Thailand’s SEC Rejects Spot Bitcoin ETF, Here’s Why

After final week’s historic approval of Spot Bitcoin ETFs (Trade Traded Funds) by the US Securities and Trade Fee (SEC), traders worldwide surprise about the potential of this monetary product launching of their international locations.

An area supply launched a report on January 17 stating that Thailand’s SEC has rejected the buying and selling of ETFs within the nation “for the time being.”

Thailand’s Regulator Speaks Out On Bitcoin ETFs

For the reason that US SEC authorized itemizing 11 Bitcoin ETFs, Thai securities brokerage corporations have prompted traders to take a position straight in US spot Bitcoin ETFs, because the report explains.

Thailand’s SEC, nonetheless, has come out to say that it doesn’t plan to permit ETF launches within the nation for now, stating:

The SEC has been following these developments intently however we don’t have a coverage to permit spot Bitcoin ETFs to be established in Thailand in the intervening time.

Regardless of the rejection of spot Bitcoin ETF launches in Thailand, the regulator maintains that traders nonetheless have the choice to put money into digital belongings by way of the already licensed home exchanges that fall beneath the Digital Belongings Decree, which ensures “fair and transparent” buying and selling for the advantage of Thai traders, because the regulator famous.

Thailand at the moment has 9 licensed digital asset alternate operators offering funding in cryptocurrencies that observe the alternate’s itemizing guidelines. Nonetheless, the SEC doesn’t oppose clients’ funding in overseas merchandise by way of securities firms, however these firms should assure that traders obtain applicable funding recommendation.

Securities firms can present providers to retail clients to put money into overseas merchandise, however they should have the identical traits as merchandise that may be supplied on the market in Thailand.

Lastly, the SEC expressed its want to “monitor developments, supervision, and operations in various areas to develop further policy guidelines for ETF supervision” that might go well with Thailand’s context.

Thai Rules To Defend Buyers

Thailand’s crypto adoption is among the many highest worldwide, rating within the prime 10 on Chainalysis’s World Crypto Adoption Index launched in 2022 and 2023. Thailand’s authorities has carried out numerous laws on cryptocurrencies and digital asset merchandise to guard its clients.

Thailand ranked 10th in The 2023 World Crypto Adoption Index launched. Supply: Chainalysis

Most notably, in 2018, the federal government enacted the Digital Asset Enterprise Emergency Decree to manage digital asset transactions and all associated actions within the nation. The Decree covers the regulation of cryptocurrencies, digital tokens, and different digital belongings and applies to companies, people, and all exchanges working in Thailand.

Relating to a few of the laws within the nation, the Thai regulator commented on the next within the report:

Digital asset operators are required to have a digital pockets administration system and cryptographic keys to make sure enterprise effectivity and the purchasers’ digital belongings are effectively protected.

In the end, the licensing necessities and strict guidelines and laws companies face when coping with digital belongings in Thailand create a difficult panorama for cryptocurrencies.

Bitcoin traded at $42,757.9 within the every day chart. Supply: BTCUSDT on

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