Thailand’s Securities and Exchange Commission (SEC) plans to enable Thai investors to access Bitcoin ETFs on local exchanges directly. Once approved, investors in the Asian country can own investment vehicles representing the leading crypto asset, Bitcoin (BTC).
Thailand to Endorse Bitcoin ETF
The Thai government currently allows investors to gain Bitcoin exposure through indirect options like One Asset Management’s fund-of-funds, which invests in international Bitcoin ETFs. The approval of local Bitcoin ETFs will offer a more direct and regulated route, making crypto investments more accessible.
The SEC’s Secretary-General Pornanong Budsaratragoon emphasized keeping pace with global crypto adoption.
“We must move forward with the growing adoption of cryptocurrencies worldwide and ensure investors have more options with proper protection,” she stated.
In January 2024, the United States approved a slew of Bitcoin ETFs, allowing investors to interact with the apex crypto asset within a regulated environment. Since then, these financial products have attained a market valuation above $108 billion.
Notably, Thailand will not be the first Asian country to explore Bitcoin ETFs. Last year, Hong Kong followed in the footsteps of the U.S. by approving BTC-denominated ETF products. Although still a far cry from U.S.-based ETFs, Hong Kong’s ETF issuers have amassed a total valuation above $413 million. Singapore is another Asian nation interested in the spot Bitcoin ETF market. By introducing innovative financial tools, these nations attract local and international investors.
Thailand to Ban Polymarket
Despite showing interest in Bitcoin ETFs, the Thai government has frowned on Polymarket, a crypto prediction platform. Cybercrime authorities plan to propose banning the platform as it facilitates betting on global events using cryptocurrencies, which could fall under illegal online gambling laws in Thailand. The cyber police stated that such activities are considered unlawful and pose regulatory concerns.
The Thai government believes this to be a nod towards a clearer crypto regulatory framework.
Faith | January 14, 2025
Jonathan Agozie | January 14, 2025
