Thailand is making great strides towards achieving its goal of becoming a leading digital asset center, as evidenced by its plans to embrace Bitcoin Exchange-Traded Funds (ETFs). A recent announcement on Wednesday detailed that local trading platforms would be allowed to list these ETFs.
Thailand Prepares for Bitcoin ETF Debut
As a researcher, I’m excited to share that I’ve learned about Thailand’s Securities and Exchange Commission (SEC)’s intentions to endorse their inaugural Bitcoin Exchange-Traded Fund (ETF). This move aligns with the nation’s aspiration to establish itself as a leading hub for cryptocurrencies, as reported by Bloomberg on January 15.
The SEC Secretary-General, Pornanong Budsaratragoon, proposed that this action would enable both individual and institutional investors to make direct investments in Bitcoin through specialized funds.
Encouraging the utilization of digital currencies, Thailand is setting a path for global acceptance of digital assets. In a recent interview, Pornanong expressed this sentiment.
Regardless of personal feelings, the global trend is leaning towards increased use of cryptocurrencies. It’s crucial for us to evolve and provide a wider variety of crypto investment opportunities while ensuring robust security measures.
As an analyst, I’m sharing some insights on the latest development in Thailand’s crypto market. One Asset Management has launched a fund-of-funds tracking international Bitcoin ETFs, named ONE Bitcoin ETF Fund of Funds Unhedged (ONE-BTCETFOF-UI). This product is not intended for retail investors. However, direct investment in Bitcoin via a standalone ETF is still awaiting approval from the Thai SEC.
Thailand’s Thaksin To Legalize Crypto
As a crypto investor, I’ve been closely following the latest news, and it seems that the recent developments are inspired by the efforts of Pheu Thai Party leader, Thaksin Shinawatra, to legalize cryptocurrencies in Thailand. He’s been pointing towards the incoming US President, Donald Trump, and his favorable stance on cryptocurrencies as a reason for Thailand to adopt a more progressive approach towards virtual assets. Moreover, he’s advocated for an increase in the issuance and use of stablecoins within our country.
As a crypto investor, I’ve noticed an increasing buzz surrounding digital-asset trading in Thailand, which seems to be riding the wave of a broader market surge that propelled Bitcoin to an unprecedented high of $108,315. Last year was quite promising for crypto hedge funds, yet they fell short in delivering returns that outperformed Bitcoin itself, as reported by Bloomberg.
Thailand’s Broader Crypto Vision and Regulations
Thailand has been making efforts for quite some time now to secure a leading role in the international cryptocurrency market. Recently, they unveiled plans for a pilot project involving cryptocurrency payments, where the trials will take place in Phuket.
The proposed action is anticipated to take place under Thailand’s current legal system, yet it significantly strengthens the nation’s aspirations in the cryptocurrency sector. In essence, the country is aiming to increase the use of cryptocurrencies, and the introduction of Bitcoin ETFs would be a positive development for the local crypto industry.
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2025-01-15 10:20