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Thailand is Becoming a Crypto Hub! Driven by widespread adoption, growing trading volume, favorable regulations, and a thriving digital services ecosystem, Thailand has solidified its position as a major player in the Asian cryptocurrency scene.
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According to CoinGecko data, a cumulative trading volume of $116.43 billion was recorded on major Thai exchanges such as Bitkub, Bitazza, and Orbix (formerly Satang) during the January-October 2023 period. This is equivalent to approximately 4.1 trillion Thai baht and shows the tremendous interest in digital assets.
HashKey’s report highlights the dominance of Bitkub, with a staggering 77.04% market share. Bitazza and Orbix take a respective 21.60% and 1.36% share. The acquisition of Satang by KASIKORNBANK and subsequent rebranding as Orbix further underscores the institutional adoption of this new industry.
Thailand’s ranking at 10th on Chainalysis’ Crypto Adoption Index reflects the country’s strong user engagement across centralized exchanges, peer-to-peer platforms, and DeFi protocols. This engagement even surpasses traditional stock market participation, with over 2.94 million digital asset exchange accounts representing 4.27% of the population.
Binance in Thailand saw an average of 116,877 monthly visits, peaking at 303,057 in January 2023. The Southeast Asian country also has impressive MetaMask wallet download figures, exceeding 797,931 between September 2020 and August 2023.
During the bull market, decentralized exchange (DEX) platforms such as PancakeSwap saw an average of 35,000 visits per month. However, these visit numbers have declined in the bear market.
The NFT sector also experienced a similar downward trend. Looking at the NFT boom of 2022, Opensea saw an average of 48,000 visits per month from Thailand and reached 65,000 visits in July. However, traffic has decreased in the bear market.
The Co-founder of Cryptomind made a statement. (Thailand)
Despite this, Sanjay Popli, the Co-founder and CEO of Cryptomind, remains optimistic. “The adoption of Web3 technologies by financial institutions, banks, and conglomerates in Thailand is a significant development that signals the wider adoption and integration of blockchain and cryptocurrency in the mainstream business world. These developments are positioning Thailand as a leader in the global crypto and blockchain arena.”
The significant support for the cryptocurrency market in Thailand is evidenced by Siam Commercial Bank’s (SCB) plans to explore opportunities in the crypto space. Earlier this year, real estate developer Srettha Thavisin took over as Prime Minister of Thailand after a highly contested election.
Before entering politics, Srettha was actively involved in the country’s digital asset sector. One of the central themes of Srettha’s political campaign was an “airdrop” that pledged to distribute 10,000 Thai baht (US$300) to every Thai citizen over the age of 16. This amount can only be spent within a 4-kilometer radius of their place of residence.
Thailand’s vibrant crypto scene exemplifies the transformative potential of blockchain technology. With a supportive environment and active government participation, the country is well-positioned to be a leading hub for crypto innovation and adoption in the years to come.
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