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Thailand government approves first Spot Bitcoin ETF

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Thailand's government approves its first Spot Bitcoin ETF, months after it removed the 7% VAT on cryptocurrency trading income.

The Thailand regulators have approved the launch of its first spot Bitcoin exchange-traded fund (ETF), making the country the latest amongst nations to have given the green light to spot Bitcoin ETF.

The Thai Securities and Exchange Commission (SEC) validated asset manager, One Asset Management (ONEAM), to introduce the “ONE Bitcoin ETF Fund”. 

One Asset Management (ONEAM) is a Thai financial services company specializing in asset management. They offer investment solutions, portfolio management, and financial products to clients. 

While their recent focus has been on the ONE Bitcoin ETF, their broader expertise extends to various investment vehicles and strategies.

The ETF, which is scheduled to be distributed to investors between May 31 and June 6, will be limited to wealthy and institutional investors following the Thai SEC’s rule. 

Earlier, the authorities amended its local guidelines in April to permit restricted Bitcoin ETFs for professional investors only.

The ONEAM Bitcoin ETF, now active in Thailand, allocates funds to eleven major global Bitcoin funds, ensuring liquidity and security for investors. Additionally, another Thai firm MFC Asset Management is also seeking SEC approval for a similar product.

The approval of Spot Bitcoin ETF has become a trend since the beginning of 2024 following the United States Security and Exchange Commission’s (SEC) approval which permitted its launch with over 10 products released. 

Although Canada became the first nation to say yes to Spot Bitcoin ETF in 2021, the number of nations that have approved the product has skyrocketed to over 10 including the United States, Canada, Germany, Brazil, Australia, Bermuda, Jersey, Switzerland, Liechtenstein, and Guernsey.

Nattapol Rangsitpol, the Director of the Thai Securities and Exchange Commission (SEC), said that the approval of Thailand’s inaugural Bitcoin ETF represents a huge step as it highlights the country’s willingness to adopt innovative financial products. 

The Director believes this development will encourage increased participation from both institutions and retail investors in the cryptocurrency market.

Only four months ago, the Thailand government announced the removal of value-added tax (VAT) on crypto transactions through authorized crypto exchanges. According to the finance minister, the move was to support the growing cryptocurrency sector. He believed that the tax load would boost stability within the crypto trading sector within the nation.

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