Thailand, one of Asia's 10 largest economies, is preparing to take ambitious steps in the cryptocurrency world.
Accordingly, Thailand is preparing to expand the country's ETF portfolio beyond Bitcoin (BTC) ETFs.
Thailand's Securities and Exchange Commission (SEC) has announced plans to add a number of altcoin ETFs to its portfolio due to the growing demand for various investment opportunities in the country, Bloomberg reported.
Thailand SEC Secretary General Pornanong Budsaratragoon said the agency is now considering broader criteria that would allow ETFs to track multiple cryptocurrencies, rather than being limited to single-asset Bitcoin products.
“Our opportunity now is to expand crypto benchmarks, such as baskets of cryptocurrencies. We want to have a broader offering of these crypto assets in ETFs,” Pornanong said.
Accordingly, the Thailand SEC will now allow local investment funds and institutions to issue crypto ETFs such as Ethereum (ETH) and Solana (SOL).
Budsaratragoon said the SEC is working with other regulators to draft new rules to support various altcoin ETFs.
It was stated that this move by the SEC was to attract young investors who see cryptocurrencies as a diversification tool alongside traditional assets.
If the Thai SEC approves altcoin ETFs beyond Bitcoin, the country's expanded ETF framework could attract local and international capital, making Thailand a major hub for regulated digital asset investment in Southeast Asia, experts say.
*This is not investment advice.
