Thailand’s Securities and Exchange Commission has built a road for spot crypto ETFs. So far, nobody has driven on it.

The regulator says several asset managers have approached it for consultations on launching spot crypto funds. It has not received a single formal application, and it cannot say whether the first Thai crypto ETFs will reach the market in 2026.

The groundwork came in the form of 11 notifications that the SEC finalized on October 8, 2026. Those rules took effect on October 16, 2026.

Under the framework, licensed Thai asset management companies can create passive ETFs. Each fund must track one eligible asset rather than a basket of tokens.

The eligible list is short. For now, only Bitcoin and Ether qualify.

The rules also set a…