Thailand Considers Spot Bitcoin ETFs Amidst Stablecoin Proposals
Thailand’s Securities and Exchange Commission (SEC) is exploring the possibility of listing spot Bitcoin exchange-traded funds (ETFs) on local exchanges for the first time. Speaking on 14 January, SEC Secretary-General Pornanong Budsaratragoon acknowledged the increasing adoption of cryptocurrencies globally, stating, “We have to adapt and ensure that our investors have more options in crypto assets with proper protection.”
While a fund-of-funds model offering exposure to overseas spot Bitcoin ETFs was introduced in mid-2024, direct Bitcoin ETF listings remain unavailable. The SEC is also assessing proposals to allow firms with strong credit ratings to issue stablecoins backed by corporate bonds, aiming to improve access to debt markets.
Crackdown on Polymarket: Thailand and Singapore Take Action
Thailand’s Technology Crime Suppression Division (TCSD) announced plans to propose the closure of Polymarket, a cryptocurrency-based prediction market, labelling it as illegal online gambling. Police Lieutenant General Trairong Phiwpaen explained that using cryptocurrency for betting contravenes Thai law, complicating enforcement due to blockchain’s anonymity and cross-border nature.
Polymarket, which allows users to trade predictions on topics like politics, sports, and economics, has also been blocked in Singapore as part of its crackdown on unlicensed gambling platforms.
US Representative Tom Emmer Appointed Vice Chair of Crypto Subcommittee
US Representative Tom Emmer has been named vice chair of the House Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence. The subcommittee, formed in 2023, focuses on overseeing the development of crypto assets, financial technologies, and artificial intelligence within financial services.
Source: Tom Emmer
Emmer highlighted the opportunity to shape the digital asset landscape under American values, stating, “With President Trump in the White House, and Gary Gensler confined to the waste bin of Washington, we have an excellent opportunity to ensure the future of digital assets is guided by Americans.”
Committee Chairman French Hill emphasised the importance of crafting a regulatory framework that fosters innovation while safeguarding consumers and investors.
Outgoing SEC Chair Gensler Downplays Crypto’s Role in US Election
With just six days left in his tenure, US Securities and Exchange Commission (SEC) Chair Gary Gensler dismissed the notion that cryptocurrency interest groups influenced the outcome of the 2024 presidential election. Speaking on CNBC’s Squawk Box, Gensler noted that while crypto-focused groups raised funds, the election was not about digital assets.
“This field, the crypto field, a highly speculative field, has not been compliant with various laws,” Gensler remarked, citing violations of anti-money laundering, sanctions, and securities laws during his term. His leadership saw significant enforcement actions against major crypto firms, including Coinbase, Ripple Labs, and Binance.
As Thailand advances its crypto regulatory framework, and the US reassesses its leadership in the sector, global developments underscore the evolving dynamics of the cryptocurrency landscape.
