Thai SEC approves first Bitcoin fund (Thailand)

[zasad@]

https://www.bangkokpost.com/business/investment/2804674/thai-sec-approves-first-bitcoin-etf
"The Securities and Exchange Commission (SEC) has endorsed One Asset Management (ONEAM) becoming the first firm to launch a spot Bitcoin exchange-traded fund (ETF) in Thailand, which is limited to wealthy and institutional investors.

The ONE Bitcoin ETF Fund of Funds Unhedged and not for Retail Investors (ONE-BTCETFOF-UI), is scheduled to be distributed between May 31 and June 6, with an investment risk level of eight.

[avikz]

If it is a fund of funds, that should be okay. Because this fund will not hold any actual Bitcoins. Brother they will invest in those funds which are already holding actual Bitcoins.

Really we do not need any more institutional investors in the Bitcoin market. Bitcoin was a currency system of common people and it should remain that way. For me merchant adoption is more important than institutional adoptions.

I hope to pay in Bitcoin next time I visit honey 2 

[blckhawk]

It's definitely a big celebration for the Thai bitcoin community, I mean with this approval by the Thai SEC for a Bitcoin ETF, I'm sure that there's bound to be more people that are going to be really curious about bitcoin. I don't know if I'm the only that have noticed but Thailand is the most progressive in a lot of things compared to most countries in the SEA region, they got the sexuality done right compared to other countries in the region but it's understandable there's Muslim countries there and then now they got this one too, it's probably the first one in SEA and I hope that my country would get the 2nd place to be approving of ETFs but with the current climate of crypto in the country, I think that it's nigh impossible for now, I do hope that I'm wrong though.

[yhiaali3]

What I didn't understand in the news is why a Bitcoin spot trading fund (ETF) in Thailand will be limited to wealthy and institutional investors? Is Bitcoin banned for ordinary people in Thailand? Will people be prohibited from buying shares in Thai ETFs?

I do not understand the Thai government's point of view regarding this decision, but I fear that this trend will become prevalent and countries will begin to allow only wealthy investors and institutions to use Bitcoin (ETF) and Bitcoin will turn into the currency of the wealthy.

Bitcoin should be available to everyone, not just the wealthy or institutions.

[TheUltraElite]

It is always a welcome news to hear about a bitcoin ETF getting approved, more attention means more price and gradual public interest in bitcoin as they keep buying it.

As per this website,

The average Thai individal earns about 2705$ while the maximum salary is 12041$ which makes the population rich enough to afford buying bitcoin ETFs.

Although I expect the Thai people to be investing in bitcoin directly more than buying ETFs.

I hope to pay in Bitcoin next time I visit honey 2 

Mate you are one horndog there. I wish you all the best!

[HeRetiK]

What I didn't understand in the news is why a Bitcoin spot trading fund (ETF) in Thailand will be limited to wealthy and institutional investors? Is Bitcoin banned for ordinary people in Thailand? Will people be prohibited from buying shares in Thai ETFs?

It's not unprecedented for a government to limit certain asset classes they deem as risky to wealthy individuals and institutional investors (see hedge funds in he US for example). Though whether protecting retail investor really is the primary concern in these cases is a different question.

Bitcoin should be available to everyone, not just the wealthy or institutions.

Luckily everyone else can still buy and trade Bitcoin directly, which should be the prefered way to attain and hold Bitcoin anyway.