Thailand is increasing its involvement in the crypto space with two contrasting regulatory moves.
Media reports in the Asian country have revealed that it is weighing the approval of Bitcoin Exchange-Traded Funds (ETFs) while simultaneously considering a ban on Polymarket.
Bitcoin ETF
Thailand’s Securities and Exchange Commission (SEC) is reportedly considering introducing spot Bitcoin ETFs on local exchanges.
According to SEC Secretary General Pornanong Budsaratragoon, the global increase in cryptocurrency adoption leaves little room for hesitation. She emphasized the need to adapt by offering safe and diverse crypto investment options.
She reportedly said:
“Like it or not, we have to move with more adoption of crypto currencies worldwide. We need to adapt and ensure our investors have more options in crypto assets with the right protections.”
This move is not surprising given the tremendous success that Bitcoin ETF products have enjoyed since their launch in the US last year. According to data from SoSoValue, the funds collectively manage more than $100 billion in assets within a year of their launch.
Meanwhile, the development would build on previous initiatives such as One Asset Management’s launch of a ‘fund of funds’ offering exposure to international Bitcoin ETFs.
Polymarket ban?
While Thai authorities support regulated crypto developments, they are also taking a strong stance against platforms deemed malicious.
Thailand’s Cybercrime Investigation Bureau has reportedly recommended banning Polymarket, accusing it of operating as an illegal gambling site.
Authorities claim that restricting access to Polymarket would reduce crypto misuse in illicit activities and protect the economy from potential risks.
Founded in 2020, Polymarket is known for its decentralized prediction markets, where users bet on the outcomes of various events.
While the platform gained attention during the November 2024 US elections for its role in rallying public opinion, recent controversies, including betting on sensitive topics such as forest fires, have drawn sharp criticism.
Notably, the platform has received increased attention from regulators in Singapore, where it is officially considered a gambling site.