Thailand is deepening its involvement in the crypto space by exploring the possible approval of bitcoin (btc) exchange-traded funds (ETFs). At the same time, the country is considering tighter control of the online betting platform Polymarket.
Thai SEC Considers bitcoin ETF Approval
According to a recent Bloomberg <a target="_blank" href="https://www.bloomberg.com/news/articles/2025-01-15/thailand-mulls-allowing-first-bitcoin-etf-in-bid-to-boost-sector” target=”_blank” rel=”noopener nofollow”>reportThailand's Securities and Exchange Commission (SEC) is evaluating the listing of local bitcoin ETFs as part of efforts to bolster the country's native crypto economy. This measure aligns with a global trend of increasing acceptance and regulation of cryptocurrencies.
Thai SEC Secretary General Pornanong Budsaratragoon highlighted the regulator's intention to allow both individuals and institutions to invest in locally listed bitcoin ETFs. She commented:
Whether we like it or not, we have to move towards greater adoption of cryptocurrencies around the world. We have to adapt and ensure our investors have more options in cryptoassets with adequate protection.
It is worth noting that in January 2024, the US financial regulator approved 11 bitcoin spot ETFs. Since then, these ETFs have accumulated around $109 billion in total net assets, demonstrating their growing popularity among investors.
In June 2024, the Thai SEC had already allowed One Asset Management, a Thailand-based company, to launch a fund-of-funds bitcoin ETF. This product allows institutional investors to gain exposure to offshore-listed bitcoin ETFs.
Other countries in the region have expressed their desire to introduce their own crypto ETFs. For example, both Japan and South Korea are considering approval of crypto ETFs due to growing global demand for the product.
Thailand will tighten the noose around the polymer market
While Thailand is making strides to expand retail access to cryptocurrency-based financial products, it remains vigilant to ensure that innovation does not come at the expense of consumer safety.
In that regard, Thailand's Cyber Crime Investigation Bureau (CIB) is considering an outright ban on Polymarket, a blockchain-based betting platform. The CIB has accused Polymarket of operating as an illegal betting website.
In a press conference on January 14, the CIB stated that banning Polymarket would protect the public from the risks associated with online gambling. In addition, it would mitigate possible vulnerabilities that could be exploited for illicit activities in the country. However, the office has not revealed a specific timeline for implementing the ban.
If Thailand continues with this ban, it will follow in the footsteps of other countries in the region. For example, Singapore recently forbidden Polymarket due to similar concerns.
Also, earlier this year, a Taiwanese man was loaded for using Polymarket to place bets worth approximately $500 on the outcome of the country's election results. At press time, btc is trading at $99,275, up 3.4% in the last 24 hours.
Featured image from Unsplash.com, chart from TradingView.com
