Thailand’s financial regulator has adjusted relevant regulations to allow investments in U.S. spot bitcoin exchange-traded funds (ETFs) for professional investors, according to local media.

The Bangkok Post reported today that Thailand’s Securities and Exchange Commission has permitted asset management firms to launch funds for investing in U.S. spot bitcoin ETFs available for institutional investors.

Pornanong Budsaratragoon, the SEC Secretary-General, stated in an interview with a local newspaper that there have been requests from asset management firms to permit them to invest in crypto assets. Budsaratragoon emphasized, “but we need to consider carefully whether to allow asset management firms to invest in digital assets directly due to the high risk.”

The local regulator’s move came after the agency said in January that it was monitoring the development of overseas spot crypto ETFs but had no plan to allow such products in the country.

The SEC did not immediately respond to The Block’s request for comment.

Last month, Thailand’s Ministry of Finance relaxed tax rules on crypto trading by suspending the requirement to pay a 7% value-added tax on gains from crypto trading. The tax exemption period became effective on Jan. 1, 2024, without an expiration date, the Bangkok Post reported at the time.

Thailand has attracted some global crypto exchanges, such as Binance, to set up shop in the country. In January, Binance announced that Gulf Binance — a joint venture between Binance and Thailand’s Gulf Innova — launched crypto exchange services to the general public in Thailand following an invite-only test in November.