Thailand’s cooking up something spicy in the crypto world, and it’s not just Pad Thai. The country’s Securities and Exchange Commission, the SEC is mulling over approving Bitcoin exchange-traded funds.
If they go through with it, Thailand could solidify its spot as a top digital asset player in Asia.
Tigers of the East
Thailand’s SEC Secretary-General, Pornanong Budsaratragoon, said they’re weighing the pros and cons of giving the green light to Bitcoin ETFs for both retail and professional investors.
“Whether we like it or not, crypto adoption is here. Our job is to give people choices while keeping them safe.”
Translation: They’re not about to let Singapore and Hong Kong have all the fun, or the business.
Thailand’s crypto industry isn’t a newborn
Thailand has already dipped a toe in the Bitcoin waters. Back in June last year, One Asset Management rolled out the country’s first fund that invests in U.S.-based Bitcoin ETFs. Now, they’re upping the ante by considering ETFs that directly buy Bitcoin.
Also, the government isn’t just focused on ETFs, they’re also testing out Bitcoin payments in Phuket, the city that’s famous for its beaches and wild nightlife.
Deputy Prime Minister and Finance Minister Pichai Chunhavajira says the pilot project could give tourists a slick new way to pay for their coconut smoothies and yacht rentals.
Thailand’s progress is undeniable
And the development of the local crypto industry doesn’t stop there. The SEC is also brainstorming ways for local companies with stellar credit to issue stablecoins backed by their bonds.
Sounds fancy, but it basically means easier access to corporate debt markets and lower costs.
Long story short, Thailand isn’t just watching the crypto revolution, but it’s gearing up to join the frontlines.
So, will Bitcoin ETFs be the next big thing in the Land of Smiles? Only time—and the SEC—will tell.
