Thailand is aiming to become a global center for digital assets and has made significant progress towards attaining this goal. A recent report notes that the country intends to integrate Bitcoin ETFs which would enable local exchanges to list these funds. This indeed is a significant milestone in terms of the digital asset plan for Thailand.
Thailand Gears Up for Bitcoin ETF Launch
According to a report by Bloomberg, the Thai SEC is all set to approve the country’s first ever Bitcoin ETF in order to facilitate its vision of being a crypto friendly nation, this news came out on January 15th.
As per SEC Secretary Pornanong Budsaratragoon, this will allow retail and institutional players invest in Bitcoin directly.
For promoting crypto usage, Thailand has determined to be on the front of the race in adoption of crypto assets and as for Pornanong, this was of great importance during their last interview.
While the assets Management group One has recently in Thailand established and registered the fund of funds designed to follow the international Bitcoin ETFs
An investemtn product is still pending approval. The SEC approved the ONE Bitcoin ETF Fund of Funds Unhedged and not for Retail Investors (ONE-BTCETFOF-UI) last year
Thailand’s Thaksin Pushes for Legalization of Cryptocurrency
In a newly released statement, Thaksin Shinawatra, leader of the Pheu Thai Party, has been advocating for the controversial aspect of cryptocurrency to be made legal in Thailand.
Taking inspiration from US President Donald Trump being decentralization-friendly, Thaksin cautioned Thailand not to fall behind in the modern age of virtual assets and also advocated that stablecoins be issued and adopted more frequently.
The crypto-asset trading industry in Thailand is lively and even more heightened by the recent spike in Bitcoin prices that hit an all time peak of $108,315.
In a recent statement made by Bloomberg, even though hedge funds for crypto had a fruitful year, they have still not caught up to Bitcoin (BTC) for profiting returns.
Thailand’s Growing Crypto Vision and Regulations
Thailand is putting in a lot of effort to become a global cornerstone in the crypto space. The country has presented a new initiative where it will be carrying out a trial project involving the use of crypto payments within its economy based in Phuket.
This plan which seeks to function in conjunction with Thailand’s current laws is bound to provide the country with greater focus into cryptocurrency. The country has also announced plans to introduce Bitcoin ETFs which would serve in assisting the local region further improve crypto adoption.
