Thailand-based asset management funds can now launch private funds for investing in U.S. spot bitcoin exchange-traded funds (ETFs), according to the country’s securities regulator. The approval of bitcoin ETFs by U.S. regulators has opened opportunities for Thai asset management firms to gain exposure to the premier crypto asset.
Only Institutional Investors and Ultra-High-Net-Worth Individuals Are Eligible to Invest in ETFs
The Thailand Securities Regulator has announced that local asset management funds can now launch private funds for investing in U.S. spot bitcoin exchange-traded funds (ETFs). However, the regulator clarified that only institutional investors and the so-called ultra-high-net-worth individuals are eligible to invest in these ETFs.
This change to existing rules was recently agreed upon by the board members of the Thai Securities and Exchange Commission (SEC), according to Pornanong Budsaratragoon, the secretary general of the SEC. The rule change was prompted by the U.S. Securities and Exchange Commission’s approval of bitcoin ETFs, as reported by the Bangkok Post.
Remarking on the Thai regulator’s motivation for amending the rules, Budsaratragoon said:
Asset management firms asked the SEC for them to have exposure in digital assets, especially Bitcoin and spot Bitcoin ETFs, but we need to consider carefully whether to allow asset management firms to invest in digital assets directly due to high risk.
Before the amendment, Thai securities regulations permitted asset management firms to invest or trade only in assets classified as securities. Like its peers, the Thai regulator does not consider a digital asset like bitcoin as a security, hence asset management firms were unable to hold it. However, the approval of bitcoin ETFs by U.S. regulators has paved the way for Thai asset management firms to gain exposure to the leading crypto asset.
In addition to the rule change, Budsaratragoon disclosed that the Thai SEC board has endorsed proposals to update the stock market listing and supervisory rules. These changes are reportedly aimed at enhancing investor confidence in the Thai market and supporting its long-term development plans.
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