Thailand moves closer to Bitcoin, Ether ETFs with draft rules

Thailand's consultation is notable less for the ETF itself than for the custodian standards bundled with it — local product approval depends on letting foreign custodians operate, which is where the real gatekeeping sits. For regional issuers and custody providers, this signals another Asian market potentially opening distribution, following similar moves elsewhere. The open question is whether the consultation converts into binding rules, and how foreign custodian eligibility is ultimately scoped.