Thailand's SEC: 11 crypto ETF rules, then a block on Vcex.io from November 7

What the SEC did in three days

Thailand's Securities and Exchange Commission (SEC) published three digital asset actions in three days:

• October 7 (News No. 215/2026): a criminal complaint against As Sure Technology Co., Ltd. and four related people for running an unlicensed digital asset exchange, with access to it blocked from November 7, 2026.
• October 8 (No. 216/2026): 11 notifications that set up crypto ETFs in Thailand, which the SEC said aim to broaden investment opportunities under an investor protection framework.
• October 9 (No. 220/2026): a public consultation on changes to the rules for the Disciplinary Committee for Digital Asset Businesses.

An ETF is a fund that trades on a stock exchange like a share. A crypto ETF holds coins such as Bitcoin, so investors get price exposure through a normal brokerage account instead of a crypto exchange.

How Thai crypto ETFs will work

The October 8 rules follow two rounds of public hearings: one on the principles in April and May 2026, and one on the draft notifications in August and September. The SEC said most respondents supported both. The 11 notifications take effect on October 16, 2026, the SEC said. The main points:

• Eligible coins: the SEC picks them based on liquidity, broad market acceptance, network security and investor protection. At first, only Bitcoin and Ethereum.
• Passive funds: each ETF tracks the price of its coin and must keep average net exposure to that single coin at 80% or more of net asset value over each accounting year.
• Custody: fund assets may be held only by digital asset custodians regulated by the SEC. Those custodians, and other qualified digital asset firms, may also register as the fund supervisor for crypto ETFs only.
• Trading: crypto ETFs list and trade only on the Stock Exchange of Thailand. Investors must confirm they understand the risks before trading.
• No borrowing: brokers may not give margin loans to buy crypto ETFs, in line with the existing ban on lending to buy crypto on Thai exchanges.
• Management: an asset manager may outsource the crypto investment work only to a licensed digital asset fund manager, and must show it has the staff and systems to run the fund.

The August draft also said Thai mutual funds and private funds could buy Thai crypto ETFs within existing limits. It added that, in the first phase, the SEC would not allow new products linked to foreign crypto ETFs, such as depositary receipts, for investors who are not institutional or ultra-high-net-worth.

Why Vcex.io gets blocked on November 7

The enforcement case is narrower but has a hard date. The SEC said As Sure Technology ran the Vcex.io website and VCEX app, which let users trade digital assets by matching their orders and charged fees, from December 24, 2021, to September 2, 2022. The platform offered services in Thai and was promoted at events in Thailand and online. The SEC treats that as running an exchange without a license under the 2018 Emergency Decree on Digital Asset Businesses, according to its October 7 notice.

The complaint, filed with the Economic Crime Suppression Division, names the company and four people, including three directors at the time. The SEC also sent the platform's details to the Ministry of Digital Economy and Society, which can order unlicensed trading platforms blocked under a 2025 royal decree. Public access to Vcex.io will be blocked from November 7, 2026. The SEC did not give user numbers or amounts. A complaint is an allegation. The case still has to go through investigators, prosecutors and the courts.

It follows a pattern. In July, the SEC filed a criminal complaint against Bitkub Online Co., Ltd. and two former directors, alleging false statements in its daily net capital reports after a May 2021 hack in which customer assets worth about 1.7 billion baht were withdrawn, the SEC said. In both releases, the SEC warned that users of unlicensed operators are not protected by law and pointed them to its SEC Check First app to verify licensed firms.

More rules on the way

October's actions come on top of a Travel Rule for digital assets that the SEC issued on September 2. Under Notification Sor Thor. 9/2026, crypto firms must send sender and receiver information with each transfer, check counterparties, verify ownership of self-hosted wallets, and keep the records for at least five years, the SEC said. It takes effect on February 27, 2027.

SEC Secretary-General Pornanong Budsaratragoon said the rules will "enhance the capability to combat technology-related crimes."

Thailand's licensed exchange market is also changing hands. Bitget is buying a Thai exchange, as LC Insight reported.

What's next

• Whether access to the Vcex.io platform is blocked on November 7 as announced
• The first asset managers to file for a Thai crypto ETF
• Final rules from the Disciplinary Committee consultation
• Travel Rule compliance ahead of February 27, 2027