Cryptocurrency Adoption in Thailand Is Growing Rapidly.
Crypto adoption in Thailand is growing rapidly. According to estimates by the local Securities and Exchange Commission (SEC), domestic cryptocurrency volumes have increased by almost 600% since November. Data compiled by the SEC of Thailand shows that the cumulative volume on licensed Thai crypto exchanges has increased from $574.5 mln to $3.96 bln. The co-founder of the leading Thai exchange Bitkub, reported that volume on its platform increased by 40% between January and February. He also added that Bitkub represents 90% of local trading activity and serves 300,000 customers.
Despite the rise in licensed cryptocurrency volumes, peer-to-peer trading in Thailand has seen relatively muted growth. While the leading P2P marketplaces Localbitcoins and Paxful were trading about $650,000 of bitcoins each week during November, February volumes range from $700,000 to $1 mln. During March, trade volumes fell from $950,000 to about $600,000.
In response to the growing popularity of cryptocurrency, Thailand’s SEC has proposed introducing a training course and test to discourage inexperienced traders from speculating on crypto assets. The commission also hinted last month that it would set a minimum annual return of $32,000 for domestic crypto traders.
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