- Thai SEC has amended some rules to allow investor exposure to Bitcoin ETFs.
- However, the exception applies to a specific group of investors only.
- The development comes as BTC is hovering at all-time high levels.
Thailand’s Securities and Exchange Commission has amended some rules, allowing local asset management firms to set up private funds for investing in spot Bitcoin ETFs traded on U.S. exchanges.
The development comes after the regulator denied the launch of spot Bitcoin ETFs in the country on January 17, citing a policy lacuna.
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However, following Bitcoin’s recent rally to a new all-time high and increasing investor appetite for the crypto asset, the securities watchdog seems to have backtracked on that stance and made an exception.
Thai SEC Makes an Exception for Spot Bitcoin ETFs
According to a Bangkok Post report on Tuesday, Thailand’s SEC has adjusted some “rules and regulations” under the SEC Act to classify spot Bitcoin ETFs as securities rather than digital assets.
After the reclassification, the SEC agreed in a recent board meeting that asset management funds can now create private funds that invest in spot Bitcoin ETFs in U.S. exchanges. Due to the risky nature of spot Bitcoin ETFs, these funds will be accessible to accredited investors only, including institutions and ultra-high-net-worth individuals.
“Asset management firms asked the SEC for them to have exposure in digital assets, especially bitcoin and spot bitcoin ETFs, but we need to consider carefully whether to allow asset management firms to invest in digital assets directly due to the high risk,” SEC Secretary-General Pornanong Budsaratragoon stated.
The SEC approves spot Bitcoin ETFs when BTC prices have been hovering around all-time high levels for the past few days. Unlike in the previous bull run, where BTC topped $65K for only five days, today marks the sixth day the crypto asset is trading above that price level.
At last check, the crypto asset exchanged hands at $71,949 after gaining 49.87% in the last 30 days.
Read about the latest Bitcoin rally to all-time high levels:
Bitcoin Breaches $71K in Massive Rally to Fresh All-Time Highs
Stay updated on BlackRock’s Bitcoin ETF new inflow high:
BlackRock Bitcoin ETF Marks New Inflow High as BTC Claims ATH
