Thailand Greenlights Groundbreaking Bitcoin ETF Exclusively for Ultra High Net-Worth Individuals
The Thailand Securities and Exchange Commission (SEC) has granted approval for the launch of the country’s first Bitcoin (BTC) exchange-traded fund (ETF), but it will only be available to ultra high net-worth individuals.
According to the Bangkok Post, the SEC has given the green light to One Asset Management (ONEAM) to launch its spot BTC ETF, named the “ONE Bitcoin ETF Fund of Funds Unhedged and not for Retail Investors (ONE-BTCETFOF-UI).”
However, the report states that the ETF will not be open to small individual investors, and only ultra high net-worth individuals and institutional investors will be able to benefit from the BTC investment product.
The Bangkok Post also states that the Thai spot BTC ETF has been given a risk score of eight, placing it in the high-risk category. This is primarily due to the high price volatility of crypto assets.
Additionally, One Asset Management will need to invest in 11 global funds to ensure the BTC ETF has the necessary liquidity and security for investors. The United States and Hong Kong have already reviewed Thailand’s policy for the spot BTC investment product.
Another investment company in Thailand, MFC Asset Management, is still waiting for approval from the SEC to launch its spot BTC ETFs. Like ONEAM’s product, MFC’s investment offering will also be available to institutions and wealthy investors.
The approval of spot BTC ETFs by the Thai SEC comes as these investment products have seen significant success in the United States. In March, the regulator adjusted its rules to allow asset management companies to explore the cryptocurrency industry.
Furthermore, on March 13, Thailand approved a tax exemption bill on cryptocurrency gains to boost its digital economy.
