Thailand Considers Launching Bitcoin Spot ETFs
Date: 2025-01-17 Author: Gabriel Deangelo Categories: IN WORLD
SEC Secretary General Pornanong Budsaratragun noted that the introduction of Bitcoin spot ETFs will allow the country to keep up with global trends. A number of neighboring Southeast Asian countries have already approved cryptocurrency ETFs, following the example of the United States, where funds focused on Bitcoin and Ethereum began operating in 2024.
In June 2024, the Thai regulator already allowed One Asset Management (ONEAM) to launch an investment fund linked to Bitcoin derivatives. However, access to this instrument was limited to large legal entities.
“We must adapt to global trends, regardless of our attitude towards cryptocurrencies. This will give local investors confidence that they are being created a safe and reliable environment for investing in digital assets,” Budsaratragun emphasized.
Meanwhile, Thai authorities are taking steps to crack down on illegal cryptocurrency activities. The Technology Crime Suppression Department (TCSD) has proposed banning Polymarket, a platform where people can bet on events, including politics and sports, using cryptocurrencies. The TCSD has classified Polymarket as an illegal gambling resource. Singaporean offenders face a fine of 10,000 Singapore dollars (about $7,300) and up to six months in prison.
To help develop the digital economy, last year the SEC of Thailand launched a regulatory sandbox designed to test crypto-related services. Brokers, fund managers, dealers, and custodial wallet providers are allowed to participate in the project. This approach allows assessing the risks and potential of innovations in the digital asset space, while maintaining a balance between their development and protecting the interests of investors.
