Thailand’s crypto economy under the spotlight: a report by HashKey Capital

Rick Steves

“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. 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.”

HashKey Capital, a leading crypto fund in Asia, has released its annual report highlighting Thailand’s significant growth in the global crypto economy.

The report positions Thailand as a key player in Asia’s crypto landscape, driven by high adoption rates, substantial digital asset trading volumes, supportive regulations, and a thriving digital service ecosystem.

Thailand ranks tenth globally in crypto adoption

Thailand ranks tenth globally in crypto adoption, as per the Chainalysis Crypto Adoption Index. This high ranking is evident in the substantial crypto activity across centralized exchanges, P2P trading, and DeFi protocols in Thailand. The country also shows a notable presence on CoinMarketCap, with considerable monthly traffic.

Thai users have shown a strong propensity for trading digital assets. Data from CoinGecko indicates significant trading volumes on Thai exchanges, including Bitkub, Bitazza, and Orbix. The total trading volume from January to October 2023 reached over $116 billion, with millions of individual account holders, suggesting a rapid increase in crypto adoption.

Thailand’s vibrant digital asset ecosystem is continuously evolving. Established exchanges like Bitkub and Orbix face new competition from emerging players like SCB’s InnovestX app. Collaborations, such as Gulf’s partnership with Binance, indicate a growing competitive landscape.

Major Thai banks, SCB and Kasikornbank, have created ICO portals and ventured into crypto through subsidiaries SCB10x and KASIKORN X. The rise of crypto advisory firms, like Cryptomind, also marks an emerging trend, with Cryptomind becoming the first to secure a license for digital asset advisory services.

HashKey’s report also sheds light on Thailand’s burgeoning Web3 economy, featuring prominent projects like GuildFi, 3Landers, and LonelyPop. The Thai government has established a crypto-friendly regulatory climate, akin to Japan, Hong Kong, and Singapore, with comprehensive regulations on digital assets and activities.

Thailand: Over 3 million crypto users and 600% growth in recent years

Sanjay Popli, Co-Founder and CEO of Cryptomind, said: “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. 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.”

Thanaarmates Arriyavat, Senior Venture Director of KASIKORN X, commented on the positive industry outlook. “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.”

HashKey Capital’s full report on Thailand’s blockchain landscape is available for download, providing in-depth insights into the region’s growing influence in the crypto and blockchain industries.

A global and crypto-native entity, HashKey Capital is a significant player in the digital asset and blockchain sector. It manages over US$1 billion in client assets, with over 500 investments in various aspects of the blockchain ecosystem. HashKey Capital connects founders, investors, developers, and regulators, leveraging its deep knowledge across the blockchain landscape.

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