Thailand Weighs Bitcoin ETFs Amid Crypto Gambling Crackdown
Thailand is making waves in the cryptocurrency world, signaling a potential shift in its approach to digital assets. The country's Securities and Exchange Commission (SEC) is exploring the possibility of allowing spot Bitcoin exchange-traded funds (ETFs) to be listed on local exchanges, a move that could significantly expand access to Bitcoin for Thai investors. Simultaneously, however, authorities are taking a firm stance against unlicensed gambling platforms, including the popular crypto prediction market, Polymarket.
Bitcoin ETFs on the Horizon: A New Era for Thai Investors?
SEC Secretary-General Pornanong Budsaratragoon recently stated that the regulator is assessing whether to permit both retail and institutional investors to trade spot Bitcoin ETFs locally. "Like it or not, we have to move along with more adoption of cryptocurrencies worldwide," Pornanong said, according to Bloomberg. This potential policy shift reflects a growing recognition of the global trend towards cryptocurrency adoption.
Currently, while Thai investors can access overseas spot Bitcoin ETFs through funds like the one offered by One Asset Management in June 2024, direct listings of Bitcoin ETFs remain prohibited. Approving spot Bitcoin ETFs would mark a significant step forward for cryptocurrency accessibility in Thailand.
Stablecoin Experiments and a Bitcoin Sandbox
In addition to considering Bitcoin ETFs, Thailand's SEC is also exploring the possibility of allowing firms with strong credit ratings to issue stablecoins backed by corporate bonds. This move could potentially broaden access to debt markets. The ruling Pheu Thai Party's de facto leader, Thaksin Shinawatra, has even proposed government bond-backed stablecoins and a Bitcoin sandbox in Phuket to facilitate tourism-related transactions.
Thailand's Crypto Landscape: Adoption and Activity
According to Chainalysis' 2024 Crypto Adoption Index, Thailand ranks 16th globally in overall adoption, 15th in retail centralized service value, and 19th in decentralized finance transaction volume, indicating significant participation in the crypto market.
Crypto adoption is surging in Asia, with 7 countries in the region ranking in the top 20 globally.
Cracking Down on Unlicensed Gambling: Polymarket in the Crosshairs
However, alongside these potentially progressive steps, Thailand is taking a firm stance against unlicensed gambling. The Technology Crime Suppression Division (TCSD) announced plans to propose shutting down Polymarket, a platform that allows users to bet on real-world events using cryptocurrency. This action aligns with a broader crackdown on unlicensed online gambling, which has already seen Singapore, France, and Taiwan restrict access to the platform.
Polymarket's Popularity Persists Despite Restrictions
Despite these restrictions, Polymarket continues to operate and attract significant trading volume. Data from Dune Analytics shows 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.
Thailand's Crypto Future: A Delicate Balance
Thailand's exploration of spot Bitcoin ETFs alongside its crackdown on Polymarket highlights the complex and evolving relationship between governments and the cryptocurrency industry. While the country appears to be embracing certain aspects of digital asset innovation, it remains cautious about activities it deems to fall under gambling regulations. The coming months will be crucial in determining how Thailand balances these competing priorities and shapes its future in the global crypto landscape.