- Thailand’s SEC is considering approving the first Bitcoin ETF, as per Bloomberg.
- Trump’s pro-crypto stance might have favoured the crypto sector in Thailand.
The crypto industry has come a long way since the creation of Bitcoin. From being just a technological development to becoming its own fintech sector, the crypto industry gained attention from across the world. It is now on the way to become one of the significant parts of the global financial industry.
As per a recent news report from Bloomberg, the Securities and Exchange Commission of Thailand is considering approving the first Bitcoin ETF in the country. In June 2024, One Asset Management launched a fund-of-funds to allow professionals and institutional investors to trade overseas Bitcoin ETFs in the country. However, the country has not yet allowed any exchange-traded funds involving direct investments into cryptocurrency.
Thailand to Stay Ahead in Global Crypto Competition
Secretary General of the SEC in Thailand, Pornanong Budsaratragoon revealed their plans to approve the first Bitcoin ETF in the country earlier today. Pornanong also mentioned that the SEC is considering allowing local firms to issue stablecoins backed by their bonds. Regarding the same, she said,
US President Donald Trump’s pro-crypto stance has made several global countries, including Thailand, to focus on crypto regulation and adoption. When Trump promised to make the US the world capital of crypto, he indirectly encouraged global regulators to focus on the adoption and development of the crypto industry.
Based on the data from Thailand SEC, crypto trading activity is increasing in the country. The number of active crypto trading accounts reached the 270,000 mark in Nov 2024, which is the highest since 2023. To stay ahead of the global competition, Thailand is set to allow local investors to access Bitcoin ETFs.
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