Acceptance of cryptocurrency appears to be booming in Thailand, with the local Securities and Exchange Commission (SEC) estimating that domestic cryptocurrency has increased by almost 600% since November.
Data compiled by the Thai SEC and published Bloomberg indicates that the combined volume across licensed Thai cryptobourses increased from 574.5 million in November to $ 3.96 billion in November.
Atichanan Pulges, co-founder of the top Thai stock exchange Bitkub, in an interview with Bloomberg, the estimated volume on his platform increased by 40% between January and February. Pulges claimed that Bitkub represents 90% of the local business and services of 300,000 customers.
Despite a sharp increase in licensed crypt volumes, there has been relatively subdued growth in Thai peer-to-peer trading.
While in November bitcoins worth about $ 650,000 a week were traded in the best P2P markets, Localbitcoins and Paxful combined, February volumes ranged between about $ 700,000 to $ 1 million – an increase of between about 10% and 50%. During March, Thai P2P bitcoins traded from $ 950,000 to about $ 600,000.
In response to the growing popularity of cryptocurrencies, the Thai SEC has proposed training and testing to limit inexperienced traders in speculation on cryptocurrencies. Last month, the commission also indicated that it would introduce a minimum annual income requirement of $ 32,000 for domestic cryptocurrency traders.
In addition to the sharp rise in trade in cryptocurrencies, Thailand also appears to have a country-based DeFi boom, with The Defiant’s late-March report second worldwide by running a keyword search for “decentralized finance” in the last 12 months.
The report also found that Thailand is among the best emerging economies to operate on the best DeFi protocols, with Thai visitors representing Badger Finance’s second largest traffic segment, third at MakerDAO and fifth at Curve.