The post Thailand Set to Revolutionize Crypto Market with Bitcoin ETFs and Stablecoin Initiatives appeared first on Coinpedia Fintech News
The fight to become the topmost digital-assets hub of the Asia-Pacific region intensifies, as Thailand explores listing Bitcoin ETFs and expanding stablecoin initiatives. Let’s delve into the details shaping this silent financial revolution in the Asian region.
Thailand’s Push for Bitcoin ETFs
As per recent reports, the Securities and Exchange Commission of the Asian country of Thailand is preparing to allow Bitcoin ETFs to list on local exchanges. SEC Secretary-General Pornanong Budsaratragoon acknowledged the reports revealed the regulator’s plan to bring revolutionary changes in the crypto sector.
Once implemented, the plan will enable individuals and institutions to invest directly in local BTC ETFs.
Currently, only indirect exposure through overseas funds is permitted.
Thailand’s Ambition of Becoming a Digital-Assets Hub
Several Asian financial powers have openly come forward to express their support for the cryptocurrency industry. Among those, Singapore and Hong Kong are the most prominent ones. They have introduced several pro-crypto policies to create a suitable environment for the growth of the sector. With the aforementioned policies, what Thailand aims is to counter the dominance of these two financial powers in the crypto sector and to emerge as the topmost crypto hub in the Asia-Pacific region.
Reports suggest that the country may introduce strong policies to ensure investor protection and foster cryptocurrency adoption.
Reports add that Thailand’s regulatory authority is considering the possibility of permitting corporations to issue stablecoins backed by bonds.
Thailand’s Thriving Tourism Sector & The Crypto Revolution
Thailand is an extremely famous tourist destination in Asia. At least 28 million tourists visit Thailand a year. Experts think that the country’s tourism sector will be one of the primary beneficiaries of its effort to introduce policies to create a positive environment for crypto adoption. Reports note that Phuket, a city in Thailand, may become a testing ground for Bitcoin transactions in tourism.
Thailand’s Crypto Market Trends
Currently, around 270,000 active crypto trading accounts are operated from Thailand. Reports point out that recently the country saw a sharp growth in crypto trading activities, especially after Bitcoin’s $100K milestone.
However, data indicates that the rate of crypto trading activities in the country is far lower than the peaks it recorded in the pre-2022 period.
In conclusion, Thailand’s steps toward embracing Bitcoin ETFs and stablecoins reflect a progressive stance on cryptocurrency adoption. As the nation positions itself as a digital-asset hub, the evolving market could drive innovation, attract global investors and bolster its crypto ecosystem.
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