Thailand Reviews Plans to Introduce Spot Bitcoin ETFs and Stablecoins Amid Polymarket Scrutiny

Thailand is reviewing plans to introduce spot Bitcoin ETFs and stablecoins into its financial system while addressing concerns about crypto-related activities.

Thailand is considering introducing spot Bitcoin ETFs and stablecoins into its financial system, while also addressing concerns about crypto-related activities in the country.

The Securities and Exchange Commission (SEC) of Thailand is spearheading this initiative, reflecting the country’s evolving approach to cryptocurrency adoption. Here's a closer look at the latest developments:

1. Spot Bitcoin ETFs: A Step Toward Crypto Accessibility

The Thai SEC is reviewing proposals to permit spot Bitcoin ETFs, opening up new investment avenues for both retail and institutional investors in the country. Pornanong Budsaratragoon, the SEC’s Secretary-General, highlighted the need for Thailand to adapt to the increasing global adoption of cryptocurrencies, while ensuring adequate investor protection.

Currently, direct Bitcoin ETF listings on Thai exchanges are not yet available. However, in June 2024, One Asset Management launched a fund-of-funds that provides exposure to international Bitcoin ETFs. While this marks a step forward, the anticipation for local listings remains high.

2. Stablecoins to Enhance Debt Market Accessibility

The SEC is also considering the potential of stablecoins backed by corporate bonds to enhance debt market accessibility. Meanwhile, the Pheu Thai Party, which leads Thailand's government, is proposing the creation of stablecoins backed by government bonds. These initiatives aim to diversify investment options for both retail and institutional investors.

The government's broader plan is to integrate stablecoins into Thailand's financial system to stimulate economic growth.

3. Polymarket Faces Scrutiny for Gambling Allegations

As Thailand advances cryptocurrency regulations, its authorities are cracking down on crypto-based platforms like Polymarket. The Technology Crime Suppression Division (TCSD) has recently accused the platform of operating as an illegal gambling site.

Lieutenant General Trairong Phiwpaen stated that Polymarket's use of cryptocurrencies to facilitate prediction markets violates Thailand's gambling laws. This crackdown aligns with similar actions taken in Singapore, France, and Taiwan, where Polymarket faced restrictions due to regulatory concerns.

Despite these challenges, Polymarket recorded a trading volume of $515 million in the first 15 days of 2025, indicating persistent market activity.

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