HashKey Report Shows Thailand Is Fast Becoming A Major Player In Global Crypto Economy
In Brief
HashKey Capital has released its annual report showcasing Thailand’s growth in the global crypto economy.
Singapore, 7 December 2023 – HashKey Capital, one of the largest and most prominent crypto funds in Asia has released its annual report spotlighting Thailand’s remarkable growth in the global crypto economy. The findings show Thailand’s pivotal role in Asia’s crypto landscape, driven by high adoption rates, a surging digital asset trading volume, favorable regulations, and a thriving ecosystem of digital services.
The latest findings from HashKey’s report underscore Thailand’s robust enthusiasm for crypto. According to the Chainalysis Crypto Adoption Index, Thailand ranks tenth globally, demonstrating significant crypto ownership and activity across centralized exchanges, P2P trading, and DeFi protocols. This fervor is further evidenced by Thailand’s monthly traffic to CoinMarketCap, reaching 648,000 and accounting for 0.94% of all global visits.
Moreover, Thai users exhibit a strong inclination toward trading digital assets. Data from CoinGecko reveals that leading Thai exchanges, including Bitkub, Bitazza, and Orbix, recorded a total trading volume of $116,436,471,138.81 from January to October 2023. With over 2.94 million individual account holders on these exchanges, representing 4.27% of the country’s population, the figures suggest a rapid acceleration in crypto adoption, outpacing traditional stock exchange account holders.
This keen interest in crypto is likely one of the main driving forces behind the growth of Thailand’s vibrant digital asset ecosystem. While exchanges like Bitkub and Orbix currently dominate, new entrants such as SCB are introducing innovations, with the launch of the InnovestX investment app. Additionally, Gulf’s collaboration with Binance for digital asset licenses signifies the potential expansion of the competitive landscape.
Elsewhere in Thailand’s crypto economy, SCB and another of the country’s major banks Kasikornbank, have both created ICO portals that enable their customers to invest in promising Thai digital asset startups. The two banks are also getting into the venture capital game through their subsidiaries, SCB10x and KASIKORN X, respectively. Crypto advisory firms are just beginning to establish themselves too, with the research firm Cryptomind – a prominent startup in HashKey’s portfolio – this year becoming the first company to secure a license to offer digital asset advisory services.
Additionally, HashKey’s report highlights the promising yet nascent Web3 economy in Thailand, with high profile projects including the blockchain gaming guild GuildFi, plus 3Landers and LonelyPop.
Integral to Thailand’s dynamic crypto landscape is the government’s swift establishment of a crypto-friendly regulatory climate. Comparable to forward-thinking regions like Japan, Hong Kong, and Singapore, Thailand’s regulatory strategy is defined by the Emergency Decree on Digital Asset Businesses, B.E. 2561. This mandates financial institutions to report digital asset investments and activities, ensuring transparency and regulatory adherence.
The Thai SEC clearly defines and regulates a number of assets and activities, including digital coins and tokens; ICO issuers and portals; exchange and brokerage platforms; plus dealers, fund managers and advisors. As such, it has created seven different licenses related to these assets and activities.
“I’m excited by the rapid expansion of Thailand’s Web3 sector. With over 3 million overall crypto users and 600% growth in the market in recent years, the dynamism in our DeFi and NFT sectors is clearly evident,” said Sanjay Popli, Co-Founder and CEO of Cryptomind, in a statement. ”Thailand is increasingly becoming a hotspot for digital nomads, drawn by our crypto-friendly policies, affordable living costs, vibrant food and beverage culture and diverse cultural landscape.”
The increasing adoption of Web3 and blockchain technologies by traditional institutions, coupled with a balanced regulatory framework, positions Thailand as a hub for meaningful innovations in the crypto space.
“In 2023, more enterprises entered the digital asset market in Thailand, [while the] active development of related regulations, more technology robustness and vibrant communities point to a positive outlook for meaningful innovations in the industry that could benefit a larger population,” commented Thanaarmates Arriyavat, Senior Venture Director of KASIKORN X.
HashKey’s full report on Thailand’s blockchain landscape can be downloaded here.
About HashKey Capital
Global in influence and crypto-native, HashKey Capital is a digital asset and blockchain leader helping institutions, founders and talents advance the blockchain industries.
As one of the largest crypto funds and the earliest institutional investor in Ethereum, HashKey Capital has managed over US$1 billion in client assets since its inception, with over 500 investments in infrastructure, tools, and applications.
With our deep knowledge across the blockchain ecosystem, HashKey Capital has built a robust network connecting founders, investors, developers, and regulators.
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About The Author
Gregory, a digital nomad hailing from Poland, is not only a financial analyst but also a valuable contributor to various online magazines. With a wealth of experience in the financial industry, his insights and expertise have earned him recognition in numerous publications. Utilising his spare time effectively, Gregory is currently dedicated to writing a book about cryptocurrency and blockchain.
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Gregory, a digital nomad hailing from Poland, is not only a financial analyst but also a valuable contributor to various online magazines. With a wealth of experience in the financial industry, his insights and expertise have earned him recognition in numerous publications. Utilising his spare time effectively, Gregory is currently dedicated to writing a book about cryptocurrency and blockchain.
