Thailand is considering launching its first domestic Bitcoin ETF as it seeks to establish itself as a leading digital asset hub in Asia. The country's SEC is assessing opportunities for Bitcoin ETF investments on local exchanges.
Potential Bitcoin ETF Launch in Thailand
Pornanong Budsaratragoon, Secretary-General of the SEC, indicated that the regulatory body is evaluating the potential for both individual and institutional investments in Bitcoin ETFs on local exchanges. Although the SEC has not yet approved ETFs directly linked to Bitcoin, local asset manager One Asset Management introduced a fund-of-funds linked to overseas Bitcoin ETFs in mid-2024.
Cryptocurrency Regulations in Thailand
Thailand is showing interest in expanding cryptocurrency investment options while providing appropriate investor protection. The SEC is also considering allowing local firms with strong credit ratings to issue stablecoins backed by corporate bonds. These initiatives aim to broaden access to debt markets and reduce costs.
Combating Illegal Bitcoin Mining
Thailand continues to tackle illegal Bitcoin operations. Authorities recently raided a mining facility in Chonburi’s Phanat Nikhom district for electricity theft worth millions of baht. The Provincial Electricity Authority and Crime Suppression Division seized 996 mining rigs and discovered tampered electricity meters. The operators are currently being pursued for identification.
Thailand's advancements in cryptocurrency initiatives could play a significant role in its position on the global digital asset market. Efforts to regulate and prevent illegal activities underscore the country's strong intent to be a key player in this field.
