Thailand is deepening its involvement in the crypto space by exploring the potential approval of Bitcoin (BTC) exchange-traded funds (ETFs). At the same time, the country is considering stricter control of the online betting platform Polymarket.
Thai SEC Mulling Bitcoin ETF Approved
According to a recent Bloomberg reportThailand’s Securities and Exchange Commission (SEC) is evaluating the listing of local Bitcoin ETFs as part of efforts to strengthen the country’s native crypto economy. The move aligns with a global trend of increasing acceptance and regulation of cryptocurrencies.
Thai SEC Secretary General Pornanong Budsaratragoon highlighted the regulator’s intention to allow individuals and institutions to invest in locally listed Bitcoin ETFs. She noticed:
Like it or not, we need to move forward with greater adoption of cryptocurrencies around the world. We need to adapt and ensure our investors have more options in crypto assets with adequate protection.
It is worth noting that in January 2024, the US financial regulator approved 11 spot Bitcoin ETFs. These ETFs have since accumulated approximately $109 billion in total net assets, demonstrating their growing popularity among investors.
In June 2024, the Thai SEC had already authorized One Asset Management, a Thailand-based company, to launch a Bitcoin ETF fund of funds. This product allows institutional investors to gain exposure to overseas-listed Bitcoin ETFs.
Other countries in the region have expressed a desire to introduce their own crypto ETFs. For example, both Japan And South Korea are considering the approval of crypto ETFs due to the growing global demand for this product.
Thailand will tighten the noose around Polymarket
As Thailand makes strides to expand retailer access to crypto-based financial products, it remains vigilant to ensure that innovation does not come at the expense of consumer security.
To this end, the Thai Cybercrime Investigation Bureau (CIB) is considering completely banning Polymarket, a blockchain-based betting platform. The CIB accused Polymarket of operating as an illegal gambling site.
In a press briefing on January 14, the CIB said the ban on Polymarket would protect the public from the risks of online gambling. Additionally, it would mitigate potential vulnerabilities that could be exploited for illicit activities in the country. However, the office did not disclose a specific timetable for implementing the ban.
If Thailand implements this ban, it will follow in the footsteps of other countries in the region. For example, Singapore recently forbidden Polymarket due to similar concerns.
Similarly, earlier this year, a Taiwanese man was charge for using Polymarket to place bets worth approximately $500 on the country’s election results. At press time, BTC is trading at $99,275, up 3.4% in the last 24 hours.
Featured image from Unsplash.com, chart from TradingView.com
