Thailand’s Securities and Exchange Commission (SEC) is looking to make a splash in the digital currency sphere, as they weigh the possibility of approving the nation’s first bitcoin Exchange-Traded Funds (ETFs). This hints at Thailand’s gradual transformation into a major digital hub in Asia.
The SEC’s Secretary-General, Pornanong Budsaratragoon, stated that Thailand must keep pace with the worldwide adoption of cryptocurrencies. Adding, it is the SEC’s role to offer more varied options for investors in the digital asset area, whilst also ensuring adequate protection is put in place. The move comes as other Asian countries, like Singapore and Hong Kong, have created welcoming policies for cryptocurrency-related businesses, stirring up more competitiveness in the region.
Already, strides towards this new venture have been made. Back in June 2024, the country’s first fund investing in U.S. Bitcoin ETFs was launched by One Asset Management. Now, there’s anticipation as Thailand takes it up a notch by contemplating authorization of funds that will make direct investments in Bitcoin.
In addition to this, the Thai government is drawing up plans for a trial run of Bitcoin payments at Phuket, one of the nation’s prime tourist hotspots. Introduced by the Deputy Prime Minister and Finance Minister Pichai Chunhavajira, the objective is to provide an alternative, convenient payment method for global tourists.
On a final note, the SEC has plans to get the cogs turning on another project which will allow local businesses with high credit ratings to issue stablecoins backed by their bonds. This endeavor has the potential to widen access to corporate debt markets and reduce overall costs.