 Thailand eyes spot Bitcoin ETF approval, crackdown on Polymarket 
2025-01-15
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Thailand is considering allowing spot Bitcoin exchange-traded funds (ETFs) to list on local exchanges for the first time, according to the country’s Securities and Exchange Commission (SEC).
On Jan. 14, SEC Secretary-General Pornanong Budsaratragoon said the regulator is assessing whether both retail and institutional investors could trade spot Bitcoin (BTC) ETFs locally.
“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.”
In June 2024, Thailand’s One Asset Management introduced a fund-of-funds, which offers exposure to overseas spot Bitcoin ETFs, but direct Bitcoin ETF listings still remain off-limits.
Thailand’s SEC is also considering allowing firms with strong credit ratings to issue stablecoins backed by corporate bonds to help widen access to debt markets. 
Meanwhile, the ruling Pheu Thai Party’s de facto leader, Thaksin Shinawatra, has suggested issuing government bond-backed stablecoins for retail and institutional investors. Thaksin also proposed creating a Bitcoin sandbox in Phuket for tourism-related transactions.
According to Chainalysis’ 2024 Crypto Adoption Index, Thailand shows notable participation in retail and centralized cryptocurrency services, ranking 16th in overall adoption. It stands 15th in retail centralized service value and 19th in decentralized finance transaction volume. 
Thailand’s cyber police target Polymarket
On Jan. 14, Thailand’s Technology Crime Suppression Division (TCSD) announced that it plans to propose closing Polymarket, a cryptocurrency-based prediction market, according to Thai news outlet mgronline.
Police Lieutenant General Trairong Phiwpaen, the commander of the TCSD, reportedly stated:
Trairong added that crypto gambling complicates law enforcement efforts due to the anonymity and cross-border nature of blockchain transactions. 
Thailand is not the only country to act against Polymarket. Singapore blocked the site on Jan. 12 as part of its crackdown on unlicensed gambling platforms. 
Polymarket also withdrew from France in November 2024 after authorities began investigating its compliance with local gambling laws. Taiwan was the first jurisdiction to ban the platform, arresting 17 people for using it to bet on a presidential election.
Despite these restrictions, Polymarket remains active. 
According to Dune Analytics, the platform recorded $515 million in trading volume in 15 days of 2025, with its Super Bowl Championship 2025 market alone attracting over $1.12 billion in trading volume.