Thai SEC Rejects Bitcoin ETFs, but Local Investors Can Invest Overseas

<p dir="ltr">The approval of 11 Bitcoin exchange-traded funds (ETF) by the US securities market regulator has failed to convince its counterpart in Thailand, also named the Securities and Exchange Commission (SEC), to allow such products in the local Thai market. </p><p dir="ltr">No Bitcoin ETFs in Thailand</p><p dir="ltr">According to the Thai regulator, Bitcoin ETFs approved in foreign markets are still in very early stages, and such products may not be of direct economic value when it comes to the appropriateness of the Thai market.</p><p dir="ltr">“The SEC has been following these developments closely, but we do not have a policy to allow spot Bitcoin ETFs to be established in Thailand for the time being,” the local securities market regulator in Thailand stated, according to a report by Bangkok Post.</p><p dir="ltr">However, the securities brokerages in <a href="https://www.financemagnates.com/tag/thailand/">Thailand</a> are already encouraging local investors to invest in Bitcoin directly through US spot Bitcoin ETFs. Meanwhile, the Thai SEC stressed that businesses must ensure appropriate investment advice for investors. </p><p dir="ltr">“Securities companies can provide services to retail customers to invest in foreign products, but they must have the same characteristics as products that can be offered for sale in Thailand,” the Thai regulator added.</p><blockquote><p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> spot ETF volumes are crushing historical records. In the first 3 days, BlackRock’s IBIT did more volume than all 500 ETFs that were launched last year, COMBINED. So far, some 34,000 BTC have been acquired.