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bitcoin

Thailand Explores Bitcoin ETFs While Tightening Oversight On Polymarket

Ash Tiwari
by Ash Tiwari
7 months ago
·
Posted in Crypto regulation
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Thailand is deepening its involvement in the crypto space by exploring the potential approval of Bitcoin (BTC) exchange-traded funds (ETFs). Simultaneously, the country is considering stricter scrutiny of the online betting platform Polymarket.

Thai SEC Mulling Bitcoin ETF Approval

According to a recent Bloomberg report, the Thai Securities and Exchange Commission (SEC) is evaluating the listing of local Bitcoin ETFs as part of efforts to bolster the country’s native crypto economy. This move aligns with a global trend of increasing acceptance and regulation of cryptocurrencies.

Related Reading: Profit from the Dip: Hong Kong To Debut Asia’s First Inverse Bitcoin ETF — Here’s When

Thai SEC Secretary-General Pornanong Budsaratragoon highlighted the regulator’s intention to enable both individuals and institutions to invest in locally-listed Bitcoin ETFs. She remarked:

Like it or not, we have to move along with more adoption of cryptocurrenices worldwide. We have to adapt and ensure that our investors have more options in crypto assets with proper protection.

It is worth noting that in January 2024, the US financial regulator approved 11 spot Bitcoin ETFs. These ETFs have since amassed around $109 billion in total net assets, showcasing their growing popularity among investors.

In June 2024, the Thai SEC had already permitted One Asset Management, a Thailand-based firm, to launch a fund-of-fund Bitcoin ETF. This product allows institutional investors to gain exposure to Bitcoin ETFs listed overseas.

Other countries in the region have expressed desire to introduce their own crypto ETFs. For instance, both Japan and South Korea are mulling approval of crypto ETFs due to rising global demand for the product.

Thailand To Tighten The Noose Around Polymarket

While Thailand is making strides to expand retail access to crypto-based financial products, it remains vigilant to ensure that innovation does not come at the expense of consumer safety.

Related Reading: Polymarket Is “Good” But Critic Picks Out This One Big “Ethical” Problem

To that effect, Thailand’s Cybercrime Investigation Bureau (CIB) is considering a blanket ban on Polymarket, a blockchain-based betting platform. The CIB has accused Polymarket of operating as an illegal gambling website.

Source: Polymarket

In a press briefing on January 14, the CIB stated that banning Polymarket would protect the public from the risks associated with online gambling. Additionally, it would mitigate potential vulnerabilities that could be exploited for illicit activities in the country. However, the bureau has not disclosed a specific timeline for implementing the ban.

If Thailand proceeds with this ban, it will follow in the footsteps of other countries in the region. For example, Singapore recently banned Polymarket due to similar concerns.

Likewise, earlier this year, a Taiwanese man was charged for using Polymarket to place bets worth approximately $500 on the outcome of the country’s electoral results. At press time, BTC trades at $99,275, up 3.4% in the past 24 hours.

bitcoin
BTC trades at $99,275 on the daily chart | Source: BTCUSDT on TradingView.com
Featured Image from Unsplash.com, Chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ash Tiwari

Ash Tiwari

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Ash is a seasoned freelance editor and writer with extensive experience in the blockchain and cryptocurrency industry. Over the course of his career, he has contributed to major publications, playing a key role in shaping informative, timely content related to decentralized finance (DeFi), cryptocurrency trends, and blockchain innovation. His ability to break down complex topics has allowed both seasoned professionals and newcomers to the industry to benefit from his work. Beyond these specific roles, Ash's writing expertise spans a wide array of content, including news updates, long-form analysis, and thought leadership pieces. He has helped multiple platforms maintain high editorial standards, ensuring that articles not only inform but also engage readers through clarity and in-depth research. His work reflects a deep understanding of the rapidly evolving blockchain ecosystem, making him a valuable contributor in a field where staying current is essential. In addition to his writing work, Ash has developed a strong skill set in managing content teams. He has led diverse groups of writers and researchers, overseeing the editorial process from topic selection, approval, editing, to final publication. His leadership ensured that content production was timely, accurate, and aligned with the strategic goals of the platforms he worked with. This has not only strengthened his expertise in content strategy but also honed his project management and team coordination skills. Ash's ability to combine technical expertise with editorial oversight is further bolstered by his knowledge of blockchain analysis tools such as Etherscan, Dune Analytics, and Santiment. These tools have provided him with the data necessary to create well-researched, insightful articles that offer deeper market perspectives. Whether it’s tracking the movement of digital assets or analyzing blockchain transactions, his analytical approach adds value to the content he produces, ensuring readers receive accurate and actionable information. In the realm of content creation, Ash is not limited to just cryptocurrency markets. He has demonstrated versatility in covering other emerging technologies, market trends, and digital transformation across various industries. His in-depth research, coupled with a sharp editorial eye, has made him a sought-after professional in the freelance writing community. From developing editorial calendars to managing content delivery schedules, he has honed a meticulous approach to project management that ensures timely, high-quality work delivery. Throughout his freelance career, Ash has consistently focused on improving audience engagement through well-researched, insightful, and relevant content. His ability to adapt to the evolving needs of clients, whether it's enhancing the visibility of digital platforms or producing thought-provoking pieces for a wide range of audiences, sets him apart as a dynamic force in the field of digital content creation. His contributions have helped to shape a well-rounded portfolio that showcases his versatility, technical expertise, and dedication to elevating the standards of journalism in blockchain and related sectors.

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