Thailand is considering allowing Bitcoin exchange-traded funds (ETFs) to list on local exchanges for the first time. The decision aligns with the country’s ambitions to establish itself as a digital assets hub, according to the Securities and Exchange Commission (SEC).
Thailand to List Bitcoin ETFs soon?
SEC Secretary-General Pornanong Budsaratragoon stated that the SEC is evaluating the possibility of allowing both individuals and institutions to invest in local Bitcoin ETFs. In fact, as reported by a local media outlet, fund management firm One Asset Management launched a fund-of-funds offering exposure to foreign Bitcoin ETFs in June 2024. However, Thailand is yet to approve entities that invest directly in original cryptos.
This pro-Bitcoin ETF shift comes as other countries, particularly Singapore and Hong Kong, compete to become crypto hubs in the Asia-Pacific region. With US President-elect Donald Trump’s pro-crypto stance aiming to position the United States as the global crypto capital, Thailand is keen to stay ahead of the competition.
“Like it or not, we have to move along with the global adoption of cryptocurrencies,” Ms. Pornanong said during an interview at her office on Tuesday. “We need to adapt and ensure our investors have more options in crypto assets with proper protection.”
Regulators are also considering allowing local firms with strong credit ratings to issue new stablecoins backed by their own bonds, aiming to expand access to corporate debt markets and lower costs, according to Ms. Pornanong.
Former Prime Minister Thaksin Shinawatra has also expressed support for cryptocurrency, suggesting that the country should consider issuing stablecoins backed by government bonds for retail and institutional investors. Thaksin further revealed that the government plans to introduce new regulations to manage access to and tax revenue from online gambling.
Also Read: Switzerland Moves to Make Bitcoin a Constitutional Right
