Thailand may permit bitcoin exchange-traded funds (ETFs) to list on its local exchanges for the first time as the country vies to nurture a digital-assets hub.
The Securities and Exchange Commission (SEC) is considering allowing individuals and institutions to invest in local bitcoin ETFs, Secretary-General Pornanong Budsaratragoon said, Bloomberg reported on Wednesday.
Thailand’s One Asset Management launched a fund-of-funds offering exposure to overseas bitcoin ETFs in June 2024, but the country hasn’t yet given the green light to vehicles that invest directly in the original cryptocurrency.
The potential shift in stance comes as the race to set up a digital-assets center in the Asia-Pacific region heats up.
Elsewhere, Singapore and Hong Kong have installed supportive regimes. President-elect Donald Trump said on the campaign trail that he intends to make the US the world’s crypto capital.
“Like it or not, we have to move along with more adoption of cryptocurrenices worldwide,” Pornanong said in an interview at her office. “We have to adapt and ensure that our investors have more options in crypto assets with proper protection.”
Binance Holdings Ltd and other digital-assets firms have earmarked Thailand as a key growth market as the country eases restrictions. Thaksin Shinawatra, the ruling Pheu Thai Party party’s de facto chief, is a crypto advocate, the report added.
Thaksin recently said Thailand should consider issuing stablecoins backed by government bonds to retail and institutional investors as well as exploring other avenues for digital currencies. Authorities are also weighing a sandbox in Phuket for bitcoin transactions in tourism-related services, he said.
The SEC will consider allowing local companies with strong credit ratings to issue new stablecoins backed by their own bonds in the hope of widening access to corporate debt markets and lowering costs, Pornanong said, according to the report.
Featured photo credits: Tourism Authority of Thailand
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