Thailand approves first Spot launch Bitcoin ExchangeThe company has introduced a Bitcoin ETF (exchange-traded fund), joining the growing list of countries adopting regulated Bitcoin investment vehicles.
BREAKING: 🇹🇭 Securities and Exchange Commission of Thailand approves first spot #Bitcoin ETFs. pic.twitter.com/ju1q83JvVP
— Bitcoin Magazine (@BitcoinMagazine) June 4, 2024
The Securities and Exchange Commission of Thailand (SEC) has announced that asset management company One Asset Management (ONEAM) Bitcoin ETFsby Bangkok PostThe ONE Bitcoin ETF fund is scheduled to distribute between May 31st and June 6th.
Under Thai SEC rules, ETFs will be limited to high-net-worth individuals and institutional investors, after the regulator amended local guidelines in April to allow for restricted Bitcoin ETFs targeted at professional investors.
ONEAM will invest the fund in 11 major global Bitcoin funds to ensure sufficient liquidity and safety. The company says the ETF will provide exposure to Bitcoin within a regulated framework and address the risks associated with direct ownership, such as theft.
While ONEAM received approval, Thai peer MFC Asset Management is still awaiting regulatory approval for its own planned bitcoin ETF product, both of which will be sold privately to accredited investors only.
Thailand is following the lead of the US SEC. Several Bitcoin ETFs approved Interest grew in January this year. Other jurisdictions, such as Hong Kong, Australiaand EnglandSince then, other banks have followed suit, offering spot Bitcoin ETFs and similar products.
These launches will give professional and institutional investors easier, more regulated access to Bitcoin’s price fluctuations without the need to deal with Bitcoin directly, making them more suitable for the cryptocurrency.
By approving a Bitcoin ETF, Thai’s The regulator acknowledges growing demand from local institutions for larger bitcoin allocations, a move that could enable wider mainstream adoption once a public offering is launched.
