Thailand is exploring the launch of its first locally listed Bitcoin exchange-traded fund (ETF) as it aims to establish itself as a digital asset hub in Asia, according to a report by local news outlet, The Edge Malaysia.
Pornanong Budsaratragoon, Secretary-General of the Securities and Exchange Commission (SEC), reportedly revealed that the regulatory body is assessing the potential for individuals and institutions to invest in Bitcoin ETFs on local exchanges.
Though the SEC has yet to approve ETFs directly linked to Bitcoin, local asset manager One Asset Management introduced a fund-of-funds tied to overseas Bitcoin ETFs in mid-2024 in the country. This new move signals a potential shift in policy and positions Thailand in a competitive race brewing in the Asian continent. Singapore and Hong Kong are currently leading the race as jurisdictions have already implemented favourable digital asset regulations.
“Like it or not, we have to move along with more adoption of cryptocurrencies worldwide,”
Pornanong stated.
“We have to adapt and ensure that our investors have more options in crypto assets with proper protection.”
The Thai SEC is also considering allowing local firms with strong credit ratings to issue stablecoins backed by corporate bonds. This initiative aims to expand access to debt markets and lower costs, aligning with broader digital financial innovations.
The ruling Pheu Thai Party’s de facto leader, Thaksin Shinawatra, has reportedly advocated for issuing stablecoins backed by government bonds and creating a Bitcoin transaction sandbox for tourism services in Phuket.
Meanwhile, Thailand continues to combat illegal Bitcoin mining. Authorities recently raided a mining facility in Chonburi’s Phanat Nikhom district for electricity theft worth millions of baht. The Provincial Electricity Authority (PEA) and Crime Suppression Division confiscated 996 mining rigs and uncovered tampered electricity meters. Although the operators remain unidentified, authorities are pursuing arrest warrants.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
