Thailand Considers Allowing Bitcoin ETFs to Boost Digital Asset Hub Status

According to Foresight News, Bloomberg reports that the Thai Securities and Exchange Commission (SEC) is contemplating the introduction of Bitcoin exchange-traded funds (ETFs) on local exchanges. This move aims to position Thailand as a digital asset hub. SEC Secretary-General Pornanong Budsaratragoon stated that the proposed regulations would enable both individual and institutional investors to access local Bitcoin ETFs. Previously, in June 2024, Thailand's One Asset Management launched a fund offering indirect exposure to overseas Bitcoin ETFs, but direct investment products in Bitcoin have not yet been permitted. This potential policy shift comes amid increasing competition in the Asia-Pacific region to become a digital asset center. Singapore and Hong Kong have already implemented supportive policies, while U.S. President-elect Trump has pledged to make the United States a global cryptocurrency hub. Pornanong emphasized the necessity of keeping pace with global cryptocurrency adoption, stating, "Whether we like it or not, we must follow the global cryptocurrency adoption trend. We need to adapt to changes and provide investors with more protected crypto asset investment options." Additionally, Thailand is gradually easing restrictions on digital assets, including considering the introduction of a stablecoin backed by government bonds and planning a tourism service sandbox for Bitcoin transactions in Phuket. As of November 30, the latest data indicates that Thailand has approximately 270,000 active cryptocurrency trading accounts.