Thailand Poised to Approve Bitcoin ETFs

Thailand is on the verge of a significant development in its cryptocurrency sector, with the Thai Securities and Exchange Commission (SEC) considering the approval of Bitcoin exchange-traded funds (ETFs) for local exchanges. This move aims to enhance investment opportunities for both individual and institutional investors, aligning Thailand with global trends in cryptocurrency adoption. Currently, the country offers limited access through a fund-of-funds that invests in overseas Bitcoin ETFs, but direct investments in Bitcoin remain restricted. The SEC's Secretary-General, Pornanong Budsaratragoon, emphasized the need to adapt to the growing market and ensure investor protection. Additionally, plans are in place to pilot crypto payments in tourist areas like Phuket, which will further integrate digital assets into the economy. Former Prime Minister Thaksin Shinawatra supports these initiatives, advocating for stablecoins backed by government bonds to improve access to financial markets.