Thailand Considers Spot Bitcoin ETF and Stablecoin Proposals
Thailand’s Securities and Exchange Commission (SEC) is reviewing the possibility of listing spot Bitcoin exchange-traded funds (ETFs) on local exchanges. SEC Secretary-General Pornanong Budsaratragoon stated on 14 January that the regulator aims to adapt to the growing global adoption of cryptocurrencies while ensuring proper investor protection.
“Like it or not, we have to move along with more adoption of cryptocurrencies worldwide,” Pornanong told Bloomberg, highlighting the importance of expanding crypto investment options responsibly.
Currently, direct Bitcoin ETF listings remain prohibited in Thailand, though the introduction of a fund-of-funds by One Asset Management in mid-2024 has provided limited exposure to overseas Bitcoin ETFs. Additionally, the SEC is exploring proposals for issuing stablecoins backed by corporate bonds, which could broaden access to debt markets.
Meanwhile, Thailand’s Technology Crime Suppression Division (TCSD) announced plans to propose shutting down Polymarket, a crypto-based prediction market, citing its violation of local gambling laws. TCSD Commander Police Lieutenant General Trairong Phiwpaen emphasised the challenges of regulating crypto-related activities due to the anonymity and cross-border nature of blockchain transactions.
Thailand joins Singapore in cracking down on Polymarket, with the latter blocking the platform on 12 January.
US Congressman Tom Emmer Appointed Vice Chair of Crypto Subcommittee
In the United States, Representative Tom Emmer has been named vice chair of the House Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence. The subcommittee, formed in 2023, oversees developments in crypto assets and AI within financial services.
Emmer expressed optimism about the subcommittee’s role in advancing digital asset innovation. “With President Trump in the White House and Gary Gensler confined to the waste bin of Washington, we have an excellent opportunity to ensure the future of digital assets is guided by Americans, with American values,” he stated on 15 January.
Committee Chairman French Hill praised the leadership of the subcommittee, emphasising their focus on maintaining the US’s position as a leader in innovation while safeguarding consumers and investors.
Outgoing SEC Chair Gary Gensler Reflects on Crypto’s Role in US Election
With just days left in his tenure, US SEC Chair Gary Gensler addressed the influence of crypto interest groups on the 2024 presidential election. Speaking to CNBC’s Andrew Ross Sorkin on Squawk Box, Gensler dismissed the idea that digital asset lobbying swayed the election for President-elect Donald Trump.
“This field, the crypto field, a highly speculative field, has not been compliant with various laws,” Gensler said, referencing money laundering, sanctions, and securities regulations.
Under Gensler’s leadership, the SEC has taken several enforcement actions against major US crypto firms, including Coinbase, Ripple Labs, and Binance.
As Thailand explores new avenues for crypto investment and the US strengthens its regulatory framework, the evolving landscape highlights the global tension between innovation and compliance.
