The Thai Securities and Exchange Commission (SEC) is reportedly considering the introduction of spot Bitcoin exchange-traded funds (ETFs) on local exchanges. SEC Secretary-General Pornanong Budsaratragoon highlighted the need to adapt to the global surge in cryptocurrency adoption, stating:
“Like it or not, we have to move along with more adoption of cryptocurrencies worldwide. We have to adapt and ensure that our investors have more options in crypto assets with proper protection.”
This initiative seeks to follow the success of Bitcoin ETFs in the US, which now collectively manage over US$100 billion in assets within a year of their launch. The move would also build on Thailand’s previous crypto efforts, such as One Asset Management’s fund offering exposure to international Bitcoin ETFs.
At the same time, Thai authorities are clamping down on platforms they view as risky. The Cybercrime Investigation Bureau has recommended banning Polymarket, a decentralized prediction market platform accused of operating as an illegal gambling site.
Established in 2020, Polymarket allows users to wager on various event outcomes, from elections to climate events. While it gained traction for aggregating public sentiment during the 2024 US elections, its inclusion of controversial topics like wildfires has drawn criticism. The platform has faced similar scrutiny in Singapore, where it has been classified as a gambling operation.
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