Thailand approves the launch of its first commercial Bitcoin exchangeThe ETF is the latest addition to a list of nations that have regulated Bitcoin investments.
BREAKING: 🇹🇠Thailand SEC approves the first spot #Bitcoin ETF. pic.twitter.com/ju1q83JvVP
— Bitcoin Magazine (@BitcoinMagazine) June 4, 2024
One Asset Management was approved to be the asset manager by Thailand’s Securities and Exchange Commission. Bitcoin ETFAccording to Bangkok Post. The ONE Bitcoin ETF Fund distribution is planned to take place between May 31st and June 6th
According to the Thai SEC, ETFs will only be available for wealthy institutional investors and wealthy individuals. The regulator amended local guidelines to allow restricted Bitcoin ETFs in April.
ONEAM will place the funds in 11 of the largest global Bitcoin fund to provide adequate liquidity. The ETF, according to the company, provides Bitcoin exposure in a controlled environment that addresses risks such as theft.
MFC Asset Management (a Thai competitor) is still waiting for regulatory approval to launch its Bitcoin ETF. Both offerings will only be available to investors who qualify.
Thailand takes the lead from the US SEC. which approved several Bitcoin ETFs This January has seen a surge in interest. Hong Kong and other jurisdictions are also a good example. Australia” the UKSince that time, many other firms have issued Bitcoin spot ETFs and similar products.
These launches allow for easy and regulated access to Bitcoin price fluctuations without having to deal with Bitcoin directly. It is more convenient for professional investors.
Approving a Bitcoin ETF. Thailand’s Regulators acknowledge that local institutions are increasingly asking for Bitcoin allocations. This move may enable mainstream adoption to increase once public offerings are available.
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Source: bitcoinmagazine.com
