Thailand’s Securities and Exchange Commission (SEC) is moving closer to a formal regulatory pathway for spot Bitcoin and Ether exchange-traded funds (ETFs), shifting from high-level concepts to draft rules and inviting public feedback. In parallel, the regulator is revising how it approaches the use of foreign digital-asset custodians for funds that invest in crypto.

According to the Thai SEC, the agency is seeking comments on two separate consultation papers. One outlines draft regulations for Thai-listed spot crypto ETFs, while the other sets out the qualification principles for foreign digital-asset custodians used by mutual and private funds investing in digital assets. The consultation period runs until Sept. 20.

Key takeaways

• Draft Thai ETF rules would initially limit eligible underlying assets to Bitcoin and Ether only.
• Spot Bitcoin and Ether ETFs would trade exclusively on the Stock Exchange of Thailand (SET).
• ETFs would need to maintain an average net exposure of at least 80% of net asset value to the tracked crypto asset over each accounting year.
• The SEC’s revised custody approach keeps onshore custodians as the default in early stages, while allowing qualified foreign custodians only when the SEC deems it necessary and appropriate.

Draft spot Bitcoin and Ether ETF framework heads to consultation

In its Monday announcement, the SEC said it is progressing the framework for locally listed spot Bitcoin and Ether ETFs from earlier proposed principles to draft regulatory text. The draft ETF regulations build on an April consultation covering the broader framework, the SEC noted, saying most respondents supported the overall direction but raised concerns—particularly around custody arrangements.

Under the proposed structure, each Thai-domiciled ETF would track a single crypto asset—meaning a product tied to Bitcoin would be different from one tied to Ether. During the initial phase, the SEC would not allow alternative crypto-linked products that reference foreign ETFs, such as depositary receipts tracking them.

For investors, the emphasis on single-asset tracking is designed to keep the fund’s exposure focused and easier to monitor against the relevant benchmark. The SEC’s exposure requirement—minimum 80% average net exposure to the referenced asset over each accounting year—also signals that the regulator expects the funds to behave like straightforward spot trackers rather than multi-asset or structurally complex vehicles.

Where Thai ETFs would trade and how funds could access them

The draft rules specify that Bitcoin and Ether ETFs would trade exclusively on the Stock Exchange of Thailand (SET). This point matters for market participants because it concentrates secondary trading under a single venue and aligns the product with the mechanics of Thailand’s established exchange infrastructure.

The SEC also clarified how crypto ETFs could be used by other local investment vehicles. The draft rules would allow mutual funds and private funds to invest in Thai-domiciled crypto ETFs, in addition to foreign crypto ETFs that these funds are already permitted to hold under existing investment limits.

However, the SEC drew a boundary around what counts as eligible exposure during the opening phase. Even if foreign ETF access is otherwise permitted through existing rules, the SEC said it would not allow products based on foreign crypto ETFs—specifically including depositary receipts that track them—at least at the start.

Revised stance on foreign custody for mutual and private funds

The second consultation paper addresses custody, and the SEC’s wording reflects a more cautious approach than some market participants may have expected. The regulator said the revised approach would keep onshore digital-asset custodians as the primary custodians for crypto ETFs during the initial phase.

“Under the revised approach, crypto ETFs will continue to be primarily required to use onshore DA [digital asset] custodians, while the SEC may permit the use of qualified foreign DA custodians when necessary and appropriate in light of prevailing circumstances,” the SEC said.

That “necessary and appropriate” language effectively gives the SEC room to evaluate specific custody situations rather than automatically allowing foreign custodians. It also suggests the regulator is trying to balance institutional needs for operational flexibility with Thailand’s preference to anchor high-stakes crypto safeguards within its own regulatory perimeter—at least early on.

For mutual and private funds, the SEC’s separate foreign-custodian proposal adds additional requirements. Foreign custodians used for these funds would need to be supervised by a regulatory authority with legal powers. They would also have to operate under regulatory and investor-asset protection standards that the SEC considers adequate.

In practice, the SEC is setting a qualification test rather than a blanket approval system. This matters because custody is often the operational bottleneck for regulated crypto investment products: investors may accept a new regulatory wrapper for spot exposure, but they require credible safeguarding and compliance structures behind the scenes.

