Thailand SEC Opens Doors to US Spot Bitcoin ETFs for Accredited Investors

The Securities and Exchange Commission of Thailand has reportedly revised the rules.

However, according to a March 12 report from the Bangkok Post, institutional investors and “ultra-high-net-worth individuals” can invest in these private Bitcoin ETF funds.

Previously, rules governing asset management firms' investments did not cover digital asset ETFs, and under SEC rules, asset managers were only allowed to offer trades in securitized assets.

However, after the US securities regulator approved Spot Bitcoin ETFs in January, Spot Bitcoin ETF shares were defined as securities rather than crypto assets under Thai regulations.

SEC Secretary General Pournanong Buddhasaragon said the regulator only allows accredited investors to access Bitcoin exchange-traded products (ETPs) due to their high-risk nature.

“Asset management firms have asked the SEC to increase their exposure to digital assets, especially Bitcoin and Bitcoin ETFs, but due to the high risk, we must carefully consider allowing asset management companies to invest in digital assets,” she said. Bangkok Post.

In January, Thailand's SEC said it would not allow asset management companies to launch their own version of spot Bitcoin ETFs in the country.

Retail investors are left out.

However, recent regulations have left retail investors exposed to spot Bitcoin ETFs.

Retail crypto trading is popular in Thailand, but usage remains limited.

The use of digital assets for payments was banned by the government in March 2022, and the SEC banned the use of cryptocurrencies for loans and investments in July 2023.

Related: Binance Thailand Public Launch to Compete with Existing Bitcube

However, the regulator in January lifted restrictions on retail investors buying digital tokens backed by real estate or infrastructure projects.

The kingdom's largest crypto exchange Bitcube offers 107 pairs and has a daily volume of around $155 million, CoinGecko reports.

Additionally, Binance entered the Thai market as a new exchange in January, but it is only accessible to Thai citizens.

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