While the SEC's approval of spot Bitcoin ETFs in the USA in January enabled other countries to take steps towards ETFs, the latest move came from Thailand, which is known for its moderate approach to cryptocurrencies such as BTC.
Thailand's Securities and Exchange Commission (SEC) has changed its rules to allow investing in spot Bitcoin ETFs traded on US exchanges, local news agency Bangkok Post reported.
Accordingly, Thailand's SEC made an exception by allowing institutional investors and very high net worth individuals to invest in ETFs.
Making a statement on this issue, Thailand SEC Secretary General Pornanong Budsaratragoon said that the SEC will now allow asset managers to invest in spot Bitcoin (BTC) ETFs on US stock exchanges.
“After the approval of spot Bitcoin ETFs in the US, the institution identified spot Bitcoin ETFs as securities rather than digital assets and Thai securities firms are now allowed to invest in them.
Asset management firms have asked the SEC to seek exposure to digital assets, specifically Bitcoin, and spot Bitcoin ETFs. However, due to the high risk, we need to think carefully about whether to allow asset management companies to invest directly in digital assets.
“So for now, only institutional investors and ultra-high net worth investors will only be able to invest in spot Bitcoin ETFs. However, in the future, we intend to expand this investment opportunity to individual investors as well.”
As you may recall, Thailand's SEC refused to allow asset management companies to launch spot Bitcoin ETFs earlier this year.
*This is not investment advice.
