Thailand ready to approve local Bitcoin ETFs

Thailand is currently deliberating on allowing bitcoin exchange-traded funds (ETFs) to list on local exchanges. This initiative could pave the way for both individual and institutional investors to gain exposure to bitcoin within the country.

Greater accessibility with local bitcoin ETFs

Thailand's Securities and Exchange Commission (SEC), under the leadership of Secretary-General Pornanong Budsaratragoon, is actively exploring mechanisms to make investments in bitcoin ETFs more accessible. According to Bloomberg, this step is part of Thailand's strategy to adapt to the growing <a target="_blank" href="https://www.chainalysis.com/blog/2024-global-crypto-adoption-index/”>global cryptocurrency adoption.

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,” giving investors indirect exposure to bitcoin by investing in 11 prominent global bitcoin funds. This structure is designed to reduce the risks typically associated with directly holding the volatile cryptocurrency. However, access to this ETF is restricted to institutional and accredited investors.

We must adapt and provide our investors with more cryptoasset options while ensuring adequate protection.

The proposal to list bitcoin ETFs on local exchanges reflects a shift in focus toward greater market accessibility. This development aims to solidify Thailand's position as a leader in digital asset innovation in the Asia-Pacific region. Speaking about this evolution, Pornanong emphasized the need for Thailand to align with the global trend of increasing cryptocurrency adoption. “We must adapt and offer our investors more options for crypto assets while ensuring adequate protection,” he said on Tuesday.

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Thailand considers approving local bitcoin ETFs amid global competition: Bloomberg https://t.co/Q2hVUoBxpV

– The Block (@TheBlock__) <a target="_blank" href="https://twitter.com/TheBlock__/status/1879429237649596582?ref_src=twsrc%5Etfw”>January 15, 2025

In addition to ETFs, the SEC is examining other measures to expand access to digital and traditional financial markets. One such initiative involves the introduction of stablecoins backed by government or corporate bonds, further diversifying the financial products available to Thai investors.

Gulf Binance Supports Thailand bitcoin Sandbox Pilot

Meanwhile, The Thai subsidiary of BinanceGulf Binance has expressed its support for a bitcoin sandbox pilot project proposed by Prime Minister Thaksin Shinawatra. This initiative, aimed at establishing Phuket as a hub for bitcoin experimentation, has caught the attention of industry stakeholders. Gulf Binance CEO Nirun Fuwattananukul hailed the proposal as a critical step for Thailand's digital economy. He noted that this effort aligns with global trends in cryptocurrency adoption and shows Thailand's willingness to embrace transformative technologies.

“This initiative not only highlights the growing momentum of cryptocurrency adoption, but also underlines that top leaders are committed to integrating these technologies into the economy,” Nirun commented. Additionally, he emphasized the importance of Thailand remaining competitive as digital assets gain ground around the world.

Digital asset trading has seen substantial growth in Thailand. As of November 2024, approximately 270,000 active crypto trading accounts were reported, indicating growing interest and participation in the market. Thailand's push for local bitcoin ETFs and other cryptocurrency-friendly policies marks a notable step on its path to becoming a key player in the global digital asset landscape.

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