Log In
Sign Up

Thailand | 2021

Cryptocurrency Adoption and trends in Thailand in 2021

Go to 2022 Report

6.47

%

of Thais
own cryptocurrency

How many crypto owners in Thailand?

It is estimated that over 4.3 million people, 6.47% of Thailand’s total population, currently own cryptocurrency.

Are Thais open to crypto?

Thailand ranked second in the world with 9.9% of Thai Internet users owning cryptocurrency. In addition, BitKub, a dominant crypto exchange in Thailand, recorded a growth of 600% in 2020.

Thailand - potential crypto hub?

Thailand had the second largest share of investments from fintech companies within ASEAN, with 43% of investments focused on e-payment services and 8% on Bitcoin and blockchain technology.

Thailand is among the first country in Southeast Asia to enact cryptocurrency legislations, regulating the offering of digital assets and opening its doors to crypto-related businesses. Since early 2018, Thailand has come to adopt a more liberal and progressive stance towards cryptocurrencies, having legalised the trading of seven approved digital currencies. These regulations initially aimed to address issues surrounding security and fraud in this new class of digital assets while providing more guidance on Initial Coin Offerings (ICOs) after a series of controversies that plagued the industry. Over time, regulations continued to evolve into a more sophisticated framework, with the emergence of new offerings in the digital asset space, such as security tokens and exchanges.

Crypto's rising popularity in Thailand

  • Tokenpost: Thailand’s crypto trading volume increases by almost 600% to $3.96B – April 2021
    Adoption for cryptos such as Bitcoin (BTC) and Ether (ETH) has significantly increased during the coronavirus pandemic. In Thailand, for instance, crypto adoption boomed with an almost six-fold increase in the country’s transaction volume in less than five months. Thailand’s crypto transaction volumes increased by almost 600 percent since November 2020, according to Cointelegraph. Based on data from the country’s Securities and Exchange Commission, the combined transaction volume from Thai crypto exchanges rose to $3.96 billion from just $574.5 million in November last year.

  • Lexology: Stablecoin Policy Guidelines Issued by Bank of Thailand – April 2021
    On March 19, 2021, the Bank of Thailand (BOT) issued policy guidelines on how stablecoins are to be regulated. These were issued following the BOT’s recent ruling that stablecoins pegged to the Thai baht violate the Currency Act B.E. 2501 (1958). Stablecoins were developed to offer a more price-stable alternative to traditional cryptocurrencies, which are defined under Thai law as digital units created to serve as means of exchange for goods, services, or any other rights. As traditional cryptocurrencies (such as Bitcoin) have no underlying assets, they are subject to such extreme fluctuations in value, and therefore people often hold them as investments rather than spend them as currency.

  • Coingeek: Thailand expands CBDC use to enterprises as launch nears… – July 2020
    The Central Bank is thinking of expanding the use of the central bank cryptocurrency to the general public for retail use.

  • Bitcoin.com: Thailand’s growing cryptocurrency service providers… – July 2020
    The Thai regulators have now approved 13 crypto businesses to legally operate in the country.

  • hmka: Thailand and Hong Kong to enhance cross-border payments… – January 2020
    Hong Kong’s Monetary Authority claims that CBDC may have a greater potential in cross-border payments.

  • Bangkok Post: Thailand to amend decree on digital asset businesses… – November 2019
    The Securities and Exchange Commission (SEC) aims to facilitate the growth of digital assets while protecting investors from unnecessary risk.

  • Bitcoin.com: Stock Exchange of Thailand plans to enter the crypto space… – January 2019
    The imminent service will broaden fundraising and investment opportunities that harness creativity.

Sign up to our newsletter
& stay tuned!

© Triple-A. 2023. All Rights Reserved