Thailand is deepening its involvement in the crypto space by exploring the potential approval of Bitcoin (BTC) exchange-traded funds (ETFs). Simultaneously, the country is considering stricter scrutiny of the online betting platform Polymarket.
Thai SEC Mulling Bitcoin ETF Approval
According to a recent Bloomberg report, the Thai Securities and Exchange Commission (SEC) is evaluating the listing of local Bitcoin ETFs as part of efforts to bolster the country’s native crypto economy. This move aligns with a global trend of increasing acceptance and regulation of cryptocurrencies.
Thai SEC Secretary-General Pornanong Budsaratragoon highlighted the regulator’s intention to enable both individuals and institutions to invest in locally-listed Bitcoin ETFs. She remarked:
Like it or not, we have to move along with more adoption of cryptocurrenices worldwide. We have to adapt and ensure that our investors have more options in crypto assets with proper protection.
It is worth noting that in January 2024, the US financial regulator approved 11 spot Bitcoin ETFs. These ETFs have since amassed around $109 billion in total net assets, showcasing their growing popularity among investors.
In June 2024, the Thai SEC had already permitted One Asset Management, a Thailand-based firm, to launch a fund-of-fund Bitcoin ETF. This product allows institutional investors to gain exposure to Bitcoin ETFs listed overseas.
Other countries in the region have expressed desire to introduce their own crypto ETFs. For instance, both Japan and South Korea are mulling approval of crypto ETFs due to rising global demand for the product.
Thailand To Tighten The Noose Around Polymarket
While Thailand is making strides to expand retail access to crypto-based financial products, it remains vigilant to ensure that innovation does not come at the expense of consumer safety.
To that effect, Thailand’s Cybercrime Investigation Bureau (CIB) is considering a blanket ban on Polymarket, a blockchain-based betting platform. The CIB has accused Polymarket of operating as an illegal gambling website.
In a press briefing on January 14, the CIB stated that banning Polymarket would protect the public from the risks associated with online gambling. Additionally, it would mitigate potential vulnerabilities that could be exploited for illicit activities in the country. However, the bureau has not disclosed a specific timeline for implementing the ban.
If Thailand proceeds with this ban, it will follow in the footsteps of other countries in the region. For example, Singapore recently banned Polymarket due to similar concerns.
Likewise, earlier this year, a Taiwanese man was charged for using Polymarket to place bets worth approximately $500 on the outcome of the country’s electoral results. At press time, BTC trades at $99,275, up 3.4% in the past 24 hours.
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