Overview of Thailand's Blockchain and Crypto Assets Ecosystem

The booming development of the Crypto Assets industry in Thailand

In 2023, Thailand has shown strong growth momentum in the Crypto Assets field. Data shows that the monthly average visits to a well-known Crypto Assets data platform reached 648,000, accounting for 0.94% of Thailand's total population, a figure that even surpasses the United States by 0.21 percentage points.

Trading Volume and Market Share

From January to October 2023, the total trading volume of major digital asset trading platforms in Thailand reached $116.4 billion, approximately 410 billion Thai Baht. Among them, a leading exchange accounted for 77.04% of the market share, while the other two accounted for 21.60% and 1.36%, respectively. Notably, one of these exchanges was acquired by a major bank in 2023 and renamed.

User engagement continues to rise

Thailand ranks tenth in the global Crypto Assets adoption index. This ranking takes into account user activity on centralized exchanges, P2P trading, and DeFi protocols.

• The number of user accounts on Thailand's digital asset exchange exceeds 2.94 million, accounting for 4.27% of the national population.
• A globally renowned trading platform in Thailand has an average monthly visit of 116,000, peaking at 300,000 visits in January 2023.
• From September 2020 to August 2023, a mainstream crypto wallet was downloaded over 797,000 times in Thailand.
• During the crypto assets bull market, the monthly average visits to decentralized exchanges reached 35,000.
• During the NFT boom in 2022, a well-known NFT platform had an average monthly visit of 48,000 times in Thailand.

The regulatory framework is clear

The Securities and Exchange Commission (SEC) of Thailand has adopted a proactive regulatory strategy, following the practices of several developed countries and regions. The main regulation includes the "Emergency Decree on Digital Asset Businesses."

The regulatory scope covers:

• Digital Assets: including tokens and Crypto Assets
• ICO Activities: Involving issuers and portal sites
• Crypto Assets business operations: including exchanges, brokers, dealers, funds, and consulting services

Currently, Thailand has seven types of licenses related to digital assets, covering exchanges, brokers, dealers, fund management, consulting services, custody wallet providers, and ICO portals.

The ecosystem is thriving

The digital asset activities in Thailand are primarily focused on trading, brokerage/dealer services, and tokenization, dominated by several core participants. Many traditional large enterprises, including leading banks and energy companies, have entered the digital currency market in recent years.

• Exchange: In addition to local platforms, internationally renowned exchanges are also collaborating with local enterprises to obtain licenses in preparation for conducting business.
• ICO Portal: Major banks have started to venture into the ICO portal business, providing token sale channels for projects such as real estate.
• Broker/Dealer: Multiple licensed institutions provide services, and some energy companies have also obtained licenses to prepare for business.
• Consulting Services: Local research institutions provide in-depth research articles, industry reports, and other services.
• Venture Capital: Major banks have established dedicated departments for Crypto Assets investment.
• Web3 Projects: Local projects are mainly focused on GameFi and the metaverse, with some NFT projects being quite popular in the community.

Overall, Thailand's Blockchain and Crypto Assets ecosystem is rapidly developing, with a relatively clear regulatory environment providing a good foundation for the healthy development of the industry.