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Thailand’s financial regulators are set to explore the possibility of allowing spot Bitcoin exchange-traded funds (ETFs) in the country. This move is seen as a step towards enhancing investor options in the digital asset market.
As reported by local media outlets, Thailand’s Securities and Exchange Commission (SEC) is considering the proposal to permit local exchanges to list these financial instruments. The decision comes amidst a surge in cryptocurrency adoption globally, with Thailand being no exception. According to recent data, active crypto trading accounts in the country have doubled to 270,000 since last year.
The proposed move aims to address the growing demand for cryptocurrency products and services without compromising investors’ risk management capabilities. In this context, allowing spot Bitcoin ETFs could provide a more regulated and transparent way for investors to gain exposure to the digital asset market.
Interestingly, Thailand’s SEC is also weighing in on Polymarket, an open platform for prediction markets based on blockchain that uses cryptocurrencies for betting on various events worldwide. The Thai authorities are set to shut down Polymarket due to its alleged violations of local online gambling laws.
According to official sources, the Thai Technology Crime Suppression Division (TCSD) has filed a court application to block access to the platform, citing concerns over the inability to track funds and prevent misuse. It is worth noting that similar restrictions have been imposed on Polymarket in other countries such as Singapore, Taiwan, and France.
Thailand’s regulators are taking a tough stance against crypto-gambling activities, which highlights the challenges faced by authorities in balancing innovation with regulatory oversight. Despite this development, Thailand’s SEC remains committed to fostering a favorable environment for legitimate cryptocurrency investment products and services.
As of now, it appears that Thai investors will have limited options if Polymarket is shut down, as no local ETFs are available. However, the proposed spot Bitcoin ETFs could change the scenario, providing a more structured way for investors to engage with digital assets while addressing regulatory concerns.
The news comes at a time when many experts argue that regulated and transparent cryptocurrency products are essential for the long-term growth of the market.
Source: cryptonewsland.com
