HomeCryptocurrencyThailand Approves Its First Spot Bitcoin ETF

Thailand Approves Its First Spot Bitcoin ETF

-



Thailand has approved launching its first spot Bitcoin exchange-traded fund (ETF), joining a growing list of countries embracing regulated Bitcoin investment vehicles.

The Thai Securities and Exchange Commission (SEC) endorsed asset manager One Asset Management (ONEAM) to introduce a Bitcoin ETF, according to the Bangkok Post. The ONE Bitcoin ETF Fund is scheduled to be distributed between May 31 and June 6

Under the Thai SEC’s rules, the ETF will be limited to wealthy and institutional investors. This follows the regulator amending local guidelines in April to permit restricted Bitcoin ETFs targeting professional investors.

ONEAM will invest the fund in 11 major global Bitcoin funds to ensure adequate liquidity and security. The company said the ETF provides exposure to Bitcoin in a regulated framework, addressing risks like theft that come with direct ownership.

While ONEAM obtained approval, fellow Thai firm MFC Asset Management still awaits regulatory clearance for its own planned Bitcoin ETF product. Both will be private offerings for qualified investors only.

Thailand follows the trail blazed by the US SEC, which approved several Bitcoin ETFs this January, sparking surging interest. Other jurisdictions, such as Hong Kong, Australia, and the UK, have since followed suit in issuing spot Bitcoin ETFs or similar products.

The launches provide easy, regulated exposure to Bitcoin’s price movements without the need to handle Bitcoin directly. This better accommodates professional investors and institutions

By approving a Bitcoin ETF, Thailand’s regulators acknowledge the growing demand from local institutions to add Bitcoin allocations. The move could enable broader mainstream adoption once public offerings become available.



LEAVE A REPLY

Please enter your comment!
Please enter your name here

LATEST POSTS

XRP Lawyer Debunks Ripple-SEC Settlement Rumor For Tomorrow

A rumor claiming a potential settlement between Ripple and the US Securities and Exchange Commission (SEC) scheduled for a closed meeting on July 18...

Worldcoin (WLD) Price Spikes Over 55% but ZachXBT Issues Caution to Investors

The Wordcoin (WLD) community recently surpassed 6 million users, thus fueling the ongoing bullish rebound. Worldcoin (WLD), a Web3 project incubated by OpenAI CEO Sam...

Bitcoin Price Prediction: BTC Breaks $65K As Craig Wright Admits He’s Not Satoshi Nakamoto And Investors Flock To This Learn-To-Earn Crypto For Its 696%...

Join Our Telegram channel to stay up to date on breaking news coverage The Bitcoin price soared 2% in the last 24 hours to trade...

EEA Releases DeFi Risk Assessment Guidelines v1

17 July 2024 EEA today published the DeFi Risk Assessment Guidelines, Version 1 <https://entethalliance.org/specs/defi-risks/>. This is a pioneering document compiling risks for DeFi protocols, along...

Most Popular