Thailand navigates crypto with Bitcoin ETF ambitions and Polymarket scrutiny

Thailand is growing its involvement within the crypto house with two contrasting regulatory strikes.

Media studies within the Asian nation have revealed that it’s weighing the approval of Bitcoin Trade-Traded Funds (ETFs) whereas concurrently contemplating a ban on Polymarket.

Bitcoin ETF

Thailand’s Securities and Trade Fee (SEC) is reportedly contemplating introducing spot Bitcoin ETFs on native exchanges.

Based on SEC Secretary Normal Pornanong Budsaratragoon, the worldwide improve in cryptocurrency adoption leaves little room for hesitation. She emphasised the necessity to adapt by providing protected and various crypto funding choices.

She reportedly stated:

“Prefer it or not, we have now to maneuver with extra adoption of crypto currencies worldwide. We have to adapt and guarantee our traders have extra choices in crypto belongings with the precise protections.”

This transfer is no surprise given the super success that Bitcoin ETF merchandise have loved since their launch within the US final yr. Based on knowledge from SoSoValue, the funds collectively handle greater than $100 billion in belongings inside a yr of their launch.

In the meantime, the event would construct on earlier initiatives comparable to One Asset Administration’s launch of a ‘fund of funds’ providing publicity to worldwide Bitcoin ETFs.

Polymarket ban?

Whereas Thai authorities help regulated crypto developments, they’re additionally taking a robust stance towards platforms deemed malicious.

Thailand’s Cybercrime Investigation Bureau has reportedly really helpful banning Polymarket, accusing it of working as an unlawful playing website.

Authorities declare that limiting entry to Polymarket would cut back crypto misuse in illicit actions and defend the financial system from potential dangers.

Based in 2020, Polymarket is understood for its decentralized prediction markets, the place customers guess on the outcomes of varied occasions.

Whereas the platform gained consideration through the November 2024 US elections for its position in rallying public opinion, current controversies, together with betting on delicate subjects comparable to forest fires, have drawn sharp criticism.

Specifically, the platform has obtained elevated consideration from regulators in Singapore, the place it’s formally thought of a playing website.