Thailand is taking a two-pronged approach to cryptocurrency: embracing Bitcoin ETFs while cracking down on online gambling platforms.
Bitcoin ETFs on the Horizon
Thailand’s Securities and Exchange Commission (SEC) is looking into approving Bitcoin exchange-traded funds (ETFs). This move is part of a broader effort to bring Thailand’s financial system into the crypto age, following the global trend of increased crypto acceptance and regulation.
The SEC’s goal is to give both individual and institutional investors more options for investing in Bitcoin, with proper investor protections in place. The SEC Secretary-General even stated that adapting to the global rise in cryptocurrency adoption is necessary. This follows the US approval of 11 spot Bitcoin ETFs in January 2024, which quickly amassed over $109 billion in assets. Thailand already allowed one firm to launch a Bitcoin ETF in June 2024, although this one invests in overseas Bitcoin ETFs. Other countries in Asia, like Japan and South Korea, are also considering similar ETF approvals.
Polymarket in the Crosshairs
While opening doors to Bitcoin ETFs, Thailand is also taking a hard line against Polymarket, a blockchain-based prediction market platform. The Cybercrime Investigation Bureau (CIB) wants to ban Polymarket, calling it an illegal gambling website. The CIB says a ban would protect people from the risks of online gambling and prevent its use in other illegal activities. While there’s no set date for the ban, it would follow similar moves by Singapore, which already banned Polymarket, and Taiwan, which charged a man for using it to bet on election results.
In short: Bitcoin ETFs might be coming to Thailand soon, but the country is also taking a firm stance against online gambling platforms like Polymarket. At the time of writing, Bitcoin is trading at $99,275.
/p>
