The Thai Securities and Exchange Commission (SEC) has approved the launch of the country's first spot Bitcoin exchange-traded fund (ETF). This move brings Thailand in line with a growing trend of countries offering regulated Bitcoin investment options.

The ONE Bitcoin ETF Fund will be managed by One Asset Management (ONEAM), and will be available for purchase only by institutional investors and those with a high net worth. The launch period for the fund is between May 31st and June 6th, 2024.

This development follows recent amendments by the Thai SEC allowing for the creation of restricted Bitcoin ETFs aimed at accredited investors. 

The ONEAM fund will address security concerns often associated with directly owning Bitcoin by investing in a basket of 11 established global Bitcoin funds.

While ONEAM's product has received approval, another Thai firm, MFC Asset Management, is still awaiting approval for its own Bitcoin ETF offering. Both of these initial offerings will be restricted to qualified investors.

Thailand's decision comes after the U.S. SEC's approval of several Bitcoin ETFs in January 2024, which significantly boosted investor interest. Other countries like Hong Kong, Australia, and the UK have also moved towards offering similar regulated Bitcoin investment products.

This development signifies growing demand from Thai institutions for Bitcoin allocations and could pave the way for broader mainstream adoption in the future, if public offerings are approved.

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