Since 2024, Thai investors can get indirect exposure to Bitcoin through a fund-of-funds ETF (ONE Bitcoin ETF) by One Asset Management, launched. This fund invests in overseas Bitcoin ETFs (i.e. BlackRock's IBIT, Fidelity's FBTC), but is not allowed to directly invest in Bitcoin itself, per Thailand's SEC. Additionally, retail investors were permitted from investing in the ETF, whereas wealthy and institutional investors only had access.
Now, Thailand's SEC is considering allowing Bitcoin ETF in the country with individual and institutional investors access to local Bitcoin ETFs. Thai SEC Secretary-General, Pornanong Budsaratragoon noted, "Like it or not, we have to move along with more adoption of cryptocurrencies worldwide. We have to adapt and ensure that our investors have more options in crypto assets with proper protection." This move to approve Bitcoin ETFs comes as Singapore and Hong Kong are moving ahead with their own digital assets framework.
As of November 2024, Thailand has had 270,000 active digital asset trading accounts.
Thailand's tourism sector is also looking towards Bitcoin. Former Prime Minister, Thaksin Shinawatra, proposed a pilot program in December 2024 for Bitcoin payment in Phuket, which is known for its tourism. This proposal has received support from Binance's Thai subsidiary, Gulf Bianance's CEO Nirun Fuwattanankul:
"It reflects not only the momentum of global crypto adoption but also demonstrates that leaders at the highest level are embracing these transformative technologies. As more countries adopt digital assets and cryptocurrencies, Thailand must not be left behind. Given our country's reliance on tourism and foreign inflows, integrating cryptocurrencies into Phuket's economy could align well with Thailand's strategic strengths, potentially attracting tech-savvy visitors and investors."
"...must not be left behind" seems to be the common sentiment for countries that are in process of adopting, or at least considering Bitcoin adoption. Despite this sentiment, institutions like the The Bank of Thailand, the nation's central bank, sees digital asset payment "as a ploy to deflect its ability to monitor the financial system and protect residents from bad actors."
This past January, Deputy Prime Minister and Finance Minister Pichai Chunhavajira, announced that the project will begin in Phuket this year. This will allow foreign tourists participating in the pilot to register their Bitcoins through a Thai exchange and verify their identities before using them to purchase goods and services. A clearing house would later convert the Bitcoins into Thai bhat.
Thank you for your time and attention, I hope you have found this informative.
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B
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