Why Thailand’s approach matters for institutions

Thailand’s SEC is positioning the ETF framework as part of the country’s ambition to become a global digital asset hub for institutions. The consultations show that the SEC’s priority is not only launching ETFs, but structuring them in a way that addresses the concerns most frequently raised in early stages of crypto product regulation: custody standards, product design, and limits on how crypto exposure can be packaged.

Notably, the SEC’s draft regulations also reflect lessons from the April feedback cycle. The regulator said most respondents supported the framework’s general direction, but custody-related comments pushed it to revise its approach—an important sign that investor protection remains the central theme as Thailand formalizes spot ETF rules.

Market participants should watch how commenters respond to the SEC’s custody stance. If the industry pushes for broader acceptance of foreign custodians, regulators may respond with clarifications on what “necessary and appropriate” will mean in practice and what evidence custodians must provide to meet Thai SEC adequacy expectations.

With both consultation papers open until Sept. 20, the next phase will determine how the SEC finalizes the ETF rulebook and what flexibility—if any—extends beyond Thailand-based custodians as product launches approach. Readers should focus on the custody requirements and how the exposure limits and product eligibility rules evolve in response to public submissions.

Thirty-nine US state banking associations have formed the BankChain Alliance to build a nationwide, industry-owned blockchain network for banks, targeting a 2027 launch. 

On Tuesday, the alliance announced that the network intends to support smart payment tools, tokenized deposits, stablecoins and automated settlement. BankChain said it plans for the network to be interoperable with other blockchains and said it was selecting a technology partner. 

The participating associations represent thousands of financial institutions across the US. BankChain said it will invite banks nationwide to take ownership of stakes. However, the announcement did not mention individual banks that have committed to joining or disclose how the network will be governed or funded. 

BankChain joins several US bank-led networks announced or advanced since late 2025, spanning major, regional and community lenders building shared infrastructure for moving deposits and payments onchain within the regulated banking system. 

Cointelegraph reached out to BankChain for more information but did not receive a response before publication. 

US banks build shared onchain payment networks

In June, The Clearing House announced an onchain money initiative supported by JPMorgan Chase, Bank of America, Citi, BNY and Wells Fargo. The proposed network would clear and settle tokenized deposits between banks and connect blockchain activity with its existing payment systems. 

Unlike independently issued stablecoins, tokenized deposits represent claims on individual banks and retain their treatment as commercial bank money. The structure allows banks to offer programmable and round-the-clock transfers while keeping customer funds on their balance sheets. 

Related: World Liberty Financial launches USD1 natively on Canton Network

Regional lenders are pursuing a separate network through Cari, which was developed with Huntington, First Horizon, M&T Bank, KeyBank and Old National. Cari launched a minimum viable product in March and had attracted more than 30 participating banks by July. 

Community banks have also formed the DTX Consortium through the Independent Bankers Association of Texas. IBAT said in June that membership had exceeded 50 banks as the group prepared a tokenized-deposit pilot. 

Stablecoin developers are also turning to consortium models. In June, Open Standard named more than 140 payments, banking, technology and crypto companies in connection with Open USD, a dollar-backed stablecoin expected to launch later in 2026. 

The project plans to offer businesses fee-free minting and redemption while distributing reserve earnings to participating companies.

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Standard Chartered Bank (Hong Kong) (SCBHK) says it has become the first authorized bank to distribute HKDAP, a regulated Hong Kong dollar-backed stablecoin issued by Anchorpoint Financial.

In a press release issued Monday, SCBHK stated that it is beginning discussions with eligible institutional clients and partners on potential use cases. These include tokenized fund settlements, treasury operations and cross-border payments, rolled out in phases.

Key takeaways

• SCBHK becomes the first licensed banking distributor for HKDAP, bringing a regulated HKD stablecoin closer to traditional banking rails.
• Anchorpoint’s HKDAP is already entering the market via beta access through HashKey Group and OSL, and SCBHK’s distribution follows soon after.
• Near-term plans include intragroup settlements across SCBHK’s banking network, with broader product applications expected later.
• In the fourth quarter, SCBHK plans to support HKDAP-based subscriptions and settlements for tokenized money market funds with asset managers.
• The launch aligns with Hong Kong’s Stablecoins Ordinance, which took effect Aug. 1, 2025, and the HKMA’s licensing framework for reserve backing and AML controls.

