Thailand’s cryptocurrency craze is taking center stage, leaving traditional stocks in the dust.
Thailand has emerged as a standout in the Asian cryptocurrency space thanks to strong adoption rates, surging digital asset trading volumes, regulatory support, and a thriving digital services ecosystem.
According to data from major Thai exchanges such as Bitkub, Bitazza, and Sangang, the cumulative trading volume from January to October 2023 was $116.43 million.
Bitkub emerged as the dominant player, accounting for 77.04% of total trading volume, while Bitazza and Sang secured market shares of 21.60% and 1.36%, respectively.
Notably, Candy was rebranded as Orbix after being acquired by KASIKORNBANK (KBANK) in 2023.
Thailand Cryptocurrency Ranking
Chainalytic ranked Thailand 10th in its cryptocurrency adoption index, taking into account factors such as user engagement across exchanges, peer-to-peer trading, and decentralized finance (DeFi) protocols.
The digital asset exchange boasts more than 2.94 million user accounts, accounting for 4.27% of the total population and surpassing the stock market’s 5.5 million accounts.
The average number of monthly visits to Binance Thailand from January to November 2023 is 116,877.
MetaMask wallet downloads exceeded 797,931 from September 2020 to August 2023 and peaked in November 2021, driven by the popularity of GameFi and Metaverse.
Decentralized exchanges and NFT trends
DEX platforms like PancakeSwap saw a surge in visits during the bull market in 2021 but experienced a decline during the bear market.
The NFT sector followed a similar pattern, with Opensea’s monthly visits peaking in 2022 but declining during the bear market.
Sanjay Popli, co-founder and CEO of Cryptomind, said he remains optimistic about Thailand’s position.
“The adoption of Web3 technology by financial institutions, banks and large corporations in Thailand is a significant development, signifying wider acceptance and integration of blockchain and cryptocurrencies in mainstream business. These developments, along with a balanced regulatory framework, are elevating Thailand to a leading position in the global cryptocurrency and blockchain space.”
Cryptocurrency travel in Thailand
Traditional financial institutions such as Siam Commercial Bank (SCB) are actively exploring opportunities in the cryptocurrency space and are highlighting increased support for the sector.
Thai Prime Minister Srettha Thavisin, who has previously worked in the digital asset sector, has advocated for a nationwide ‘airdrop’ of 10,000 Thai baht ($300) to citizens aged 16 and above, saying it would integrate cryptocurrencies into mainstream business. emphasized that.
Thailand’s cryptocurrency pioneer highlights a convergence of adoption, regulatory clarity, and institutional support.
This positioning establishes the country as a key player in the global cryptocurrency landscape.