Thailand’s Securities and Trade Fee (SEC) is now permitting asset administration corporations within the nation to launch non-public funds to supply bitcoin exchange-traded funds (ETFs). Nonetheless, the choices should be restricted to institutional traders and ultra-high-net-worth traders.
In response to a Bangkok Publish report right this moment (Tuesday), the non-public funds managed by the native asset administration corporations can make investments straight into US-listed Bitcoin ETFs. The choice to permit the restricted funding was taken by the board of the Thai regulator final week.
“Asset administration corporations requested the SEC for them to have publicity in digital belongings, particularly Bitcoin and spot Bitcoin ETFs, however we have to contemplate rigorously whether or not to permit asset administration corporations to put money into digital belongings straight as a result of excessive danger,” mentioned the Thai SEC’s Secretary Normal, Pornanong Budsaratragoon.
A Bullish Crypto Market
The choice to open the funding channel to Bitcoin ETFs got here when the cryptocurrency market witnessed a bullish run. Bitcoin lately achieved a brand new all-time-high worth past $71,000 and is now approaching $72,000.
Within the US, 11 spot Bitcoin ETFs have been accessible to all traders, retail and institutional for the reason that monetary market regulator authorized the devices final month. Mainstream monetary providers giants like Blackrock and Constancy are additionally providing Bitcoin ETFs.
Beneath the native Thai guidelines, securities firms within the nation can provide buying and selling with belongings labeled as securities. Whereas approving the Bitcoin ETFs, the US regulator additionally labeled the instrument as securities moderately than digital belongings, opening them up for Thai securities corporations.
Nonetheless, the Thai regulator was initially skeptical of Bitcoin ETFs. Following the choice of the US regulator, the Thai regulator confirmed that it won’t enable Bitcoin ETFs within the native market, citing that these merchandise are nonetheless in very early phases, and such merchandise might not be of direct financial worth with regards to the appropriateness of the Thai market.
Thailand’s Securities and Trade Fee (SEC) is now permitting asset administration corporations within the nation to launch non-public funds to supply bitcoin exchange-traded funds (ETFs). Nonetheless, the choices should be restricted to institutional traders and ultra-high-net-worth traders.
In response to a Bangkok Publish report right this moment (Tuesday), the non-public funds managed by the native asset administration corporations can make investments straight into US-listed Bitcoin ETFs. The choice to permit the restricted funding was taken by the board of the Thai regulator final week.
“Asset administration corporations requested the SEC for them to have publicity in digital belongings, particularly Bitcoin and spot Bitcoin ETFs, however we have to contemplate rigorously whether or not to permit asset administration corporations to put money into digital belongings straight as a result of excessive danger,” mentioned the Thai SEC’s Secretary Normal, Pornanong Budsaratragoon.
A Bullish Crypto Market
The choice to open the funding channel to Bitcoin ETFs got here when the cryptocurrency market witnessed a bullish run. Bitcoin lately achieved a brand new all-time-high worth past $71,000 and is now approaching $72,000.
Within the US, 11 spot Bitcoin ETFs have been accessible to all traders, retail and institutional for the reason that monetary market regulator authorized the devices final month. Mainstream monetary providers giants like Blackrock and Constancy are additionally providing Bitcoin ETFs.
Beneath the native Thai guidelines, securities firms within the nation can provide buying and selling with belongings labeled as securities. Whereas approving the Bitcoin ETFs, the US regulator additionally labeled the instrument as securities moderately than digital belongings, opening them up for Thai securities corporations.
Nonetheless, the Thai regulator was initially skeptical of Bitcoin ETFs. Following the choice of the US regulator, the Thai regulator confirmed that it won’t enable Bitcoin ETFs within the native market, citing that these merchandise are nonetheless in very early phases, and such merchandise might not be of direct financial worth with regards to the appropriateness of the Thai market.
