Thai regulators are looking to green-flag Bitcoin exchange-traded funds [ETFs] that invest directly in Bitcoin [BTC].
Background
- The race to establish a digital-assets hub in the Asia-Pacific region is heating up
- Key competitors include Singapore and Hong Kong
- These nations have adopted a supportive regime
- Thailand is also slowly loosening strings now
- One Asset Management launched a fund-of-funds in Thailand last year, offering exposure to overseas Bitcoin ETFs
- However, the country hasn’t yet approved vehicles that invest directly in BTC
Why should you pay attention?
- Now, regulators are looking to permit Bitcoin ETFs to list on local exchanges for the first time
- Regulators are mulling to allow individuals and institutions to invest in local Bitcoin ETFs
- The ruling Pheu Thai Party party’s de facto Chief, Thaksin Shinawatra, is a crypto advocate
- The regulator has time and again emphasized that Thailand should consider issuing stablecoins backed by government bonds to retail and institutional investors
- He also wants other avenues for digital currencies to be explored
- At the minute, authorities are additionally weighing a sandbox in Phuket for Bitcoin transactions in tourism-related activities
Who said what?
- Thai SEC Secretary-General Pornanong Budsaratragoon exclaimed,
“Like it or not, we have to move along with more adoption of crypto worldwide. We have to adapt and ensure that our investors have more options in crypto assets with proper protection”
Zooming out
- Digital-asset trading activity in Thailand is picking pace
- According to data from the SEC, there were about 270,000 active crypto trading accounts in the nation as of November 30, 2024
- Despite the recent rebound, the number of active accounts are below the 2021 highs
