Thailand SEC Approves Investors Request to Offer Spot Bitcoin ETF
The spot Bitcoin ETF market is gaining traction at an outstanding speed as it has now found its way into the hearts of Thailand institutional investors.
Precisely, the Thailand Securities and Exchange Commission (SEC) has given its approval to asset management firms that wish to provide Thai-based institutional investors with exposure to United States spot Bitcoin ETFs.
Thailand SEC Adds a Condition to Approval
Per a published report from Bangkok Post, the regulator made certain relevant adjustments to its regulation to accommodate the new service. Eligible firms now have approval to launch funds for professional investors to invest in the available U.S. spot Bitcoin ETFs. Only institutional investors and ultra-high-net-worth individuals are permitted to indulge in the investment.
On this premise, investors are advised to remain cautious and understand the high risks involved before deciding to go ahead with the spot Bitcoin ETFs.
A Change of Heart
The Thailand SEC Secretary-General Pornanong Budsaratragoon confirmed in a statement that the agency has received several requests from asset managers seeking permission to plunge into crypto assets. Apparently, the greenlight from the SEC came after careful consideration of the high risks involved and whether to allow these organisations to take part in it.
Prior to this time, the agency has hinted at its unenthusiastic spot Bitcoin ETF stance. The Thailand SEC claimed to be monitoring the implementation of Bitcoin ETF overseas but at the same time said it had no plan to have it in its jurisdiction just like Singapore announced.
U.S. Spot Bitcoin ETF Success Triggers Interest
The sudden open-mindedness of the agency is likely linked with the results that spot Bitcoin ETFs have recorded in the U.S. It’s been two months since the U.S. SEC officially greenlighted the product. On the first trading day, the spot Bitcoin ETF market recorded as much as $4.5 billion. Last week, the trading volume had climbed to over $10 billion.
Additionally, this increased activity in the spot Bitcoin ETF market has contributed to the global Bitcoin rally. The leading cryptocurrency by market capitalization has once again established its dominance in the digital market ecosystem with a value of $72,070.65, according to CoinMarketCap at the time of this writing.
