Thailand SEC considers green lighting Bitcoin ETFs as active crypto accounts near 300k

by

As an analyst, I’m excited to share that Thailand is contemplating a groundbreaking decision – approving exchange-traded funds (ETFs) designed to invest directly in Bitcoin. This move, if approved, would be a historical first for Thailand and could significantly bolster the growth of its burgeoning cryptocurrency sector.

Based on a Bloomberg report published on January 15th, it appears that the Thailand Securities and Exchange Commission is considering allowing Bitcoin ETFs to be listed on local exchanges for the first time. This move would allow Thailand to stay competitive with financial hubs like Singapore, Hong Kong, and the U.S., as they aim to advance their cryptocurrency sectors.

By November 30, 2024, data from the Thailand Securities and Exchange Commission indicates that there are at least 270,000 active cryptocurrency trading accounts. Compared to the number in October, which was only 117,000, the number of active accounts in November more than doubled.

Recognizing the growing significance of the cryptocurrency industry for Thailand’s future development, Secretary-General Pornanong Budsaratragoon announced that the Securities and Exchange Commission (SEC) is contemplating allowing both individual investors and corporations to invest directly in locally-based Bitcoin ETFs.

Pornanong stated that the global trend toward increased use of cryptocurrencies is inevitable, and it’s crucial for us to go along with this change. We need to be flexible and provide our investors with a wider variety of cryptocurrency assets, all while ensuring their safety.

It’s not just Thailand that’s considering the move; major banks in Japan are also advocating for their regulators to approve crypto exchange-traded funds (ETFs), specifically Bitcoin ETFs and Ethereum ETFs. Countries like Hong Kong and Australia within the Asia-Pacific region have already given the green light to spot cryptocurrency ETFs of their own.

In my role as an analyst, I’ve been keenly interested in exploring Bitcoin investments, but recent events have shed a different light on this topic. Just as I was following the developments, Thai authorities shut down a Bitcoin mining operation based in Phanat Nikhom district, Chonburi. As reported by crypto.news earlier, the Thailand Crime Suppression Division is actively pursuing arrest warrants for those implicated in this case.

In June 2024, One Asset Management in Thailand had previously introduced a fund-of-funds which allows investors to participate in Bitcoin ETFs tied to foreign firms. Notably, Thailand has not yet authorized local ETFs to directly invest in Bitcoin, the presently dominant cryptocurrency by market value.

As a researcher, I’m excited to share that I’ve learned about a potential development in Thailand’s financial landscape. It appears the Thai Securities and Exchange Commission (Thai SEC) is contemplating a new policy that could allow local firms to introduce stablecoins backed by their own bonds. This move aims to broaden access to corporate debt markets and reduce costs, according to my sources.

In the chilly December of last year, I found myself intrigued by a proposal put forth by Thailand’s ex-prime minister and crypto enthusiast, Thaksin Shinawatra. His idea was to initiate a pilot program aimed at integrating Bitcoin transactions within the vibrant tourist destination of Phuket. Later, I confirmed that this project would primarily cater to tourists, streamlining their digital payment experiences in the region.

Read More

2025-01-15 10:31