Thai SEC approves private funds to invest in Bitcoin ETFs

[webfact]

 

Asset management firms have been granted permission by the Securities and Exchange Commission (SEC) to initiate private funds that invest in Bitcoin Exchange-Traded Funds (ETFs). However, this investment opportunity is only accessible to institutional investors and ultra-high-net-worth investors.

 

The SEC board gave its nod to asset management firms managing private funds that invest in Bitcoin ETFs listed on US exchanges just last week. The information was confirmed by SEC Secretary-General Pornanong Budsaratragoon.

 

The SEC Act allows securities companies to trade assets that are classified as securities. Following the approval of Bitcoin ETFs trading by the US SEC, Bitcoin ETFs now classify as securities rather than digital assets, hence Thai securities firms are now allowed to invest in them. Nonetheless, only institutional and ultra-high-net-worth investors are entitled to invest in Bitcoin ETFs.

Pornanong explains that while asset management firms expressed their desire to invest in digital assets, primarily Bitcoin and Bitcoin ETFs, the SEC had to thoroughly consider whether it was judicious to allow these firms to invest directly in digital assets considering the high risk involved.

Furthermore, the current rules and regulations that oversee investments of asset management firms do not encompass investments in digital asset ETFs. Therefore, the SEC had to modify these rules and regulations to permit such investments. However, these investments are strictly limited to institutional and ultra-high-net-worth investors.

 

The SEC’s green light coincides with Bitcoin prices nearing their all-time high, making it an opportune moment for Thai investors to unlock their investments. Following a recent dip in price, Bitcoin was trading at over US$71,500 per coin on Monday afternoon.

 

Pornanong also stated that the SEC board had given the go-ahead to measures proposed by the Stock Exchange of Thailand (SET) to bolster the stock market supervisory and new listing rules. These measures aim to boost investor confidence in the Thai market and foster the long-term growth of the bourse.

 

They entail the supervision of short selling transactions, naked short, program trading, high-frequency trading, and curbing stock price fluctuations, reported Bangkok Post.

 

by Alex Morgan 

Photo courtesy of Bangkok Post

 

Source: The Thaiger 2024-03-12

 

- Cigna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here.

 

Get our Daily Newsletter - Click HERE to subscribe

 

[stoner]

2 minutes ago, webfact said:

However, this investment opportunity is only accessible to institutional investors and ultra-high-net-worth investors.

 

wow. and they say btc is the scam. 

[goldenbrwn1]

5 hours ago, stoner said:

 

wow. and they say btc is the scam. 

That’s what all the governments and big institutions around the world have been telling the plebs for over a decade.

[Conno]

Exactly fellas the same con game every single time. No I don't mean Bitcoin is a scam. I mean the only institutional investors and high net worth permitted scam. Keep the plebs in their place they are too dumb and lowly to have access to life changing wealth. Slickening isn't it. 

 

Ps. It's all for our own protection naturally 55555. Luckily we don't need anyone's permission. Buy your own BTC directly, that's why it was invented. Permissionless and decentralized. 

 

 

Edited March 12 by Conno

[ukrules]

I was thinking that it would be very convenient if they launched their own Bitcoin ETF in Thailand.

 

I guess there's no chance of that at all.

 

Having said that the 'bar to entry' doesn't appear to be that high.

 

Quote

HNW and UHNW Investors

In general, the new notification lowers financial thresholds for the definitions of HNW and UHNW investors. This suggests that the SEC wants to expand the number of investors who can access high-risk securities and derivatives.
 

Under the new notification, HNW investors include individuals with net assets of at least THB 30 million, annual income of at least THB 3 million, or gross direct investment in securities and derivatives of at least THB 8 million (or THB 15 million if cash deposits are aggregated).

UHNW investors include individuals with net assets of at least THB 60 million, annual income of at least THB 6 million, or gross direct investment in securities and derivatives of at least THB 15 million (or THB 30 million if cash deposits are aggregated).

 

Source : https://www.tilleke.com/insights/thailands-sec-to-update-definitions-of-institutional-and-high-net-worth-investors/

Edited March 12 by ukrules

[john donson]

you would be very stupid to buy now... when the price went up 4x over a year and before the halving...

[Dolf]

9 minutes ago, john donson said:

you would be very stupid to buy now... when the price went up 4x over a year and before the halving...

Be a crash next 6 months

[G_Money]

Well I suppose having BTC limited to high net worth people will keep some from having another option to lose all their money.

 

Gambling, casinos or online has the market covered for the commoners to lose their limited earnings.  Along with loans to friends.

 

How I view BTC;

 

 

Edited March 12 by G_Money

[observer90210]

Very nice, but what when one want's to cash the crypto ? Many western nations, have ruthless tax retentions on cashing crypto, so would need to watch that one, before rushing in.