Thailand has agreed to launch its first spot exchange-traded fund (ETF), joining a growing list of countries adopting regulated bitcoin investment vehicles.
BREAKING:
The Thai Securities and Exchange Commission approves first place #Bitcoin European Training Foundation. pic.twitter.com/ju1q83JvVP
– Bitcoin Magazine (@BitcoinMagazine) June 4, 2024
The Securities and Exchange Commission of Thailand (SEC) has endorsed asset manager One Asset Management (ONEAM) to offer a Bitcoin ETF, the Securities and Exchange Commission of Thailand (SEC) has said. Bangkok Post. The ONE Bitcoin ETF is scheduled to be distributed between May 31 and June 6
Under the rules of the Thai Securities and Exchange Commission, the ETF will be limited to wealthy and institutional investors. This comes after the regulator amended local guidelines in April to allow captive Bitcoin ETFs aimed at professional investors.
ONEAM will invest the fund in 11 major global Bitcoin funds to ensure adequate liquidity and security. The ETF provides exposure to bitcoin within a regulated framework, addressing risks such as theft that come with direct ownership, the company said.
While ONEAM has received approval, another Thai firm, MFC Asset Management, is still awaiting regulatory approval for its planned Bitcoin ETF product. Both will be special offers for qualified investors only.
Thailand is following the path taken by the US Securities and Exchange Commission, which approved several Bitcoin ETFs in January, sparking increased interest. Other jurisdictions, such as Hong Kong, Australia and the United Kingdom, have since followed suit in issuing Bitcoin ETFs or similar products.
Launches provide easy and structured exposure to Bitcoin price movements without having to handle Bitcoin directly. This better accommodates investors and professional institutions
By approving a Bitcoin exchange-traded fund, Thailand's regulators acknowledge the growing demand from local institutions to add Bitcoin allocations. This move could enable broader mainstream adoption once public offerings are available.
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