Thailand Approves First Spot Bitcoin Exchange-Traded Fund (ETF)

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Dailycoin2024/06/04 14:25

By:Dailycoin

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Thailand’s SEC has approved a spot Bitcoin ETF.
The fund will be available to certain investor groups.
One issuer is awaiting the SEC’s approval to launch a similar fund.

Local media outlets reported on Tuesday that the Thailand Securities and Exchange Commission (SEC) has approved the first spot Bitcoin exchange-traded fund (ETF) to launch in the country.

The landmark move comes after the regulator started to warm up to Bitcoin ETFs in March, allowing institutions and ultra-high-net-worth individuals (UHNWIs) to invest in U.S.-listed products via local private funds.

SEC Endorses Local Bitcoin ETF

According to a Bangkok Post report on June 4, the Thailand SEC has “endorsed” One Asset Management (ONEAM) to launch the country’s first spot Bitcoin ETF , which is scheduled to be distributed between March 31 and June 6.

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ONEAM chief executive Pote Harinasuta lauded the development, noting that the company saw “high growth potential for Bitcoin.” The executive also sought to reassure users of the safety of gaining exposure to the crypto asset via a regulated ETF.

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“When investing through ETFs, unitholders' data or coins will be distributed through custodians, which offer the same standard used by institutional investors, meaning storage of coins offline, which is highly secure,” the report quoted Harinasuta.

The report said that as the deadline for ONEAM’s Bitcoin ETF distribution schedule nears, the SEC has yet to approve MFC Asset Management’s application to launch a similar fund.

Read about the launch of spot Bitcoin ETFs in Hong Kong:
Analysts Evaluate Hong Kong Bitcoin ETFs’ Disappointing Debut

Stay updated on Bitcoin and Ether ETPs launch on the LSE:
London Stock Exchange Lists Bitcoin and Ether ETPs for Trading

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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