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Thailand is considering opening up a Bitcoin ETF, allowing companies to issue Stable Coin supported by their own debt
According to Bloomberg, Thailand may approve BTC exchange-traded funds (ETFs) to be listed on local exchanges and consider allowing higher-rated local companies to issue new stablecoins backed by their own bonds to expand the corporate debt market and reduce costs.
Thailand is considering opening up BTC ETF
The Secretary-General of the Securities and Exchange Commission (SEC) of Thailand, Pornanong Budsaratragoon, said that the agency is considering allowing individuals and institutions to invest in local BTC ETFs. One Asset Management of Thailand launched a fund of funds in June 2024 that offers overseas BTC ETF investments, but the country has not yet approved direct investment tools in BTC.
Budsaratragoon said in an interview: 'Whether you like it or not, we must promote the wider adoption of cryptocurrencies globally. We must adapt and ensure that our investors have more options and appropriate protection in the field of cryptocurrency assets.'
Pornanong said the Securities and Exchange Commission will consider allowing local companies with higher credit ratings to issue new stablecoins backed by their own bonds in order to expand the corporate debt market and reduce costs.
Former Thai Prime Minister Thaksin is a cryptocurrency advocate
As Thailand relaxes restrictions, Binance and other digital asset companies have designated Thailand as a key growth market. Former Thai Prime Minister Thaksin Shinawatra is an advocate for cryptocurrencies.
Dickson recently suggested that Thailand should consider the issuance of stablecoins supported by government bonds to retail and institutional investors and explore other avenues for digital currencies. He said that authorities are also considering setting up a sandbox on Phuket Island for BTC transactions in tourism-related services.
(Phuket, Thailand is testing cryptocurrency payments! Minister of Finance Pichai: It helps tourism and facilitates property ownership for war refugees)
Although Thaksin currently does not directly participate in Thai politics, he still has significant influence. His daughter, Paetongtarn Shinawatra, is the current Prime Minister of Thailand.
Cryptocurrency trading activities in Thailand are gradually picking up
According to data from the Securities and Exchange Commission of Thailand, cryptocurrency trading activities in Thailand are rebounding with the wider resurgence of cryptocurrencies. As of November 30, there were approximately 270,000 active cryptocurrency trading accounts in Thailand, but still far below the peak in 2021.
This article Thailand considers opening BTCETF, the company can issuance stablecoin supported by its own debt first appeared in Chain News ABMedia.