Key Takeaways
- Thai SEC plans to allow local Bitcoin ETFs for direct access.
- Digital-asset trading accounts in Thailand rose to 270,000 in 2024.
- Pilot program in Phuket will enable Bitcoin payments for tourists.
The Thai Securities and Exchange Commission (SEC) is exploring the approval of Bitcoin exchange-traded funds (ETFs), marking a significant step toward solidifying the country’s role in the global digital asset market.
Current investment landscape
Currently, Thai investors can only indirectly access Bitcoin through a fund-of-funds launched by One Asset Management in 2024, which invests in overseas Bitcoin ETFs but prohibits direct Bitcoin investments.
The Thai SEC’s move would bridge this gap, offering local investors direct access to Bitcoin ETFs.
Pornanong Budsaratragoon, Secretary-General of the Thai SEC, said:
Like it or not, we have to move along with more adoption of cryptocurrencies worldwide. We must adapt and ensure that our investors have more options in crypto assets with proper protection.
Rising interest in Bitcoin
Thailand’s interest in digital assets is growing rapidly. By November 2024, active digital-asset trading accounts surged to 270,000, more than doubling from the previous month.
Meanwhile, neighboring regions such as Singapore and Hong Kong have already approved spot digital asset ETFs, intensifying regional competition.
Government initiatives
Former Prime Minister Thaksin Shinawatra has also proposed government-backed stablecoins to enhance the financial ecosystem, and a Bitcoin payment pilot program in Phuket aims to boost tourism.
Regulatory challenges
Despite challenges, such as a crackdown on illegal Bitcoin mining operations earlier this year, Thailand is taking proactive steps to align with global trends and attract international digital asset players.
