Thailand’s SEC Set to Revolutionize Crypto Investment with Local Bitcoin ETFs!

The Securities and Exchange Commission of Thailand is contemplating the approval of Bitcoin ETFs for local use. This move would provide a direct pathway for investing in cryptocurrencies, thereby bolstering Thailand’s digital asset market.

Thailand’s Securities and Exchange Commission (SEC) is contemplating making it possible for Bitcoin exchange-traded funds (ETFs) to be listed on domestic exchanges. If this plan comes to fruition, it would provide both individuals and institutions with a direct avenue for investing in Bitcoin. On Tuesday, SEC Secretary General Pornanong Budsaratragoon discussed this possibility. In light of this, he stated that the country needs to adjust to the rapid growth of cryptocurrency usage worldwide, as reported by Bloomberg.

In March 2024, the Securities and Exchange Commission (SEC) of Thailand granted permission for investment firms to establish funds specialized in purchasing US-based spot Bitcoin Exchange Traded Funds (ETFs). These funds are primarily designed for institutional investors. One Asset Management introduced a multi-fund strategy, enabling investment in foreign Bitcoin ETFs, starting from June. However, Thailand has yet to approve ETFs that invest directly in bitcoin.

According to Pornanong, the SEC is tasked with ensuring that cryptocurrencies are not only compliant but also provide more investment options and safeguard investors. She suggested that Thailand should adapt to the global trend of cryptocurrency to expand digital asset investment opportunities. This move could position Thailand as a significant player in the Asia Pacific region’s digital assets market.

SEC Considers Bitcoin ETFs to Keep Thailand Competitive in Crypto Market

Thailand aspires to maintain its competitive edge alongside nations such as Singapore and Hong Kong, both renowned for their beneficial regulatory frameworks regarding digital assets. The growth of firms like Binance in Thailand underscores this potential, positioning it as a significant player in the digital asset market. Moreover, Thaksin Shinawatra, a key figure in Thailand’s de facto leadership and an ally of the ruling Pheu Thai Party, supports the issuance of stablecoins tied to government bonds. He also shows interest in exploring digital currency options.

Thailand is considering launching a test program for crypto payments in Phuket, a popular tourist destination. In this trial, foreign tourists would have the option to use digital currencies instead of conventional cash. The announcement was made by Deputy Prime Minister and Finance Minister Pichai Chunhavajira at a Marketing Association of Thailand seminar last week.

Essentially, Thailand’s Securities and Exchange Commission (SEC) is warming up to cryptocurrency investments. It plans to introduce more investment opportunities, such as local Bitcoin Exchange Traded Funds (ETFs). The aim is to position Thailand at the forefront of the evolving digital asset marketplace.

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2025-01-16 22:57