The Thailand Securities and Exchange Commission (SEC) approved the first spot Bitcoin (BTC) exchange-traded fund (ETF) in the country, making it available only to ultra high net-worth individuals.

According to the Thailand-based daily newspaper Bangkok Post, the country’s SEC gave the green light to the local asset management company, One Asset Management (ONEAM), to launch its spot BTC ETF. The investment product is called the “ONE Bitcoin ETF Fund of Funds Unhedged and not for Retail Investors (ONE-BTCETFOF-UI).”

However, the report says that the ETF will not be available for small individual investors, and only the Ultra High Net Worth Individuals (UHNWI) and institutional investors can benefit from the BTC investment product.

Per the Bangkok Post, the Thailand-based spot BTC ETF is given a risk score of eight — putting the product in the high-risk zone. This is usually due to the high price volatility of crypto assets.

Moreover, One Asset Management would have to invest in 11 global funds to ensure the BTC ETF has the required liquidity and security for investors. The U.S. and Hong Kong have already reviewed the Thai policy for the spot BTC investment product.

Another Thailand-based investment company, MFC Asset Management is still waiting for the SEC’s green light to launch its spot BTC ETFs. Per the report, MFC’s investment product will also be available for institutions and rich investors.

The Thai SEC’s approval of spot BTC ETFs comes as the investment products have recorded impressive success in the U.S. In March, the regulator adjusted its rules and gave the price asset management companies the green light to explore the crypto industry.

On March 13, Thailand approved the tax exemption bill on cryptocurrency gains to bolster its digital economy.