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Thailand’s Securities and Exchange Commission (SEC) is evaluating the possibility of approving spot Bitcoin exchange-traded funds (ETFs) for the first time, signaling a shift toward greater cryptocurrency adoption in the country.

SEC Secretary-General Pornanong Budsaratragoon announced on January 14 that the regulator is assessing whether retail and institutional investors could trade spot Bitcoin ETFs on local exchanges.

"Like it or not, we have to move along with more adoption of cryptocurrencies worldwide," Pornanong said, according to Bloomberg.

"We have to adapt and ensure that our investors have more options in crypto assets with proper protection."

Currently, direct Bitcoin ETF listings are unavailable in Thailand. However, in June 2024, One Asset Management launched a fund-of-funds providing indirect exposure to overseas spot Bitcoin ETFs.

The SEC is now considering expanding access by permitting local listings.

In addition, the SEC is exploring the potential for firms with strong credit ratings to issue stablecoins backed by corporate bonds, broadening access to Thailand’s debt markets.

Separately, Pheu Thai Party leader Thaksin Shinawatra has suggested introducing government bond-backed stablecoins for both retail and institutional investors, as well as creating a Bitcoin sandbox in Phuket to facilitate tourism-related cryptocurrency transactions.

According to the 2024 Crypto Adoption Index by Chainalysis, Thailand ranks 16th globally in crypto adoption, driven by notable participation in retail and centralized cryptocurrency services.

While advancing crypto regulations, Thailand is also cracking down on illegal activities in the space.

On Jan. 14, the Technology Crime Suppression Division (TCSD) announced plans to shut down Polymarket, a cryptocurrency-based prediction market.

"Polymarket, a global website that provides prediction services in areas such as politics, sports, entertainment, and economics, was found to be illegal online gambling in Thailand because the use of cryptocurrency for trading and betting is against the law," said Police Lieutenant General Trairong Phiwpaen, TCSD Commander.

Trairong emphasized the challenges crypto gambling poses to law enforcement, citing the anonymity and cross-border nature of blockchain transactions.

Thailand joins other nations in taking action against Polymarket.

Singapore blocked the platform on January 12 as part of a broader crackdown on unlicensed gambling platforms, while France initiated investigations in late 2024, prompting Polymarket to withdraw from the country.

Taiwan was the first to ban the platform, arresting 17 individuals for using it to bet on a presidential election.

Despite these restrictions, Polymarket remains operational. According to Dune Analytics, the platform recorded $515 million in trading volume in the first 15 days of 2025, with its Super Bowl Championship 2025 market alone attracting over $1.12 billion in trades.

Thailand’s dual approach — encouraging crypto innovation while enforcing strict compliance — reflects the country’s balancing act as it navigates the evolving digital asset landscape.

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