The Thailand SEC is considering allowing local Bitcoin ETFs, enabling direct access to crypto investments and strengthening Thailand’s digital asset market.
Thailand’s Securities and Exchange Commission (SEC) is considering allowing bitcoin exchange-traded funds (ETFs) to be listed on local exchanges. If this potential move happens, it will give both individuals and institutions direct access to Bitcoin investments. On Tuesday, SEC Secretary General Pornanong Budsaratragoon talked about the possibility. In this regard, he said the country has to adapt to the expedient increase of the adoption of cryptocurrencies globally, according to Bloomberg.
In March 2024, Thailand’s SEC allowed asset management firms to launch funds investing in US spot bitcoin ETFs. These funds are targeted at institutional investors. One Asset Management rolled out a fund of funds, providing investment in foreign bitcoin ETFs, later in June. Still, Thailand has not yet gone so far as to approve ETFs that invest directly in bitcoin itself.
The SEC has to make sure that the crypto assets are, not only that, they have to give more options and have to protect investors, Pornanong added. To offer additional investment options in digital assets, Thailand must follow the global cryptocurrency trend, she said. This would put Thailand better into play in the race to be a digital assets hub in the Asia Pacific.
SEC Considers Bitcoin ETFs to Keep Thailand Competitive in Crypto Market
Thailand wants to stay competitive with countries like Singapore and Hong Kong. Both countries have established favorable regulatory environments for digital assets. Firms like Binance’s expansion into Thailand prove this fact and the potential of becoming a key growth market in the digital-asset space. Additionally, Thailand’s de facto leader, Thaksin Shinawatra, who is an associate of the ruling Pheu Thai Party, has backed the stablecoins being issued by these government bonds. He also has explored digital currency options.
Thailand is also eyeing a trial crypto payments program in Phuket, a tourist hotspot. Foreign visitors would be allowed to use digital currencies instead of traditional cash in this trial. Deputy Prime Minister and Finance Minister Pichai Chunhavajira announced the initiative at an initiative at a Marketing Association of Thailand seminar last week.
Overall, Thailand’s SEC is becoming open to cryptocurrency investment. It will also offer more options to investors, including local bitcoin ETFs. The measure hopes to propel Thailand to a leading position in the changing digital-assets arena.
Source: https://www.livebitcoinnews.com/thailand-sec-considers-local-bitcoin-etfs-for-direct-investment/