The Thailand Securities and Exchange Commission (SEC) has approved the first spot Bitcoin (BTC) exchange-traded fund (ETF) in the country, exclusively for ultra high net-worth individuals. This move represents a significant development in Thailand’s financial landscape, reflecting a growing interest in cryptocurrency investments.

According to local sources, the SEC has given the green light to One Asset Management (ONEAM) to launch its spot BTC ETF, named “ONE Bitcoin ETF Fund of Funds Unhedged and not for Retail Investors (ONE-BTCETFOF-UI).” This investment product is specifically designed for Ultra High Net Worth Individuals (UHNWI) and institutional investors, making it inaccessible to small individual investors.

The ETF has been assigned a risk score of eight, indicating a high-risk level primarily due to the price volatility associated with crypto assets. To mitigate these risks, One Asset Management will invest in 11 global funds to ensure the BTC ETF maintains the required liquidity and security for its investors. This strategy aims to provide a more stable investment environment despite the inherent volatility of cryptocurrencies.

Another local investment company, MFC Asset Management, is still awaiting SEC approval to launch its own spot BTC ETFs. Similar to ONEAM’s product, MFC’s ETF will also target institutional and wealthy investors.

The approval of spot BTC ETFs by the Thai SEC comes amidst notable success of similar investment products in the U.S. In March, the regulator revised its rules to allow asset management companies to engage more freely in the crypto industry. Additionally, on March 13, Thailand passed a tax exemption bill on cryptocurrency gains, aiming to boost its digital economy.

For more updates and detailed news on cryptocurrency investments, visit Global Crypto News.

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