Thailand SEC Approves Country’s First Bitcoin ETF
- Thailand’s SEC has approved One Asset Management (ONEAM) to launch the country’s first Bitcoin ETF.
- MFC Asset Management is still awaiting regulatory approval for its own Bitcoin ETF, while ONEAM plans to invest in 11 global Bitcoin funds.
Bitcoin — it is the term that is making massive waves this year. Earlier in January, the U.S. Securities and Exchange Commission (SEC) approved 11 spot Bitcoin exchange-traded funds (ETFs).
Fast forward to March, Bitcoin hit an all-time high (ATH), exceeding $73000. In April, the Hong Kong Securities and Futures Commission (SFC) approved multiple spot Bitcoin and Ethereum exchange-traded funds (ETFs). It made Hong Kong the second jurisdiction to launch a spot Bitcoin ETF in 2024.
Recently, Thailand’s SEC has granted approval to One Asset Management (ONEAM) to launch the country’s first Bitcoin ETF.
BREAKING: 🇹🇭 Thailand SEC approves the first spot #Bitcoin ETF. pic.twitter.com/ju1q83JvVP
— Bitcoin Magazine (@BitcoinMagazine) June 4, 2024
The fund, named “One Bitcoin ETF Fund of Funds Unhedged Fund Not For Retail Investors (ONE-BTCETFOF-UI),” is set to commence from May 31 until June 6. However, this particular fund is only accessible to institutional investors and high-net-worth individuals (HNI) under the Thai SEC’s rules.
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"Although the supply of Bitcoin is limited at 21 million, demand is rising as it gains popularity. We see high growth potential for Bitcoin," said Pote Harinasuta, CEO of ONEAM.
ONEAM plans to invest its funds in 11 prominent global Bitcoin funds to guarantee sufficient liquidity and security. According to the company, the ETF offers Bitcoin exposure within a regulated framework, mitigating risks such as theft associated with direct ownership.
Furthermore, While ONEAM has received approval, MFC Asset Management is still awaiting clearance for its Bitcoin ETF. Both funds will be private offerings for qualified investors only.
Edited by Harshajit Sarmah
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