Thailand SEC considers green lighting Bitcoin ETFs as active crypto accounts near 300k

Thai regulators are considering approving exchange-traded funds that invest directly in Bitcoin for the first time in history, in a bid to boost the country’s burgeoning crypto sector.

Thailand’s Securities and Exchange Commission may allow Bitcoin ETFs to list on local exchanges for the first time, according to a Bloomberg report published on January 15; because the country is trying to compete with other countries such as Singapore, Hong Kong and the USA. It aims to develop the cryptocurrency industry.

Thailand SEC’s data shows that there were at least 270,000 active crypto trading accounts as of November 30, 2024. In November, the number of active accounts more than doubled compared to the previous month, reaching 117,000.

Recognizing the importance of advancing the crypto industry in Thailand, Secretary-General Pornanong Budsaratragoon said the SEC will consider allowing individuals and companies to invest directly in local Bitcoin ETFs.

“Like it or not, we need to move towards greater adoption of cryptocurrencies worldwide. “We must adapt and ensure our investors have more options with appropriate protection on their crypto assets,” Pornanong said.

Thailand is not alone. Leaders of major banks in Japan are also pressuring their regulators to allow crypto-backed ETFs, specifically Bitcoin ETFs and Ethereum ETFs. Other countries in the Asia-Pacific region, such as Hong Kong and Australia, have also approved their own spot crypto ETFs.

Despite this willingness to enter the Bitcoin investment market, Thai authorities recently closed down a Bitcoin mining farm established in the Phanat Nikhom district of Chonburi. As previously reported by crypto.news, Thailand’s Anti-Crime Unit is in the process of issuing arrest warrants for those involved.

In June 2024, One Asset Management in Thailand launched a fund of funds offering investors access to Bitcoin ETFs linked to overseas companies. However, Thailand has not yet allowed local ETFs to invest directly in Bitcoin, the largest existing cryptocurrency by market capitalization.

In addition, Thailand’s SEC is also considering allowing local companies to issue stablecoins backed by their own bonds to expand access to corporate debt markets and minimize costs, according to Pornanong.

Last December, Thailand’s former prime minister and crypto advocate Thaksin Shinawatra proposed a pilot project to develop Bitcoin payment in Phuket. Deputy Prime Minister Pichai Chunhavajira confirmed that the pilot project will focus mainly on tourists and will make it easier for them to make digital payments in the region.