Thailand approves first spot Bitcoin ETF

Thailand has approved the launch of its first Bitcoin exchange-traded fund (ETF), joining the growing list of countries embracing regulated Bitcoin investment vehicles.

BREAKING NEWS: 🇹🇭 Thailand SEC approves first position. #Bitcoin ETF. pic.twitter.com/ju1q83JvVP

— Bitcoin Magazine (@BitcoinMagazine) June 4, 2024

According to the Bangkok Post, Thailand’s Securities and Exchange Commission (SEC) has approved the introduction of a Bitcoin ETF at asset management company ONEAM. The ONE Bitcoin ​​ETF fund will be distributed between May 31 and June 6.

Under Thai SEC regulations, ETFs are restricted to wealthy and institutional investors. This follows regulators revising local guidelines in April to allow limited Bitcoin ETFs for professional investors.

ONEAM will invest in 11 leading global Bitcoin funds to ensure adequate liquidity and security. The company said the ETF provides exposure to Bitcoin in a regulated framework, addressing risks such as theft that come with direct ownership.

While ONEAM has received approval, fellow Thai firm MFC Asset Management is still awaiting regulatory clearance for its own planned Bitcoin ETF product. Both are available only to qualified investors.

Thailand has seen a surge in interest, following the path blazed by the US SEC, which approved several Bitcoin ETFs in January this year. Other jurisdictions such as Hong Kong, Australia, and the United Kingdom have since followed suit in issuing spot Bitcoin ETFs or similar products.

This launch provides easy, regulated exposure to Bitcoin price movements without the need to handle Bitcoin directly. This better accommodates professional investors and institutions.

By approving a Bitcoin ETF, Thai regulators acknowledge the growing demand from local institutions to add Bitcoin allocations. This move could enable broader mainstream adoption once public offering becomes available.