From beta access to bank-led distribution

The move expands HKDAP availability into conventional banking nearly two weeks after Anchorpoint began beta access for the stablecoin via HashKey Group and OSL. By shifting distribution into a regulated bank channel, SCBHK is positioning itself as a bridge between institutional demand and tokenized settlement workflows.

SCBHK also indicated it expects to introduce additional commercial applications over the coming months. While the bank did not spell out a full product roadmap in the announcement, its initial focus suggests it is prioritizing settlement-grade use cases where stablecoin behavior and compliance requirements matter most.

Planned HKDAP use: funds, treasury, and payments

According to SCBHK, its distribution strategy will target concrete operational needs. For clients, the bank highlighted applications such as:

• Tokenized fund settlements, where stablecoin-based payment legs could be paired with tokenized assets.
• Treasury operations, potentially enabling more efficient movement and management of HKD-linked value.
• Cross-border payments, where stablecoin rails are often explored as a complement to traditional correspondent banking.

Beyond those categories, SCBHK provided more specific near-term and mid-term intentions. It plans to introduce HKDAP-based subscriptions and settlements for tokenized money market funds with both international and local asset managers in the fourth quarter. It also intends to use HKDAP for intragroup settlements across its banking network in the near term.

For market participants, this sequencing is notable: bank internal settlement pilots typically help institutions validate operational mechanics before rolling out external-facing products that require coordination across multiple counterparties and market infrastructure providers.

Why the regulatory channel matters for Hong Kong dollar stablecoins

Anchorpoint’s HKDAP is issued under Hong Kong’s evolving stablecoin framework. The Stablecoins Ordinance took effect on Aug. 1, 2025, with the Hong Kong Monetary Authority (HKMA) publishing supervisory guidelines and establishing a public register of licensed issuers ahead of the implementation.

Earlier this year, on April 10, the HKMA granted its first stablecoin issuer licenses to Anchorpoint and to HSBC’s Hong Kong banking arm. Those authorizations were issued under rules designed to cover reserve backing, redemption processes, governance arrangements and Anti-Money Laundering (AML) controls.

Against that backdrop, SCBHK’s distributor role is significant because it formalizes access through a conventional regulated intermediary. In her comments, SCBHK CEO Mary Huen linked the bank’s interest pipeline to the issuer licensing milestone, saying that since Anchorpoint received its stablecoin issuer licence, clients have shown strong interest in how HKDAP could support business needs.

Anchorpoint’s backers and the timeline behind HKDAP

Anchorpoint Financial is a joint venture formed by Standard Chartered’s Hong Kong arm, telecommunications company HKT and Web3 investment company Animoca Brands. Standard Chartered is Anchorpoint’s largest shareholder, and the licensed issuer operates as a subsidiary of the bank.

In February 2025, the partners announced plans for an HKD-backed stablecoin after participating in the HKMA’s stablecoin issuer sandbox starting in July 2024. Later, in August 2025, they formally established Anchorpoint Financial and moved toward obtaining an issuer licence.

SCBHK’s announcement therefore sits at the intersection of two developments: Hong Kong’s licensing regime for stablecoin issuance and the practical effort to distribute and deploy a Hong Kong dollar stablecoin through regulated banking channels. That combination is likely to influence how quickly institutional counterparties feel comfortable integrating HKDAP into settlement workflows, especially for tokenized fund products.

Related coverage from earlier reporting noted Hong Kong’s warning about fake stablecoins impersonating major brands, underscoring how licensing and regulated distribution can help reduce confusion for market participants seeking legitimate products.

For readers tracking Hong Kong’s tokenized finance trajectory, the next signals to watch are whether SCBHK’s fourth-quarter plans for money market fund subscriptions and settlements progress as described, and how quickly HKDAP expands from intragroup testing into broader client deployments across treasury and cross-border payment use cases.

RockawayX has begun seeking $150 million for a new fund focused on undervalued tokens and crypto-related stocks after acquiring Relayer Capital.

RockawayX targets undervalued tokens and crypto stocks

On Aug. 25, Forbes reported that RockawayX is seeking $150 million for a new liquid opportunities fund following its acquisition of crypto hedge fund Relayer Capital.

