Thailand is currently considering allowing Bitcoin exchange-traded funds (ETFs) to be listed on local exchanges. The plan could pave the way for both individual and institutional investors to gain exposure to Bitcoin in the country.
Wider accessibility through local Bitcoin ETFs
The Securities and Exchange Commission of Thailand (SEC), under the leadership of Director-General Pornanong Budsaratragoon, is actively exploring mechanisms to increase access to Bitcoin ETF investments. According to Bloomberg, this step is part of Thailand’s strategy to adapt to the growing adoption of cryptocurrency globally.
In June 2024, the SEC approved the country’s first Bitcoin ETF targeting professional investors. Developed by One Asset Management (ONEAM), this ETF operates as a “fund of funds” that provides investors with indirect exposure to Bitcoin by investing in 11 major global Bitcoin funds. This structure is designed to reduce the risks associated with directly holding normally volatile cryptocurrencies. However, access to this ETF is limited to accredited and institutional investors.
We need to adapt and provide more cryptocurrency asset options to investors while ensuring adequate protection.
The proposal to list a Bitcoin ETF on local exchanges reflects a shift in focus towards broader market access. The goal of this development is to solidify Thailand’s position as a leader in digital asset innovation in the Asia Pacific region. Commenting on this evolution, Pornanong emphasized the need for Thailand to align with the global trend of increasing cryptocurrency adoption. “We need to adapt and provide more cryptocurrency asset options to investors while ensuring adequate protection,” she said on Tuesday.
Thailand Considers Approving Domestic Bitcoin ETF Amid Global Competition: Bloomberg https://t.co/Q2hVUoBxpV
— The Block (@TheBlock__) January 15, 2025
In addition to ETFs, the SEC is considering other measures to expand access to digital and traditional financial markets. One such plan is to further diversify the financial products available to Thai investors by introducing stablecoins backed by government or corporate bonds.
Gulf Binance Supports Bitcoin Sandbox Pilot in Thailand
Meanwhile, Binance’s Thai subsidiary Gulf Binance expressed support for the Bitcoin sandbox pilot project proposed by Prime Minister Thaksin Shinawatra. This plan to establish Phuket as a hub for Bitcoin experimentation has caught the attention of industry stakeholders. Gulf Binance CEO Nirun Fuwattananukul hailed the proposal as a pivotal move for Thailand’s digital economy. He pointed out that these efforts are in line with the global trend of cryptocurrency adoption and demonstrate the company’s readiness to embrace innovative technologies.
“This initiative not only highlights the growing momentum in cryptocurrency adoption, but also highlights the commitment top leaders are making to integrate these technologies into the economy,” Nirun said. He also emphasized that it is important for Thailand to remain competitive as digital assets gain traction globally.
Digital asset trading has seen significant growth in Thailand. By November 2024, there were approximately 270,000 active cryptocurrency trading accounts reported, indicating growing interest and participation in the market. Thailand’s push for local Bitcoin ETFs and other cryptocurrency-friendly policies is a notable step on its journey to becoming a key player in the global digital asset landscape.
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