Thailand has surged to prominence in Asia's cryptocurrency arena, driven by robust adoption rates, surging digital asset trading volumes, regulatory support, and a thriving ecosystem of digital services.
Data from major Thai exchanges like Bitkub, Bitazza, and Satang reveals a cumulative trading volume of $116.43 million from January to October 2023.
Bitkub emerged as the dominant player, commanding a 77.04% share of the total trading volume, while Bitazza and Satang secured market shares of 21.60% and 1.36%, respectively.
Notably, Satang rebranded as Orbix after its acquisition by KASIKORNBANK (KBANK) in 2023.
Chainalysis ranks Thailand tenth in its Crypto Adoption Index, considering factors like user engagement across exchanges, peer-to-peer trading, and decentralised finance (DeFi) protocols.
Digital asset exchanges boast over 2.94 million user accounts, constituting 4.27% of the population, surpassing the stock market's 5.5 million accounts.
Binance in Thailand averaged 116,877 monthly visits between January and November 2023.
MetaMask wallet downloads exceeded 797,931 from September 2020 to August 2023, with a peak in November 2021 driven by GameFi and metaverse popularity.
DEX platforms, like PancakeSwap, saw a surge in visits during the bullish 2021 market but experienced a decline in the bear market.
The NFT sector followed a similar pattern, with Opensea's monthly visits peaking in 2022 but subsiding during the bear market.
Sanjay Popli, Co-Founder and CEO of Cryptomind, remains optimistic about Thailand's position, he said:
"The adoption of Web3 technologies by financial institutions, banks, and conglomerates in Thailand is a significant development, signaling a broader acceptance and integration of blockchain and crypto in mainstream business. Together with a balanced regulatory framework, these developments are propelling Thailand to a forefront position in the global crypto and blockchain arena."
Traditional financial institutions, such as Siam Commercial Bank (SCB), are actively exploring opportunities in the crypto space, highlighting the sector's growing support.
Thailand's Prime Minister, Srettha Thavisin, formerly engaged in the digital asset sector, advocates for a nationwide 'airdrop' of 10,000 Thai Baht ($300) for citizens above 16, emphasising crypto integration into mainstream business.
Thailand's venture into the crypto frontier underscores a confluence of adoption, regulatory clarity, and institutional backing.
This positioning establishes the nation as a key player in the global crypto landscape.
Effective January 1, 2024, these tax reporting obligations emerged as part of the infrastructure bill signed into law by United States President Joe Biden in November 2021.
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OliveMajor exchanges are already preparing to meet the new requirements.
ClementPromising an array of thought-provoking sessions, sessions will be carefully curated to foster discussions and offer unique perspectives on the rapidly evolving fintech landscape.
Olive
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