Thailand’s Crypto Revolution: Bitcoin ETFs, Stablecoin Innovations, and a Mysterious Crackdown Unfolds

20

Thailand’s Securities and Exchange Commission (SEC) is actively considering the introduction of spot Bitcoin exchange-traded funds (ETFs) on the country’s local exchanges. SEC Secretary-General Pornanong Budsaratragoon acknowledged the global rise in cryptocurrency adoption and emphasized the need to offer investors more options in crypto assets, ensuring proper protection. Although Thailand has previously offered exposure to overseas spot Bitcoin ETFs through One Asset Management’s fund-of-funds, direct Bitcoin ETF listings have not yet been allowed.

In addition, the SEC is exploring proposals that would allow firms with robust credit ratings to issue stablecoins backed by corporate bonds as a means to broaden access to debt markets. Former Thai Prime Minister and de facto leader of the Pheu Thai Party, Thaksin Shinawatra, has proposed the issuance of government bond-backed stablecoins, targeting retail and institutional investors. He also suggested the creation of a Bitcoin sandbox in Phuket for tourism-related transactions.


Meanwhile, Thailand’s Technology Crime Suppression Division (TCSD) announced its intention to propose the closure of Polymarket, a cryptocurrency-based prediction market, for alleged illegal gambling activities. The platform has been identified as a challenge for law enforcement due to the anonymity and cross-border nature of blockchain transactions. This move is part of a larger regional crackdown, as Singapore has already blocked access to Polymarket, and similar actions have been taken by France and Taiwan. Despite these restrictions, Polymarket remains operational, with significant trading volumes recorded in 2025.