The Thailand Securities and Exchange Commission (SEC) has approved the country’s first spot Bitcoin (BTC) exchange-traded fund (ETF), exclusively for ultra high net-worth individuals (UHNWI) and institutions. The ETF, managed by One Asset Management (ONEAM), is named “ONE Bitcoin ETF Fund of Funds Unhedged and Not for Retail Investors (ONE-BTCETFOF-UI).”
This marks a significant milestone as Thailand joins other countries in offering such investment products. The ETF is classified as high-risk, with a risk score of eight due to crypto’s price volatility. To ensure liquidity and security, ONEAM will invest in 11 global funds.
The approval follows the Thai SEC’s rule adjustments in March, which promoted crypto industry exploration. The move is expected to bolster Thailand’s digital economy, especially after the recent tax exemption on cryptocurrency gains.
This strategic approval is poised to enhance Thailand’s position in the global crypto market, making it a notable development in the region’s financial landscape.
