Thailand Takes Step Forward in Regulatory Framework for Cryptocurrencies and Digital Assets
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Thailand Boosts Crypto Ambitions, Welcomes Bitcoin ETFs on Local Exchanges
In a significant move to bolster its crypto ambitions, the Thai Securities and Exchange Commission (SEC) has announced plans to approve its first-ever Bitcoin exchange-traded fund (ETF). This development aligns with the government’s vision of promoting digital asset adoption while providing robust investment options for local investors.
The SEC’s decision to allow direct investment in Bitcoin ETFs will enable institutional and individual investors to invest directly in these regulated investment tools. The initiative is aimed at boosting confidence in the cryptocurrency sector by offering a secure and reliable platform for investments.
This move reflects the regulator’s commitment to adapting to the growing global acceptance of cryptocurrencies, as emphasized by SEC Secretary-General Pornanong Budsaratragoon. The official highlighted the importance of aligning with international trends and ensuring investor protection through diversified investment opportunities under proper regulatory frameworks.
Thailand has been steadily making progress in integrating digital assets into its financial ecosystem. Last year, the SEC approved the ONE Bitcoin ETF Fund of Funds Unhedged and not for retail investors. However, a direct Bitcoin investment vehicle remained pending approval until now. The latest move is expected to fill this gap, further enhancing accessibility of cryptocurrency investments in the country.
Additionally, Thailand is advancing other initiatives to promote the use of digital assets. A recently announced crypto payment pilot project will soon be trialed in Phuket, showcasing the government’s broader commitment to fostering crypto adoption.
This decision is likely to position Thailand as a leader in the crypto space, potentially influencing similar moves in the region. The nation has witnessed an increase in digital asset trading activity, fueled by Bitcoin’s recent surge to an all-time high of $108,315.
Source: cryptonewsland.com
