries, no one has dared to be first. The SEC says whether these ETFs can launch by the end of 2026 depends on issuers’ readiness and the pace of approvals. Now we’ll see who’s first to take the plunge. #CryptoETF