在资金流入预期温和和以太坊 ETF 规则不断变化的情况下，泰国为比特币和以太坊 ETF 做好准备

泰国新的比特币和以太坊 ETF 规则生效，旨在提高零售准入，但 CoinShares 预测初始需求谨慎，这与香港市场相似。

Bangkok, Thailand - The landscape of digital asset investment in Thailand is set to transform as new regulations governing Bitcoin and Ether Exchange-Traded Funds (ETFs) take effect starting October 16th. This pivotal move aims to offer local retail investors a regulated gateway into cryptocurrencies through domestically listed products on the Stock Exchange of Thailand. However, industry experts suggest a measured start, with initial inflows anticipated to be modest.

泰国曼谷 - 随着管理比特币和以太币交易所交易基金 (ETF) 的新法规于 10 月 16 日生效，泰国数字资产投资格局将发生转变。这一关键举措旨在通过泰国证券交易所的国内上市产品，为当地散户投资者提供受监管的加密货币门户。然而，行业专家建议谨慎开始，预计最初的资金流入量将不大。

Thailand's New Crypto ETF Framework: Broadening Access, Defining Boundaries

泰国新的加密货币 ETF 框架：扩大准入，定义边界

The newly enacted rules are designed to democratize access to crypto investments for Thai retail investors, allowing them to invest in Bitcoin and Ether ETFs listed on local exchanges. A key distinction in the framework limits the exposure of overseas crypto ETFs through Thai brokers, reserving this avenue primarily for institutional and ultra-high-net-worth individuals. This approach seeks to channel retail investment activity within the country's regulated financial ecosystem.

新颁布的规则旨在使泰国散户投资者获得加密货币投资的机会民主化，使他们能够投资在当地交易所上市的比特币和以太币 ETF。该框架的一个关键区别是限制了泰国经纪商对海外加密 ETF 的投资，这一途径主要为机构和超高净值个人保留。这种方法旨在在该国受监管的金融生态系统内引导零售投资活动。

While the regulatory groundwork is now in place, the immediate commencement of trading for these ETFs is contingent upon individual fund approvals, alongside the establishment of necessary custody and distribution arrangements. This means that despite the effective date of the rules, not all products may be available on day one.

虽然监管基础工作现已到位，但这些 ETF 交易的立即开始取决于个别基金的批准以及必要的托管和分配安排的建立。这意味着，尽管规则生效，但并非所有产品都能在第一天上市。

CoinShares' Modest Outlook: Lessons from Hong Kong

CoinShares 的温和前景：香港的教训

James Butterfill, Head of Research at CoinShares, shared insights suggesting that the initial demand for these Thai crypto ETFs is likely to be conservative. He forecasts inflows in the "tens of millions of US dollars" rather than billions, a sentiment echoed across multiple analyses. Butterfill drew a parallel with Hong Kong, a major financial hub, which currently accounts for a relatively small fraction (0.42%) of global crypto exchange-traded product (ETP) assets. As of late September, global crypto investment products held $172.9 billion in assets under management, with Hong Kong contributing $733 million.

CoinShares 研究主管 James Butterfill 分享的见解表明，对这些泰国加密 ETF 的最初需求可能是保守的。他预测资金流入量为“数千万美元”，而不是数十亿美元，这一情绪在多项分析中得到了呼应。 Butterfill 与主要金融中心香港进行了比较，目前香港在全球加密货币交易所交易产品（ETP）资产中所占的比例相对较小（0.42%）。截至9月底，全球加密货币投资产品管理资产达1729亿美元，其中香港贡献了7.33亿美元。

This comparison underscores that the mere availability of a regulated product does not guarantee rapid adoption. Factors such as investor awareness, existing investment avenues, and the compelling nature of the product structure itself play crucial roles. For Thailand, this implies that early performance might reflect market mechanics rather than a lack of investor interest in cryptocurrencies.

这一比较强调了受监管产品的可用性并不能保证快速采用。投资者意识、现有投资途径以及产品结构本身的吸引力等因素发挥着至关重要的作用。对于泰国来说，这意味着早期表现可能反映了市场机制，而不是投资者对加密货币缺乏兴趣。

Potential Issuers and the Road Ahead

潜在发行人及未来之路

Several Thai asset managers are poised to be key players in this evolving market. MFC Asset Management, having already launched a Bitcoin ETF Tracker Fund in 2024 that invests in BlackRock's iShares Bitcoin Trust, is one to watch. Similarly, ONE Asset Management, recognized as the first Thai asset manager to receive approval for a Bitcoin ETF-linked fund in 2024, is also in the spotlight. However, concrete details regarding their plans for locally listed crypto ETFs and their trading timelines remain unconfirmed, with official responses from the involved parties pending.

几家泰国资产管理公司有望成为这个不断发展的市场的关键参与者。 MFC 资产管理公司 (MFC Asset Management) 已于 2024 年推出了比特币 ETF 追踪基金，该基金投资于贝莱德 (BlackRock) 的 iShares 比特币信托 (iShares Bitcoin Trust)，值得关注。同样，ONE Asset Management 也成为人们关注的焦点，该资产管理公司被认为是首家在 2024 年获得比特币 ETF 相关基金批准的泰国资产管理公司。然而，有关他们在本地上市的加密货币 ETF 计划及其交易时间表的具体细节尚未得到确认，相关各方的正式回应仍在等待中。

The success of these local ETFs may hinge on their ability to attract genuinely new capital or offer a distinct convenience advantage over existing foreign funds or direct crypto trading options. Investors will be keen to see if these new offerings can provide a compelling reason to switch, beyond simply replicating existing exposure.

这些本地 ETF 的成功可能取决于它们吸引真正新资本的能力，或者比现有外国基金或直接加密货币交易选择提供明显的便利优势。投资者将热衷于了解这些新产品是否能够提供令人信服的转换理由，而不仅仅是简单地复制现有的风险敞口。

What to Watch Next

接下来看什么

The coming weeks and months will be critical for understanding the trajectory of Thailand's crypto ETF market. Key developments to monitor include the speed at which issuers secure final approvals, the finalization of operational arrangements, and, most importantly, whether these locally listed ETFs can attract incremental investor capital. While the regulatory framework is a significant step forward, the market's response will ultimately shape the success of this new venture. So, let's grab some popcorn and watch this space unfold!

未来几周和几个月对于了解泰国加密 ETF 市场的发展轨迹至关重要。需要监控的关键进展包括发行人获得最终批准的速度、运营安排的最终确定，以及最重要的是，这些本地上市 ETF 是否能够吸引增量投资者资本。虽然监管框架是向前迈出的重要一步，但市场的反应将最终决定这家新企业的成功。那么，让我们拿起一些爆米花，观看这个空间的展开吧！