Thailand: Bitcoin ETF and new regulations on cryptocurrencies

Thailand explores the adoption of spot Bitcoin ETFs and new regulations on stablecoins. At the same time, it intensifies actions against illegal betting platforms like Polymarket, emphasizing a cautious approach to crypto innovation.

Let’s see all the details in this article. 

The SEC of Thailand evaluates the adoption of Spot ETFs on Bitcoin

Thailand is experiencing a crucial moment for the cryptocurrency sector, with the Securities and Exchange Commission (SEC) engaged in evaluating a series of innovative measures and strict regulations. 

Among the key points on the agenda is the possible introduction of spot ETFs on Bitcoin in local markets.

This step could represent a significant advancement for the adoption of criptovalute in the country, providing both retail and institutional investors with regulated tools to access the Bitcoin market.

According to what was stated by Pornanong Budsaratragoon, secretary-general of the Thai SEC, the introduction of spot ETFs on Bitcoin reflects an important necessity. 

That is, to adapt to a global landscape in which cryptocurrencies are becoming an increasingly significant component. 

The goal is to ensure investors safe and regulated options, minimizing the risks associated with a market that is often volatile. 

Despite these ambitions, at the moment the funds that offer indirect exposure to Bitcoin, like the one introduced by One Asset Management in 2024, represent the only available option in the country.

New possibilities for stablecoins: facilitating access to markets

In parallel, Thailand is exploring new possibilities for stablecoins, proposing that companies with high credit ratings can issue stablecoins backed by corporate bonds. 

This type of initiatives aims to facilitate access to debt markets, expanding the options available for investors. 

Thaksin Shinawatra, leader of the Pheu Thai Party, also suggested the idea of issuing stablecoins backed by government bonds to enhance tourist transactions in Phuket. 

Thus creating a sandbox for Bitcoin intended to test the use of cryptocurrencies in the sector.

While these proposals indicate an openness towards innovation, Thailand is simultaneously addressing some issues related to the cryptocurrency sector with firmness. 

An emblematic example is the crackdown on Polymarket, a blockchain-based prediction platform accused of providing illegal gambling services.

The Technology Crime Suppression Division (TCSD) has recently announced the intention to block access to the site, claiming that the anonymous and cross-border transactions offered by the platform complicate law enforcement.

Thailand thus joins countries like Singapore and Taiwan, which have already taken similar measures against Polymarket.

Despite these restrictions, Polymarket continues to operate globally, highlighting the complex balance between regulation and innovation. 

In the first fifteen days of 2025, the platform recorded a trading volume of over 515 million dollars, with the Super Bowl betting market alone reaching 1.12 billion dollars. 

These numbers highlight the popularity of prediction platforms, but also raise questions about their ethical and legal impact.

Is Thailand’s approach winning?

In this context, Thailand positions itself as an example of a balanced approach to cryptocurrencies. On one hand, the country is seeking to leverage the opportunities offered by blockchain to stimulate the economy and attract investments. 

On the other hand, it is determined to prevent abuses and illegal activities. This dualism reflects a global landscape in which governments are still seeking the right balance between encouraging the adoption of cryptocurrencies and ensuring an adequate level of protection for investors.

The future of cryptocurrencies in Thailand will largely depend on the ability of the authorities to implement effective regulations that encourage innovation without compromising security. 

With the potential introduction of spot ETFs on Bitcoin and the new proposals on stablecoins, the country could become a model for other nations seeking to navigate the challenges and opportunities of an increasingly digital economy.