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Thailand’s Securities and Exchange Commission is expanding its proposed crypto ETF framework beyond Bitcoin and Ethereum. Coin360 reported that the SEC is considering adding Solana to the list of eligible underlying assets, alongside BTC and ETH. Comments on the proposed framework are due September 20. If the rules are finalised on schedule, Thai investors could gain regulated access to multi-asset crypto ETFs before the end of 2026.
What the Proposed Framework Covers
The Thai SEC’s consultation covers two areas. First, a framework for digital asset funds — ETFs and mutual funds — that would hold crypto assets directly, with strict custodian requirements and independent verification of asset holdings. Second, stricter rules for how custodians hold digital assets on behalf of funds, including multi-signature wallet requirements, insurance minimums, and regular third-party audits.
The proposed eligible assets currently include Bitcoin and Ethereum, with the SEC consulting on whether to add Solana as a third eligible asset. The explicit logic is that only crypto assets with sufficient liquidity, market depth, and established price discovery mechanisms qualify — which at this stage means the top few by market capitalisation globally.
Why Solana Is on the Table
Solana’s inclusion is notable. SOL has built a strong institutional following in 2025–2026, with significant ETF inflows in the US as asset managers make the case for its throughput advantages and growing DeFi ecosystem. Globally, Solana’s market cap and trading volumes have crossed thresholds that make it comparable to Ethereum’s market profile a couple of years ago. Including SOL in Thai crypto ETFs would give Thai retail investors exposure to the Layer-1 competition story without needing to self-custody.
Custodian Rules: The Key Detail
The proposed stricter custodian rules may matter more than the asset list. Current Thai regulated crypto funds face criticism for inadequate independent custody verification — the SEC’s new proposals require funds to use qualified custodians with segregated storage, regular on-chain proof of reserves, and minimum insurance coverage. This is the infrastructure layer that makes institutional-grade crypto products credible. Without it, adding SOL or any other asset to the eligible list is meaningless.
The consultations also propose that custodians cannot be affiliates of the fund manager — a separation of duties requirement that mirrors the traditional fund industry. This would likely require some existing Thai crypto fund operators to restructure their relationships with custody providers.
Timeline and What Comes Next
September 20 is the consultation deadline. The SEC has indicated it expects the resulting rules to take effect “later in 2026.” If that means Q4 2026, Thai investors could potentially access the first SEC-approved Bitcoin, Ethereum, and Solana ETFs through Thai brokers and mutual fund platforms before the end of the year. The more likely timeline, given the complexity of the custodian requirements, is H1 2027.
What This Means for Thai Investors
Regulated Thai crypto ETFs would be a significant development for retail access. Currently, Thai investors who want crypto ETF exposure must use international brokerage accounts or buy directly on exchanges like Bitkub or Gulf Binance. SEC-approved ETFs would add a third option: regulated, fund-structured, potentially eligible for inclusion in LTF/RMF tax-advantaged accounts (this is still under discussion), and accessible through existing mutual fund platforms at Thai banks.
The Solana angle matters for portfolio construction. Adding SOL to the eligible asset list alongside BTC and ETH gives fund managers the ability to offer a diversified crypto basket product — the equivalent of a “crypto blue chip” fund that tracks the top three Layer-1 protocols by market cap. For conservative institutional allocators, that’s a more palatable entry point than a pure Bitcoin bet.
What to Watch
September 20: close of consultation. Watch for how many industry respondents push back on the custodian requirements versus which ones support the Solana inclusion. The SEC’s track record in 2026 — Travel Rule, stablecoin cap, overseas derivatives consultation — suggests an active regulator that moves faster than it did in 2023–2024. An optimistic read is that the first Thai-regulated crypto ETFs launch in Q1–Q2 2027.
