Thailand SEC Greenlights First Bitcoin ETF, Boosting Crypto Adoption

TheDinarian

News • Business • Investing & Finance

June 04, 2024

In a major development for the cryptocurrency market, Thailand’s Securities and Exchange Commission (SEC) has approved the country’s first spot Bitcoin Exchange-Traded Fund (ETF).

This historic move marks a significant step forward in the mainstream adoption of digital assets within Thailand, providing investors with a structured and accessible way to gain exposure to Bitcoin.

The approval of this ETF will have far-reaching implications for both local and global crypto markets, signaling increased institutional confidence and regulatory support for Bitcoin and other cryptocurrencies.

ONEAM leads the charge with the Bitcoin ETF.

The Securities and Exchange Commission (SEC) has approved One Asset Management (ONEAM) as the first firm to launch a spot bitcoin ETF in Thailand, targeting wealthy and institutional investors. The ONE Bitcoin ETF Fund of Funds is unhedged and not for retail investors (ONE-BTCETFOF-UI) will be available from May 31 to June 6, with an investment risk level of eight.

The fund is designed to invest in 11 leading global funds to ensure liquidity and safety, with coin holdings that meet international standards and are regulated by regulatory agencies in the US and Hong Kong. should be reviewed.

MFC Asset Management is also seeking SEC approval for a Bitcoin ETF for similar investors. According to Pote Harinasuta, Chief Executive of ONEAM, “Digital assets are an alternative asset with low correlation to other financial assets.

They are suitable to help investors diversify investment risks. Internationally , Bitcoin ETFs are getting recognition The US SEC and Hong Kong’s Securities and Futures Commission have recently allowed the creation of ETFs that invest in Bitcoin and Ethereum.

Regulatory changes and investment insights.

Thailand’s SEC previously announced amendments to allow asset management firms to launch private funds investing in US spot Bitcoin ETFs, following the US SEC’s approval of Bitcoin ETF trading on January 11. . This decision is in line with the global trend of increasing investor confidence in Bitcoin ETFs.

SEC Secretary-General Poornanong Budsaratragon emphasized the high-risk nature of these investments despite the growing demand from institutional investors.

Pote Harinasuta highlighted Bitcoin’s potential for high returns, noting an average annual return of 124% over the past 11 years, as opposed to high volatility at 83%. He advised investors to limit bitcoin exposure to 5% of their portfolio, aiming for a return of 8.90% per year.

He stressed on investment security through ETFs, where unit holders’ data and coins are stored offline by a custodian, which provides protection against risks such as data loss or theft, allowing various platforms to Direct investment on farms is affected.

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Complimentary Initial Audit: Projects will need to contribute 5% of the audit cost upfront, but this co-payment amount is eligible for a full refund, provided that critical, high, and medium vulnerabilities identified are swiftly remediated within 20 business days of receiving the initial audit report (learn more).
Incentivized Security at Key Traction Milestones: Complimentary, extensive follow-up audits are available as projects achieve critical traction milestones (e.g., $10M and $100M TVL). These audits include deeper assessments such as formal verification or competitive audits, significantly boosting project security at pivotal stages.
Advanced Security Tooling: Projects can enhance their security self-serve through complimentary or discounted access to specialized tooling, which provide vulnerability detection and formal verification capabilities (see full list of available tooling). These tools are encouraged to capture ‘easy-to-spot’ issues prior to audit as well as a final check post-audit to increase the effectiveness and thoroughness of audits.
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Get Started Today

If you're already funded through the Stellar Community Fund, meet the criteria and ready to secure your smart contracts, check your email for an invitation to submit an audit request–if you haven’t received one, contact [email protected].

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Bloomberg reported that Banco Santander is mulling introducing euro and dollar stablecoins, or potentially making a third party coin available to clients, citing sources. This move aligns with broader crypto ambitions, as its digital bank, Openbank, has reportedly applied for a European cryptocurrency license under the Mica Regulations and may enable retail access to digital assets.

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Santander’s involvement could extend beyond an individual initiative. The bank is a shareholder in The Clearing House, where the Wall Street Journal reported that US banks are exploring the potential to create a joint stablecoin. If a US initiative took that route it could involve nine more G-SIBs including Bank of America, Barclays, BMO, BNY Mellon, Citi, HSBC, JP Morgan, TD Bank and Wells Fargo.

Apart from these initiatives, our research shows that more than 20 other banks have been involved in stablecoin projects.

Until recently stablecoins were mainly used to settle cryptocurrency transactions and by residents in countries with volatile domestic currencies. During the last year stablecoin infrastructure has been expanding, especially for mainstream cross border payments. Plus, President Trump issued an executive order prioritizing stablecoins. One of the administration’s motivations is this increases demand for US Treasuries, lowering the interest rate the government pays on the Treasury bills.

Santander as an early digital assets mover

Santander’s stablecoin consideration builds on years of blockchain experience. The bank was an early Ripple investor and previously used Ripple’s permissioned network for payments (not XRP), while also embracing permissionless blockchain activities including issuing a digital bond on Ethereum in 2019. This dual approach led to collaborations with other major players – alongside Societe Generale FORGE and Goldman Sachs, Santander participated in the European Investment Bank’s first digital bond, also on Ethereum. Currently, the bank’s most significant digital money initiative involves Fnality, the wholesale blockchain-based settlement network, where Santander ranks among 20 institutional backers and is part of the early adopter group alongside Lloyds Bank and UBS.

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