Citing people familiar with the matter, the report said the fund will invest in “undervalued tokens and crypto-related equities.” The planned strategy would give RockawayX exposure to assets that can be traded more easily than private investments held through its existing venture funds.

RockawayX has not publicly announced the acquisition or disclosed the transaction’s financial terms. The company also has not confirmed the fundraising timetable, minimum investment, fee structure, or jurisdictions in which the new fund will be offered.

Relayer founder Austin Barack will remain with RockawayX and manage the vehicle, according to Forbes. Before starting Relayer in 2024, Barack worked as a partner at CoinFund, where his responsibilities included venture and liquid investments.

Relayer describes itself as a thesis-driven cryptoasset investment fund supporting blockchain infrastructure, protocols, and applications. Its public company profile lists Barack as its founder and managing partner and identifies him as the firm’s only employee.

Relayer’s reported 70% return supported the acquisition

Relayer returned approximately 70% during 2026, according to the unnamed sources cited in the report. Positions in Hyperliquid and the decentralized artificial intelligence platform Venice AI reportedly contributed to its performance.

Forbes said Hyperliquid’s HYPE token had gained 219% during the year, while Venice AI’s VVV token had risen 1,006%. At the time of the report, HYPE had a market value of approximately $18 billion, and VVV was valued at more than $800 million.

Neither RockawayX nor Relayer has released audited results confirming the reported 70% return. Details such as the fund’s starting asset value, position sizes, and whether the performance figure accounts for fees also remain undisclosed.

Hyperliquid operates an on-chain derivatives exchange that offers perpetual futures and spot trading. Its token reached a fresh all-time high above $83 in August after a strong weekly advance, while rising trading activity and demand for perpetual futures supported the move.

Venice AI provides private access to generative artificial intelligence tools and uses VVV as its native token. Barack discussed Venice and other decentralized AI projects during a May interview about the investment case for crypto-linked AI infrastructure.

The fund’s reported focus would differ from RockawayX’s venture strategy because liquid tokens and public equities can be bought or sold without waiting for a private company exit or token vesting schedule. Price swings, limited token liquidity, and changes in listed crypto stocks could still affect the value of its positions.

RockawayX has expanded beyond venture investing

RockawayX says it oversees approximately $2 billion across its investment, liquidity, and blockchain infrastructure divisions. The Prague-founded firm operates venture funds, a market-neutral credit strategy, validator infrastructure and an on-chain liquidity business.

Its existing market-neutral fund has operated since April 2022 and has delivered a 42.59% absolute return since inception, net of fees, according to RockawayX’s fund disclosures. The open-ended vehicle offers monthly liquidity and charges a 1.6% management fee and a 15% performance fee.

RockawayX lists the fund as available only to qualified investors. Its approved distribution markets include Liechtenstein, Switzerland, the Czech Republic, Austria, Germany, France, Slovakia, and the Netherlands.

No comparable eligibility information has been released for the new $150 million fund. Forbes also did not say whether U.S. investors would be allowed to participate, although its planned investments in crypto-related equities could include exposure to publicly traded companies available through U.S. markets.

Alongside its liquid strategies, RockawayX closed a $125 million second venture fund in the first quarter of 2025. The fund backs early-stage blockchain companies and protocols, with an emphasis on Solana, decentralized finance, and infrastructure.

RockawayX said its first venture fund had produced a 2.1-times distributed-to-paid-in ratio and a 5.4-times multiple on invested capital. Its investments included Solana, Wintermute, and Morpho Labs.

Explaining the 2025 raise, founder and CEO Viktor Fischer said the first fund had returned cash to investors while retaining exposure to other portfolio positions.

“We closed this raise because our 2021 fund has delivered cash returns to LPs, while retaining long-term upside in key positions,” Fischer said.

In May, RockawayX and Forward Industries also backed a $5 million round for OnRe, a Solana-based reinsurance infrastructure company. Forward Industries separately planned to invest up to $25 million in OnRe’s yield-bearing token.

RockawayX moved into crypto-vault management through another acquisition in February, Forbes reported. The acquired business manages noncustodial smart contracts that pool capital and deploy it across yield strategies, with deposits reportedly exceeding $200 million since the transaction.

