BlackRock Champions Ethereum as Thailand Finalizes Bitcoin ETF Regulations

BlackRock Identifies Ethereum as Tokenization Leader

BlackRock, the world's largest asset manager, has reaffirmed its confidence in Ethereum's future prospects, emphasizing the blockchain's dominant position in the tokenization ecosystem. In a recent report, the financial giant positioned Ethereum as potentially becoming the "toll road of tokenization" ^[1].

The assessment is backed by substantial market data showing Ethereum's commanding presence in real-world asset (RWA) transactions. According to the report, 65 percent of RWA transactions currently operate through the Ethereum network ^[1]. Additionally, the platform processes approximately 53 percent of stablecoin transactions, significantly ahead of TRON's 27 percent market share ^[1].

BlackRock interprets these metrics as evidence that tokenized assets possess viable use cases beyond speculative trading ^[1]. The surge in tokenized asset adoption has simultaneously driven increased transaction volumes for stablecoins, further strengthening Ethereum's market position ^[1].

Protocol Development Advances Institutional Appeal

Parallel to institutional endorsement, Ethereum continues evolving at the protocol level. Co-founder Vitalik Buterin recently unveiled a proposal to integrate Distributed Validator Technology directly into the Ethereum protocol ^[1]. The initiative aims to enable staking across multiple validator nodes without requiring complex external solutions, potentially enhancing security, decentralization, and self-custody capabilities particularly for larger participants ^[1].

Market activity reflects growing institutional optimism. Analytics platform Onchain Lens recently reported a whale purchase of 10,000 ETH, suggesting major investors are positioning themselves bullishly on Ethereum ^[1].

Thailand Advances Comprehensive Crypto ETF Framework

Meanwhile, Thailand is establishing itself as a leading crypto-friendly jurisdiction in Asia through comprehensive regulatory developments. The country's Securities and Exchange Commission is finalizing rules for bitcoin and cryptocurrency ETFs, futures trading, and tokenized investment products, with implementation expected in early 2026 ^[2].

The regulatory framework encompasses crypto ETFs, crypto futures trading on the Thailand Futures Exchange (TFEX), and formal recognition of digital assets as an official asset class under existing derivatives law ^[2].

"A key advantage of crypto ETFs is ease of access," stated SEC Deputy Secretary-General Jomkwan Kongsakul. "They eliminate concerns over hacking and wallet security, which has been a major barrier for many investors" ^[2].

Thailand's SEC board has granted principle approval for crypto ETFs, with regulators now developing operational guidelines addressing custody, liquidity, and collaboration between asset managers and licensed digital asset exchanges ^[2].

Expanding Beyond Bitcoin

Thailand approved its first spot Bitcoin ETF in June 2024, initially limiting access to institutional investors ^[2]. By October 2025, regulators indicated plans to expand offerings beyond bitcoin to include other cryptocurrencies like ether, potentially through diversified crypto basket products ^[2].

The proposed framework would permit investors to allocate 4-5 percent of diversified portfolios to digital assets, balancing innovation with risk management ^[2]. Once approved, domestically listed crypto ETFs would trade on the Stock Exchange of Thailand, providing local exposure without requiring direct cryptocurrency ownership ^[2].

To support market stability, the SEC plans to introduce market-making mechanisms in 2026, potentially involving financial institutions, licensed digital asset exchanges, corporations, and entities holding cryptocurrencies on their balance sheets ^[2].

Broader Regulatory Support

Thailand's initiatives extend beyond ETFs and derivatives to include tokenized real-world assets, such as tokenized bonds and other securities issued on blockchain infrastructure ^[2]. The country approved U.S. dollar stablecoins for local trading in 2025 ^[2].

Further incentivizing the sector, Thailand eliminated capital gains tax on crypto trading from January 1, 2025, through December 31, 2029 ^[2], creating a favorable environment for both retail and institutional participation in digital asset markets.