The Thailand Securities and Exchange Commission (SEC) has approved the country’s first spot Bitcoin (BTC) exchange-traded fund (ETF), specifically designed for ultra high net-worth individuals (UHNWIs). This significant move marks a notable development in Thailand’s financial landscape, aiming to cater exclusively to affluent investors and institutional entities.
According to the Bangkok Post, the SEC has granted approval to One Asset Management (ONEAM) to launch the “ONE Bitcoin ETF Fund of Funds Unhedged and not for Retail Investors (ONE-BTCETFOF-UI).” This investment product is not available to small individual investors, reinforcing its exclusivity to UHNWIs and institutions.
The ETF has been assigned a risk score of eight, indicating a high-risk investment due to the inherent price volatility of cryptocurrencies. To mitigate risks and ensure liquidity, ONEAM is required to invest in 11 global funds. The policy for this spot BTC investment product has undergone reviews by regulatory bodies in the U.S. and Hong Kong.
Meanwhile, another Thailand-based firm, MFC Asset Management, is awaiting SEC approval for its own spot BTC ETFs, which will also target wealthy investors and institutions.
This regulatory green light follows the successful performance of similar investment products in the U.S. and comes after Thailand’s March approval of a tax exemption bill on cryptocurrency gains, aimed at bolstering the country’s digital economy.
The approval of these ETFs signifies Thailand’s progressive approach towards integrating cryptocurrency into its financial systems, catering to sophisticated investors while promoting growth within the digital economy sector.
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