Thailand is stepping up its game in the global cryptocurrency race.
The country is on the verge of approving its first Bitcoin ETFs, a move that could signal a new era for its digital asset sector.
The country's Securities and Exchange Commission (SEC) is now assessing the possibility of approving Bitcoin exchange-traded funds (ETFs) for both retail and institutional investors, which could potentially reshape its crypto landscape.
Pornanong Budsaratragoon, Secretary-General of the Thai SEC, shared that the country is exploring the possibility of allowing Bitcoin ETFs on local exchanges, showing a growing openness to cryptocurrencies.
Budsaratragoon said,
“Whether we like it or not, we must adapt to the growing global adoption of cryptocurrencies. Our job is to provide investors with more options in the digital asset space while ensuring adequate protection.”
Thailand's consideration of Bitcoin ETFs is part of a broader push to keep pace with its regional neighbours.
Countries such as Singapore and Hong Kong have already established themselves as key hubs for crypto innovation through favourable policies.
In addition to these developments, Thailand's One Asset Management launched the nation’s first fund investing in U.S. Bitcoin ETFs in mid-2024, marking an early step in this direction.
Now, the SEC is contemplating the approval of funds that would allow direct investment in Bitcoin, a move that could open up new opportunities for both local and international investors.
In another significant development, the Thai government is piloting a Bitcoin payment initiative in Phuket, one of the nation's top tourist destinations.
The project, introduced by Deputy Prime Minister and Finance Minister Pichai Chunhavajira, aims to offer foreign visitors an alternative payment method.
This test project could further enhance the country's digital asset profile and provide visitors with a smoother, more versatile payment option.
The initiative is a strategic move, as Thailand looks to integrate cryptocurrencies into its broader economy.
With many tourists already familiar with digital currencies, the pilot could encourage broader acceptance of Bitcoin payments, both in tourism and other sectors.
Besides Bitcoin ETFs and crypto payments, the regulatory body is also considering allowing high-credit-rated local companies to issue stablecoins backed by their own bonds.
This initiative is aimed at expanding access to corporate debt markets while also lowering associated costs, making it easier for businesses to engage in digital finance.
The proposal to issue stablecoins could transform the way corporations raise capital in Thailand, offering new avenues for financing and further integrating digital assets into the country’s financial ecosystem.
Thailand's cryptocurrency market has witnessed rapid growth in recent months.
As of November 2024, there were over 270,000 active crypto trading accounts, more than double the number from the previous month, which stood at just 117,000.
The growing interest in digital assets among Thai investors highlights the need for the SEC to establish clear regulations to support the expanding market.
Countries across the Asia-Pacific region, including Japan, Hong Kong, and Australia, have already launched their own crypto ETFs, with Japan’s major banks calling for the approval of crypto-backed ETFs.
As Thailand evaluates its position in the global cryptocurrency sector, the SEC's approach to Bitcoin ETFs and digital asset regulation will play a crucial role in shaping the country’s future in the crypto space.
While the government is keen to embrace the opportunities that come with digital assets, not all aspects of the sector are without controversy.
Recently, Thai authorities shut down a Bitcoin mining farm in the Phanat Nikhom district of Chonburi, and the Crime Suppression Division is reportedly pursuing arrest warrants for those involved.
Thailand is steadily establishing itself as a digital asset hub in Asia.
With developments like Bitcoin ETFs, cryptocurrency payments in Phuket, and discussions around local stablecoins, the country is gaining momentum in the growing digital asset market.
However, regulatory authorities will need to address challenges around investor protection and preventing illicit activities as the sector expands.
As Thailand refines its regulations and strengthens its digital infrastructure, the outlook for cryptocurrency in the country appears bright.
Apple is laying off around 100 employees in its digital services division, focusing more on AI and away from areas like Apple Books. The upcoming iPhone 16 Pro will feature new AI capabilities, but these will be fully available only after software updates later in the year.
WeatherlyA Chinese court concluded a case involving a dispute over a virtual currency investment entrustment contract. The platform ran away, resulting in the investor being unable to recover millions of dollars, and it was ruled that the investor should bear the losses himself.
AlexLegendary trader Arthur Hayes said that if there is an economic recession in the United States, the Federal Reserve will increase its money printing efforts, thus driving Bitcoin to surge.
MiyukiBloomberg's senior ETF analyst, Eric Balchunas, predicts that Satoshi Nakamoto may lose his status as Bitcoin's largest holder by Halloween, a revision from his earlier estimate of late 2024. Satoshi is believed to hold around 84% of his original Bitcoin holdings.
KikyoThe Royal Malaysia Police dismantled a crypto scam ring targeting Japanese citizens, arresting 21 individuals who used luxury bungalows and social media apps to deceive victims. The operation involved sophisticated tactics, including using dating apps to lure investors and a commission-based payment system for the scammers.
AnaisSony BSL launched the "Soneium Minato" public testnet for Ethereum Layer-2 developers and introduced the "Soneium Spark" incubation programme for Web3 developers, creating a comprehensive ecosystem for innovation on the platform.
CatherineThis article introduces 11 spot Bitcoin ETFs approved in 2024 to help investors choose suitable investment tools and easily enter the cryptocurrency market.
AlexMeta Spark will shut down on January 14, 2025, ending its platform for third-party AR creation and removal of user-generated AR content from Instagram, Facebook, and Messenger. Meta is shifting its focus to AI and the metaverse, leaving AR developers to find new platforms like Snapchat's Lens Studio or Unity.
WeatherlyTelegram CEO Pavel Durov is under investigation in Switzerland for alleged child abuse, following a complaint by his former partner, Irina Bolgar. These accusations, involving unpaid child support and custody issues, surfaced after his recent arrest in France. Durov is out on $5.5 million bail but remains under judicial supervision.
CatherineThe SEC issued a Wells notice to OpenSea, claiming certain NFTs on its platform may qualify as securities, marking a significant regulatory shift towards the NFT sector. OpenSea’s CEO, Devin Finzer, responded by defending the creative freedom of artists and announcing a $5 million legal fund to support NFT creators.
Weatherly