Crypto venture firms add AI and robotics exposure

RockawayX’s planned fund remains centered on digital assets while several major crypto venture firms have added other technology sectors to their mandates.

Paradigm closed a $1.2 billion fourth fund in July to invest in crypto, artificial intelligence, robotics, and other technology businesses. As crypto.news reported in July, the firm said it would continue backing crypto companies while investing in areas including aerospace, manufacturing and open-source AI.

Framework Ventures took a similar route with a $400 million fourth fund announced in June. Approximately half of the capital had already been committed when the fund was disclosed, with its investment mandate covering crypto, AI, robotics and energy. The firm received support from investors, including sovereign wealth funds, endowments, nonprofit organizations, and funds of funds.

RockawayX’s expansion has also followed the breakdown of its proposed combination with Nasdaq-listed Solmate Infrastructure. The companies announced a nonbinding all-stock transaction in December 2025 that was expected to combine RockawayX’s infrastructure, liquidity and asset-management operations with Solmate’s Solana treasury business.

A regulatory filing associated with the proposal valued RockawayX’s first venture fund at approximately $771 million and its second fund at $162 million as of Sept. 30, 2025. Its credit fund held about $103 million as of Oct. 31, while approximately $1.1 billion was staked through RockawayX validators.

Part of the staked amount overlapped with the venture assets because the validator total included approximately $107 million from Fund I. The filing, therefore, does not support adding every figure together as separate assets.

After acquisition talks collapsed, RockawayX-linked investment vehicle RBCH sued Solmate directors in New York state court, alleging self-dealing and shareholder dilution. Solmate denied the allegations and filed separate claims against RockawayX and Fischer concerning the failed negotiations, while RockawayX rejected Solmate’s accusations as retaliatory. Both cases remain pending.

Japan is preparing to study a blockchain settlement system capable of processing stock and government bond transactions around the clock, according to an Aug. 26 report from Nikkei.

The Financial Services Agency, Ministry of Finance, Bank of Japan and participating financial institutions are expected to establish a study group during summer 2026. The group would aim to complete an initial development plan in early 2027.

Thailand’s Securities and Exchange Commission (SEC) has advanced its framework for locally listed spot Bitcoin and Ether exchange-traded funds (ETFs) from proposed principles to draft regulations while revising its approach to foreign digital asset custodians.

The regulator said Monday it is seeking feedback on two consultation papers. One contains draft regulations for Thai crypto ETFs, while the other proposes principles governing the qualifications of foreign digital asset custodians engaged by mutual and private funds investing in digital assets.

During the initial stage, asset managers could establish passive ETFs tracking Bitcoin (BTC) or Ether (ETH), the only two eligible crypto assets.

The draft regulations follow an April consultation on the framework’s broader principles. The SEC said most respondents supported the framework but provided feedback on custody arrangements, prompting the regulator to revise its proposed approach.

The framework forms part of Thailand’s ambition to become a global digital asset hub for institutions.

Bitcoin and Ether ETFs would trade on Thai stock exchange

Under the proposed rules, Bitcoin and Ether ETFs would trade exclusively on the Stock Exchange of Thailand (SET). Each ETF would track a single crypto asset and would need to maintain average net exposure of at least 80% of its net asset value to that asset over each accounting year.

Related: Bitcoin ETF inflows hit $1.9B in strongest week since October 2025

The proposed rules would also allow mutual funds and private funds to invest in Thai-domiciled crypto ETFs, alongside foreign crypto ETFs in which they are already permitted to invest, subject to existing investment limits.

During the initial phase, however, the regulator would not allow alternative products tied to foreign crypto ETFs, including depositary receipts tracking them.

Thailand revises crypto custody proposal

The revised approach would retain onshore digital asset custodians as the primary providers for crypto ETFs during the initial phase.

“Under the revised approach, crypto ETFs will continue to be primarily required to use onshore DA [digital asset] custodians, while the SEC may permit the use of qualified foreign DA custodians when necessary and appropriate in light of prevailing circumstances,” the SEC said.

Under the separate custodian proposal, foreign providers serving mutual and private funds investing in digital assets would need to be supervised by a regulatory authority with legal powers. They would also have to operate under regulatory and investor asset protection standards that the Thai SEC considers adequate.

The SEC will accept public comments on both consultation papers until Sept. 20.

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