- Thailand permits private funds for US Bitcoin ETFs, accessible only to institutional investors and high-net-worth individuals.
- Worldwide regulators, including the UK’s Financial Conduct Authority, are increasingly easing restrictions on crypto products.
- Singapore remains cautious, South Korea shows signs of acceptance, and Hong Kong reviews local firms’ ETF applications.
Thai regulators have given the green light for money managers to launch private funds dedicated to US spot Bitcoin ETFs. This move, announced by the Thai Securities and Exchange Commission on Monday, comes with a catch – access is restricted to institutional investors and the super-rich. Initially, in January, investment firms were prohibited from making direct investments in Bitcoin ETFs on behalf of their clients.
The SEC Secretary General, Pornanong Budsaratragoon, highlighted the change. It is attributing to requests from asset management firms seeking exposure to digital assets, particularly Bitcoin and spot Bitcoin ETFs.
Global Trend: Regulatory Shifts in Crypto Product Listings
This development in Thailand aligns with a broader global trend of regulators easing restrictions on listed crypto products. As Bitcoin reached a record-breaking high of $72,000 this week, the UK’s Financial Conduct Authority announced on Monday that it would permit exchange-traded notes (ETNs) for Bitcoin and Ethereum.
Despite growing interest from investors and asset managers, Asian regulators have displayed varying stances on crypto ETFs. Singapore firmly ruled out the possibility of an ETF for its local market, emphasizing caution for those engaging in overseas markets.
South Korea, initially resistant and deeming the US ETF potentially illegal. It has shown signs of warming to the idea in the lead-up to the upcoming election. However, the political landscape adds uncertainty, with parties retracting earlier commitments to ease crypto restrictions.
Hong Kong’s Regulatory Review Sparks Hope for Spot Ether ETF
In Hong Kong, regulators are actively reviewing applications from local firms eager to launch crypto ETFs. There’s even optimism that Hong Kong might approve a spot Ether ETF before the US, highlighting the dynamic nature of regulatory landscapes worldwide.
As market regulators continue to adapt to the evolving crypto landscape. The Thai decision stands out as a pivotal moment, reflecting a broader trend of increasing acceptance and exploration of crypto investment products globally.
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