Thailand’s cryptocurrency industry took a significant step forward as the country’s regulator, the Securities and Exchange Commission (SEC), granted approval for the launch of the first-ever Bitcoin exchange-traded fund (ETF) in cash. The news, which was reported by the Bangkok Post on June 4, comes after the SEC implemented stricter measures regarding Bitcoin ETFs in March, allowing institutions and ultra-high net worth individuals to invest in US-listed products through local private funds.
According to the report, the Thai regulator has given its endorsement to One Asset Management (ONEAM) for the launch of the company’s spot Bitcoin ETF in the country. The distribution of the Thailand Bitcoin ETF is expected to take place between May 31 and June 6, but it will only be available to wealthy and institutional investors.
Pote Harinasuta, the CEO of ONEAM, stated that digital assets are an alternative investment with low correlation to other financial assets, making them suitable for diversifying investment risks.
However, MFC Asset Management is still awaiting approval from the industry regulator in Thailand for its spot Bitcoin ETF.
So, what exactly is a Bitcoin ETF? Dynamic investors looking to diversify their portfolios at a lower cost and with tax advantages often turn to Exchange Traded Funds (ETFs). ETFs are collections of assets whose shares are traded on stock markets. They provide a combination of the benefits offered by mutual funds, stocks, and bonds.
ETF shares are traded throughout the day, with their prices fluctuating based on market supply and demand. Similarly, Bitcoin ETFs track the value of BTC and trade on conventional exchanges rather than cryptocurrency exchanges.
Please note that the views and opinions expressed in this article, as well as those of any individuals mentioned, are for informational purposes only and should not be considered financial or investment advice. Investing or trading cryptocurrencies carries the risk of financial loss.
Editor’s Choice: A recent survey reveals the reaccumulation of long-term Bitcoin holders for the first time in five months. Additionally, an expert predicts that the price of Bitcoin will reach $82,000 once a specific pattern is achieved.
