Emily Walker
Thailand is intensifying its engagement in the cryptocurrency sector by looking into the possibility of approving Bitcoin (BTC) exchange-traded funds (ETFs). At the same time, the country is contemplating tighter regulations on the online betting platform Polymarket.
Thai SEC Considering Bitcoin ETF Approval
A recent report from Bloomberg indicates that the Thai Securities and Exchange Commission (SEC) is assessing the potential listing of domestic Bitcoin ETFs to enhance the local cryptocurrency market. This initiative aligns with a global shift toward greater acceptance and regulation of digital currencies.
Pornanong Budsaratragoon, the Secretary-General of the Thai SEC, emphasized the agency’s goal to allow both private investors and institutions to invest in locally-listed Bitcoin ETFs. She stated:
We must adapt to the growing global acceptance of cryptocurrencies. It is essential to offer our investors more choices in crypto assets while ensuring they are adequately protected.
It’s important to note that in January 2024, the U.S. financial authority approved 11 spot Bitcoin ETFs, which together have gathered about $109 billion in net assets, highlighting their increasing appeal to investors.
Prior to this, in June 2024, the Thai SEC had already authorized One Asset Management to create a fund-of-fund Bitcoin ETF, granting institutional investors access to Bitcoin ETFs available internationally.
Other nations in the Asia-Pacific region are also contemplating their own crypto ETFs. For example, both Japan and South Korea are exploring the approval of crypto ETFs in response to the growing global interest in these products.
Thailand to Increase Scrutiny on Polymarket
As Thailand works to broaden retail access to cryptocurrency financial products, it is also focused on ensuring that innovation does not compromise consumer protection.
In this regard, Thailand’s Cybercrime Investigation Bureau (CIB) is evaluating a possible outright ban on Polymarket, a betting platform utilizing blockchain technology. The CIB has claimed that Polymarket functions as an illegal gambling site.
During a press conference on January 14, the CIB stated that banning Polymarket would serve to safeguard the public from the dangers associated with online gambling. This action would also help reduce risks related to potential illicit activities within the nation. However, the bureau has yet to specify a timeline for the ban’s enforcement.
If Thailand moves forward with this ban, it would join other countries in the region that have taken similar actions. For instance, Singapore recently prohibited Polymarket for comparable reasons.
Earlier this year, a Taiwanese individual faced charges for using Polymarket to place bets totaling approximately $500 on the outcomes of the electoral results in his country. Currently, BTC is trading at $99,275, reflecting a 3.4% increase over the past 24 hours.
