Cryptocurrency Adoption and trends in Thailand in 2021
It is estimated that over 4.3 million people, 6.47% of Thailand’s total population, currently own cryptocurrency.
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 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.