Key Takeaways
- Thailand has approved its first spot Bitcoin ETF with ONE Asset Management.
- The ETF will be limited to wealthy and institutional investors under new Thai SEC guidelines.
- MFC Asset Management is also seeking approval for its Bitcoin ETF product.
Thailand has approved the launch of its first spot Bitcoin exchange-traded fund (ETF), aligning with a global trend of regulated Bitcoin investment vehicles.
The Thai Securities and Exchange Commission (SEC) has endorsed One Asset Management (ONEAM) to introduce the ONE Bitcoin ETF Fund, scheduled for distribution between May 31 and June 6.
Institutional only
This ETF will be limited to wealthy and institutional investors under the Thai SEC’s amended guidelines from April, which permit restricted Bitcoin ETFs for professional investors.
ONEAM plans to invest in 11 major global Bitcoin funds, ensuring liquidity and security while providing exposure to Bitcoin in a regulated framework. This approach aims to mitigate risks such as theft associated with direct Bitcoin ownership.
While ONEAM has obtained approval, another Thai firm, MFC Asset Management, is still awaiting regulatory clearance for its Bitcoin ETF product. Both ETFs will be private offerings for qualified investors only.
Similar to US SEC
Thailand’s approval follows a similar path taken by the US SEC, which approved several Bitcoin ETFs in January, leading to a surge in interest. Other regions, including Hong Kong, Australia, and the UK, have also issued spot Bitcoin ETFs or similar products.
By approving a Bitcoin ETF, Thai regulators acknowledge the increasing demand from local institutions to incorporate Bitcoin into their portfolios. This move could pave the way for broader mainstream adoption once public offerings become available.
