Thailand’s Securities and Exchange Commission (SEC) has given the green light for the country’s first spot Bitcoin exchange-traded fund (ETF), a move that underscores the nation’s progressive stance on digital assets. However, this financial instrument will be exclusively available to wealthy and institutional investors.
The approval was announced recently, with the Thai SEC endorsing One Asset Management (ONEAM) to launch the ETF with the distribution of the ONE Bitcoin ETF Fund of Funds Unhedged and not for Retail Investors (ONE-BTCETFOF-UI) scheduled between May 31 and June 6, 2024.
The news was reported by various credible sources, including Bitcoin Magazine and CoinDesk, within the past 48 hours.
The ONE Bitcoin ETF
The ONE Bitcoin ETF was created to provide a regulated investment avenue for high-net-worth and institutional investors, offering exposure to Bitcoin without the direct ownership risks such as theft.
To ensure liquidity and security, the fund will invest in 11 leading global funds, adhering to stringent international standards for coin storage.
According to news reports, The ONE Bitcoin ETF will store coins using international standards and it has been thoroughly reviewed by international regulatory agencies in the US and Hong Kong.
In the broader context, several Bitcoin ETFs have received approval from the US SEC earlier this year, sparking considerable interest. Other regions, such as Hong Kong, Australia, and the UK, have also introduced spot Bitcoin ETFs or similar products.
See also: Breaking News: SEC Approves All Spot Ethereum ETFs
The cryptocurrency market is on a trajectory of substantial growth, with projections indicating a market volume of US$71.72 billion by 2028.
As of writing this report, the live price of Bitcoin is about $ 70,656.10 per (BTC / USD) with a current market cap of $1,392.47B USD. and a 24-hour trading volume of $ 32.90B USD.
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