Finance

Thailand SEC Approves First Bitcoin Spot ETF

Jun 4, 2024 1 min read

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The Securities and Exchange Commission (SEC) of Thailand has approved One Asset Management (ONEAM) to launch the country's first spot Bitcoin exchange-traded fund (ETF). The fund, named ONE BitcoinETF Fund of Funds Unhedged and not for Retail Investors (ONE-BTCETFOF-UI), will be distributed between May 31 and June 6 and is limited to wealthy and institutional investors. It carries an investment risk level of eight, indicating a high potential for volatility. The fund's strategy includes investing in 11 leading global Bitcoin funds to ensure liquidity and security.

Pote Harinasuta, CEO of ONEAM, highlighted the growth potential of Bitcoin, which has generated an average annual return of 124% over the past 11 years, despite its high volatility. This approval positions ONEAM at the forefront of financial innovation in Thailand. Meanwhile, MFC Asset Management is awaiting SEC approval for a similar Bitcoin ETF, also restricted to affluent and institutional investors. This development follows a global trend towards the acceptance and integration of cryptocurrency investment vehicles, with regulatory agencies in the US and Hong Kong having reviewed the Thai policy for the spot Bitcoin ETF.

#business #cryptocurrency #bitcoin #sec #markets #governance-esg #tech #altcoins

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