Thailand is currently considering whether to allow Bitcoin exchange-traded funds (ETFs) to be listed on local exchanges. This initiative could pave the way for individual and institutional investors to gain exposure to Bitcoin in the country.
Wider Accessibility with Local Bitcoin ETFs
The Securities and Exchange Commission (SEC) of Thailand, under the leadership of Secretary-General Pornanong Budsaratragoon, is actively exploring mechanisms to make Bitcoin ETF investments more accessible. According to Bloomberg, this step is part of Thailand’s strategy to adapt to the growing global adoption of cryptocurrencies.
In a significant move in June 2024, the SEC approved the country’s first Bitcoin ETF aimed at professional investors. Developed by One Asset Management (ONEAM), this ETF operates as a “fund of funds,” providing investors with indirect exposure to Bitcoin by investing in 11 leading global Bitcoin funds. This structure is designed to reduce the risks typically associated with directly holding volatile cryptocurrency. However, access to this ETF is restricted to accredited and institutional investors.
We must adapt and offer our investors more crypto asset options while ensuring adequate protections.
The proposal to list Bitcoin ETFs on local exchanges reflects a shift in focus towards broader market accessibility. This development aims to solidify Thailand’s position as a leader in digital asset innovation in the Asia-Pacific region. Speaking on this development, Pornanong highlighted the need for Thailand to align with the global trend of increasing cryptocurrency adoption. “We must adapt and offer our investors more crypto asset options while ensuring adequate protections,” she said on Tuesday.
Thailand Considers Approving Local Bitcoin ETFs Amid Global Competition: Bloomberg
– The Block (@TheBlock__) January 15, 2025
In addition to ETFs, the SEC is examining other measures aimed at expanding access to digital and traditional financial markets. One such initiative is to introduce stablecoins backed by government or corporate bonds, further diversifying the financial products available to Thai investors.
Gulf Binance Supports Thailand’s Bitcoin Sandbox Pilot Project
Meanwhile, Binance’s Thai subsidiary Gulf Binance has expressed support for the Bitcoin sandbox pilot proposed by Prime Minister Thaksin Shinawatra. This initiative, aimed at making Phuket a hub for Bitcoin experimentation, has attracted the attention of industry players. Nirun Fuwattananukul, CEO of Gulf Binance, hailed the proposal as a crucial step forward for Thailand’s digital economy. He highlighted that this effort aligns with global trends in crypto adoption and shows Thailand’s willingness to adopt transformative technologies.
“Not only does this initiative highlight the growing momentum of crypto adoption, but it also highlights that top leaders are committed to integrating these technologies into the economy,” Nirun remarked. He further highlighted the importance of Thailand remaining competitive as digital assets gain traction around the world.
Trading in digital assets has seen substantial growth in Thailand. As of November 2024, approximately 270,000 active crypto trading accounts have been reported, indicating growing interest and participation in the market. Thailand’s push for homegrown Bitcoin ETFs and other crypto-friendly policies marks a notable step in its journey to becoming a key player in the global digital asset landscape.
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