Thailand's SEC has Allowed Companies to Invest in Bitcoin Spot ETFs

The SEC explained that there is one condition — only institutional investors and individuals with ultra-high incomes can participate in these investments. Previously, the rules governing the investments of asset management companies did not apply to cryptocurrency ETFs, and according to Thai laws, investment companies are allowed to trade only those assets that are classified as securities. In January, the American financial regulator approved the launch of spot ETFs for bitcoin in the United States. Therefore, Thai legislation has defined shares in spot bitcoin ETFs as securities, not crypto assets.

Secretary General of the SEC of Thailand Pornanong Budsaratragoon explained that only accredited investors will have access to cryptocurrency exchange products (ETP), due to high risks. The official noted that asset management companies have long appealed to the SEC to provide them with access to digital assets, especially bitcoin. However, it is very risky for asset managers to invest directly in digital assets due to the high level of risk.

Despite the fact that the new rules do not apply to private investors in Thailand, the retail trade of cryptocurrencies in the country is very popular. In March 2022, the Thai government declared the use of digital assets for payments illegal, and in July 2023, the SEC banned the use of cryptocurrencies for lending. But earlier this year, the Thai SEC lifted restrictions on investments in digital currencies and the provision of services for the storage of crypto assets.

Source: https://bits.media/sec-tailanda-razreshila-kompaniyam-investirovat-v-spotovye-etf-na-bitkoin/