Thailand has approved its first BTC exchange-traded funds (ETF) in the United States, Hong Kong and Australia.

The Thai Securities and Exchange Commission (SEC) has given the green light to One Asset Management, a Bangkok-based wealth and portfolio management services firm, to offer the country’s first spot digital asset ETF.

Unlike its US and Hong Kong counterparts, the Thai ETF will only be available to wealthy and institutional investors, the Bangkok Post reports. The Thai SEC invited regulatory agencies from both countries to review the ETF before approving it.

“Digital assets are an alternative asset that has low correlation with other financial assets. They are suitable to help investors diversify investment risks,” commented Pute Harinsuta, CEO of One Asset. .

The upcoming fund will reportedly invest in 11 global funds for better liquidity and safety. An asset also commits to adhere to global standards in custody of BTC.

One Asset recommends that investors allocate 5% of their portfolio to digital assets. However, some, such as Wall Street veteran and digital asset investor Cathy Wood, recommend setting aside as much as 20%.

Gary Gensler’s SEC approved BTC ETFs in January, sparking a wave of investment by global giants in the funds. However, legacy financial giants Fidelity and BlackRock (NASDAQ: BLK ) have emerged as the two frontrunners, and combined, they have attracted 80% of the $33 billion invested in BTC ETFs.

Gensler also recently approved Ethereum ETFs, but they haven’t launched yet.

In Australia, the Monochrome Bitcoin ETF (IBTC), the country’s first spot BTC ETF, began trading on Tuesday. Monochrome is working with US exchange Gemini as its BTC custodian, while State Street Cash acts as the custodian.

The new ETF trades on Cboe, an alternative trading platform that competes with the larger Australian Securities Exchange (ASX). However, Bloomberg reported in April that the ASX plans to debut a similar product before the end of the year.

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