Thailand’s Securities and Exchange Commission (SEC) is considering approving Bitcoin exchange-traded funds (ETFs) that invest directly in the cryptocurrency, aiming to strengthen the country’s crypto ecosystem and compete with Singapore, Hong Kong, and the U.S.
The number of active crypto trading accounts in Thailand surged to 270,000 in November 2024, more than doubling from the previous month. SEC Secretary-General Pornanong Budsaratragoon acknowledged the inevitability of crypto adoption and highlighted the need to offer investors more crypto options with adequate protection.
This move aligns with regional trends, as Hong Kong and Australia have already approved spot Bitcoin ETFs, and Japan is pushing for similar approvals.
Although supportive of crypto, Thailand has cracked down on illegal Bitcoin mining operations, recently shutting down a mining farm in Chonburi.
While Thailand allows indirect exposure to international Bitcoin ETFs, the SEC is yet to approve locally managed Bitcoin ETFs. It is also considering stablecoin issuance by local companies, aiming to broaden access to corporate debt markets.
Additionally, former Prime Minister Thaksin Shinawatra proposed a Bitcoin payment pilot project in Phuket to make digital payments easier for tourists, further boosting crypto adoption in the region.
The proposed Bitcoin ETFs and crypto-friendly policies reflect Thailand’s ambition to become a regional leader in the digital assets sector, focusing on financial innovation and investor protection.
Image Credit: Pixabay
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