Thailand Securities regulatory body approves first Bitcoin spot ETF
The Thai SEC body green signalled the first Bitcoin spot ETF application for the country.
Crypto and blockchain technology adoption in Thailand has surged rapidly in recent years. The government has embraced these technologies through various government initiatives and implemented regulations to provide clarity for investors and companies.
On 4 June 2024, The Thai Securities and Exchange Commission (SEC) approved One Asset Management (ONEAM) to launch a Bitcoin ETF.
Bangkok Post reported that The ONE Bitcoin ETF Fund is scheduled to be distributed between May 31 and June 6, which means ONE Bitcoin ETF Fund will be available for purchase or investment between the mentioned dates.
People need to understand that this ETF will only be available to wealthy and institutional investors. It aims to invest in 11 top global funds and has received regulatory approval in the United States and Hong Kong.
This is significantly bullish news for the Bitcoin market, but it’s important to note that the approved ETF is limited to wealthy and institutional investors, not retail investors. This careful step by Thailand’s securities regulatory body for the Bitcoin spot ETF aims to avoid any potential issues for small investors.
It is worth it to note that just a few days ago, a new Bitcoin spot ETF product secured regulatory approval in Australia.
Thailand vs Unregistered Crypto Companies
In April of this year, the Thailand Securities and Exchange Commission, the Technology Crime Suppression Committee, and the Thai government collaboratively planned to restrict the access of those crypto companies that were unregistered in the jurisdiction of this country.
The country’s enforcement agencies took this action to prohibit the involvement of bad actors in the crypto space & restrict misuse of cryptocurrencies.
