Thailand Embraces Cryptocurrency Fully: Approval Granted for First Spot Bitcoin ETF!
Thailand has made a groundbreaking decision by approving the first spot Bitcoin exchange-traded fund (ETF), although it is only available to wealthy and institutional investors. One Asset Management (ONEAM) has been given permission to offer this exclusive ETF, which marks a significant step forward for the Thailand Securities and Exchange Commission (SEC).
The approved One Bitcoin ETF will invest in up to eleven global funds to ensure the safety and liquidity of assets. Other potential spot Bitcoin ETF issuers, such as MFC Asset Management, are also being considered by the Thai SEC. This move reflects the increasing interest in Bitcoin and other digital assets among Thai investors who are looking to diversify their portfolios.
Pote Harinasuta, the CEO of ONEAM, stated that digital assets offer an alternative investment option with low correlation to other financial assets. He believes that Bitcoin has high growth potential due to its limited supply of 21 million and increasing popularity.
Thailand’s approval of a spot Bitcoin ETF follows similar trends in the United States, Australia, and Hong Kong. Bitcoin’s high demand, especially after the recent halving event, has solidified its position as a top investment compared to traditional products. The price of Bitcoin has risen by more than 72 percent in the past six months, reaching around $69,000 as of Tuesday, June 4. US-based spot Bitcoin ETFs have attracted approximately $105 million in cash inflows, with net assets under management totaling around $59.4 billion. Hong Kong’s spot Bitcoin ETFs have also accumulated around $1 billion in assets under management.
The approval of the first spot Bitcoin ETF in Thailand positions the country as a significant player in the global digital assets market. This decision opens up new investment opportunities for Thai investors and demonstrates the growing acceptance and potential of Bitcoin as a mainstream financial asset.
In conclusion, Thailand’s first Bitcoin ETF represents a promising future for Thai investors and has the potential to unlock the true potential of cryptocurrency in Asia.