Thailand’s first crypto exchange-traded funds (ETFs) may get off to a slow start despite Bangkok’s efforts to expand access to regulated digital asset investments.

“I would expect modest inflows initially, with tens of millions of US dollars across the first products a more realistic starting expectation than billions,” James Butterfill, head of research at digital asset investment firm CoinShares, told Cointelegraph.

The country opens a new route for crypto exposure on Friday as its rules for Bitcoin (BTC) and Ether (ETH) ETFs to list on the Stock Exchange of Thailand take effect.

The rules will allow retail Thai investors to access locally listed crypto ETFs, while restricting overseas crypto ETF investments through domestic…