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Thailand Approves Country's First Spot Bitcoin ETF

Thailand Approves Country's First Spot Bitcoin ETF

Jun 4, 2024

Thailand Approves Country's First Spot Bitcoin ETF

The Thai SEC (Securities and Exchange Commission) has officially given the green light to One Asset Management (ONEAM) to introduce the country's first spot Bitcoin exchange-traded fund (ETF). This pioneering financial product, named ONE Bitcoin ETF Fund of Funds Unhedged and not for Retail Investors (ONE-BTCETFOF-UI), is exclusively accessible to wealthy and institutional investors, as reported by the Bangkok Post.

The ONE Bitcoin ETF is scheduled for distribution from May 31 to June 6, and it carries a risk level of eight. ONEAM's strategy involves pooling investments into 11 top global funds to ensure substantial liquidity and security. These funds adhere to international standards for coin storage and have undergone scrutiny by regulatory entities in both the United States and Hong Kong.

As the industry awaits a decision on MFC Asset Management's own application for a Bitcoin ETF, Pote Harinasuta, the CEO of ONEAM, asserted a low correlation of digital assets with other financial sectors. Harinasuta stated, "Digital assets are an alternative asset that have low correlation with other financial assets. They are suitable to help investors diversify investment risks." Harinasuta further assures that ETFs will employ custodians for coin storage, using secure offline methods akin to those favored by institutional investors.

Thailand's entry into regulated Bitcoin funds mirrors a global trend, with countries like the United States, Hong Kong, Australia, and the United Kingdom already approving or considering similar financial products. This regulatory acceptance by the Thai SEC is seen as a recognition of the increasing institutional demand for Bitcoin in the region and may pave the way for more mainstream adoption as public offerings become available in the future.

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