Regulators in Thailand are considering approving exchange-traded funds that invest directly in Bitcoin for the first time in history in order to boost the country's nascent cryptocurrency sector.

According to A Bloomberg Report published on January 15, Thailand Securities and Exchange Commission You may allow Bitcoin ETFs To list on local exchanges for the first time as the country tries to keep up with other countries such as Singapore, Hong Kong and the United States in terms of developing the cryptocurrency sector.

As of November 30, 2024, data were obtained from Thailand The SEC shows that there are at least 270,000 active cryptocurrency trading accounts. The number of active accounts doubled in November compared to the number of active accounts in the previous month, which reached only 117 thousand accounts.

Recognizing the importance of Thailand's cryptocurrency sector going forward, Secretary-General Purnanong Bodsaratrajun said the SEC would consider allowing individuals and companies to invest directly in local Bitcoin ETFs.

“Like it or not, we have to move forward with more adoption of cryptocurrencies around the world. We have to adapt and make sure that our investors have more options in crypto assets with the right protection,” Purnanong said.

Thailand is not the only one. The leaders of Japan's major banks were also to push For regulators to allow cryptocurrency-backed ETFs, specifically Bitcoin ETFs and Ethereum ETFs. Other countries in the Asia-Pacific region, such as Hong Kong and Australia, have approved their own spot cryptocurrencies ETFs.

Despite this eagerness to dive into the Bitcoin investment market, Thai authorities have recently begun closed Bitcoin mining farm established in Phanat Nikhom district of Chonburi. Ditto I mentioned By crypto.news Thailand's Crime Suppression Department is currently obtaining arrest warrants for those involved.

Back in June 2024, One Asset Management in Thailand has already done just that Fired A fund of funds that gives investors exposure to Bitcoin exchange-traded funds linked to offshore companies. However, Thailand has not yet allowed local ETFs to invest directly in Bitcoin, which is currently the largest cryptocurrency by market capitalization.

In addition, the Securities and Exchange Commission of Thailand is also considering allowing local companies to issue bonds stablecoins Backed by its own bonds in order to expand access to corporate debt markets and reduce costs, according to Bornanong.

Last December, former Thai Prime Minister and cryptocurrency advocate, Thaksin Shinawatra Suggested A pilot project to develop Bitcoin payment in Phuket. Deputy Prime Minister Pichai Chunhavajira certain The pilot project will focus primarily on tourists, making it easier for them to make digital payments in the region.