Thailand considers approving local bitcoin ETFs amid global competition: Bloomberg
Quick Take Thailand’s Securities and Exchange Commission is considering allowing local bitcoin ETFs to list on local exchanges, according to Bloomberg. The regulator has previously approved a local fund-of-funds that offers institutional investors exposure to overseas bitcoin ETFs.
Thailand’s top financial authority is considering allowing bitcoin exchange-traded funds to list on local exchanges.
Pornanong Budsaratragoon, Secretary-General of the Securities and Exchange Commission, said on Tuesday that the regulator is contemplating permitting individual and institutional investments in local bitcoin ETFs that would offer direct exposure to bitcoin, according to Bloomberg.
Thailand’s SEC previously permitted asset management firms in March 2024 to launch funds for investing in U.S. spot bitcoin ETFs available for institutional investors. In June, One Asset Management launched a fund-of-funds — limited to professional and institutional investors — offering exposure to overseas bitcoin ETFs.
Budsaratragoon said in the news report that the country has to “move along with more adoption of cryptocurrenices worldwide,” and that the regulator must adapt and ensure that investors “have more options in crypto assets with proper protection.”
The SEC did not immediately respond to The Block’s request for comment.
The regulator previously said in January 2024 that it was monitoring the development of overseas spot crypto ETFs but had no plan to allow such products in the country.
Thailand has attracted some global crypto exchanges, such as Binance, to set up shop in the country. In January 2024, Binance announced that Gulf Binance — a joint venture between Binance and Thailand’s Gulf Innova — launched crypto exchange services to the general public in Thailand.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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