Thailand

9.3% of Thais own cryptocurrency

How many cryptocurrency owners are in Thailand?

It is estimated that over 6.2 million people, or 9.3% of Thailand’s population, currently own cryptocurrency.

Cryptocurrencies Market Sentiment in Thailand

The Thai government is generally in favor of cryptocurrency due to its potential to expand funding options for Thai business owners and its possible contribution to the country's development, in line with its current policies.

The Bank of Thailand and a consortium of Thai commercial banks have been engaged in a research and development project called Project Inthanon, which focuses on developing a central bank cryptocurrency (“CBDC”). Project Inthanon was initiated in 2019 and has undergone two phases related to a wholesale CBDC, including one conducted in conjunction with the Hong Kong Monetary Authority (HKMA) on cross-border transactions. Testing of the retail CDBC is expected to begin in late 2022.

In addition, Thailand has become the top cryptocurrency trading hub among the 10 member countries of the Association of Southeast Asian Nations, alongside Vietnam, each recording USD 135.9 billion in cryptocurrency value transacted from July 2021 to June 2022. Some of the existing cryptocurrency exchanges in Thailand are Bitkub, Binance, Bitazza, and Huobi.

Cryptocurrencies' rising popularity in Thailand

Thailand’s Halal 4.0 journey: Tech and blockchain to play crucial role in ensuring product integrity – Dec 2022

The halal food and beverage sector in Thailand is ramping up its use of technology as a crucial tool to achieve ‘Halal Integrity’, and hopes to establish a halal blockchain platform within the next few years.

The Bank of Thailand to pilot retail CBDC by the end of 2022 – Aug 2022

The Bank of Thailand (BOT) announced on Friday that it would begin a pilot study of a retail central bank cryptocurrency (CBDC) by the end of this year. On a limited scale, a possible real-life application of the ‘Retail CBDC’ will be carried out within the private sector. In the announcement on its official website, the Bank of Thailand said, “The BOT will assess the benefits and associated risks from the Pilot to formulate related policies and improve the CBDC design in the future.”

Thai SEC approves four cryptocurrency firms despite Zipmex woes – Aug 2022

The Thai SEC has approved four more cryptocurrency exchanges and brokerages, while Zipmex withdrawals remain suspended, except for a couple of coins.