CONNECT WITH US
Web3 & Blockchain

Web3 & Blockchain

Thailand wants a piece of the $120 billion Bitcoin and Ethereum ETF market, but on its own terms

CryptoSlate logo

Published on

Add as a preferred source on Google
Thailand wants a piece of the $120 billion Bitcoin and Ethereum ETF market, but on its own terms

Thailand has finalized rules allowing domestic Bitcoin and Ethereum ETFs while restricting retail access to competing overseas investment products.

The Securities and Exchange Commission (SEC) announced on Oct. 8 that 11 regulatory notifications will take effect on Oct. 16, establishing a framework for cryptocurrency exchange-traded funds listed exclusively on the Stock Exchange of Thailand.

Thailand's move follows the success of spot Bitcoin and Ethereum ETFs in the United States, which have attracted about $70.37 billion in combined cumulative net inflows since their launches.

According to SoSoValue data, the funds held about $121 billion in combined net assets as of Oct. 12, illustrating the scale of the market Thailand seeks to enter.

Under the new framework, Thailand will initially prohibit the issuance and offering of investment products linked to foreign crypto ETFs, including depositary receipts that would otherwise allow local investors to gain exposure to overseas funds through domestic securities markets.

Securities companies will also be restricted from facilitating investments in foreign crypto ETFs for clients who do not qualify as institutional or ultra-high-net-worth investors.

The restrictions are targeted rather than a comprehensive prohibition on overseas crypto investments. They primarily affect specified investment products and brokerage services available to ordinary investors.

The SEC said the measures aim to support the development of Thailand's domestic crypto ETF ecosystem and strengthen local financial institutions' capabilities.

The regulator has also expanded the investment options available to existing asset managers.

Previously, Thai mutual funds and private funds could invest in foreign crypto ETFs but not domestic equivalents.


Source link
Related Topics:Web3 & Blockchain

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We TheMorningPulse.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It's possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.