The crypto industry has evolved significantly since Bitcoin's inception, becoming a crucial part of the global financial sector. Recent news from Thailand's SEC suggests a shift towards including direct investments in crypto ETFs.
Background
According to Bloomberg, Thailand's Securities and Exchange Commission is considering the approval of the country's first Bitcoin ETF. In 2024, One Asset Management launched a fund-of-funds allowing professionals and institutional investors to trade overseas Bitcoin ETFs within the country. However, no direct cryptocurrency investment ETFs have been allowed in Thailand yet.
Thailand SEC's Plans
Thailand SEC's Secretary General, Pornanong Budsaratragoon, announced the plan to approve the first Bitcoin ETF in the country. She also mentioned the possibility of local firms issuing stablecoins backed by their bonds. 'Like it or not, we have to move along with more adoption of cryptocurrencies worldwide. We have to adapt and ensure that our investors have more options in crypto assets with proper protection.'
US Influence and Global Competition
Former US President Donald Trump's pro-crypto stance has influenced several countries, including Thailand, to focus on crypto regulation and adoption. Trump promised to make the US the world capital of crypto, which encouraged many global regulators to develop and adopt the crypto industry. According to Thailand SEC, crypto trading activity is increasing, with over 270,000 active trading accounts in November 2024.
Thailand's SEC plans to approve the first Bitcoin ETF, potentially strengthening the nation's position in global crypto competition and offering new opportunities for investors. The development of the crypto industry will encourage both regional and global financial growth.
