Nikolas Sargeant
Thailand’s Securities and Exchange Commission (SEC) is reviewing proposals for spot Bitcoin exchange-traded funds (ETFs) and corporate bond-backed stablecoins, signaling a potential shift in the country’s crypto landscape. On January 14, SEC Secretary-General Pornanong Budsaratragoon confirmed that both retail and institutional investors could soon gain access to Bitcoin ETFs locally. At the same time, the Thai government is intensifying its regulatory actions, including cracking down on Polymarket, a decentralized prediction market platform, for alleged illegal gambling activities.
Growing Interest in Crypto ETFs, Litecoin Poised for Approval
Globally, interest in cryptocurrency ETFs continues to grow, with Bitcoin ETFs becoming an increasingly important part of institutional crypto investment portfolios. Thailand's potential approval of spot Bitcoin ETFs would align with global trends, where several countries are embracing crypto-focused exchange-traded products.
For example, Litecoin is on track to become the next cryptocurrency to receive approval for an Exchange Traded Fund (ETF) by the U.S. Securities and Exchange Commission (SEC). ETF analyst Eric Balchunas indicated that the SEC had responded positively to the S-1 application for a Litecoin ETF, managed by Canary Capital Group LLC.
The ETF will hold actual Litecoin and trade on the Nasdaq, though it is still in the preliminary approval stage. While this news bodes well for Litecoin's entry into the ETF market, the SEC's approval process remains uncertain, especially with the appointment of a new SEC chair. If approved, Litecoin would join Bitcoin and Ethereum in the growing crypto ETF market, which has already seen significant investments, with Bitcoin and Ethereum ETFs attracting nearly $36 billion and $2.4 billion, respectively.
The XRP ETF is also on track for approval sooner rather than later. These reports are causing prices to increase. Litecoin is up 13% over the last five days and XRP is up 22%.
