Thailand has become a key player in the cryptocurrency scene, both in Asia and worldwide. This is due to the high adoption rates, significant growth in digital asset trading volume, a favorable regulatory environment, and a robust ecosystem of digital services in the country.

(X post / report)

According to HashKey’s latest report, Thailand’s crypto market is characterized by high traffic on crypto data analysis websites, significant trading volume, and surging interest of Thai users in digital asset trading.

Thailand ranks tenth in Chainalysis‘s ’grassroots crypto adoption’ index, which considers the country’s overall user engagement across centralized exchanges, peer-to-peer trading, and DeFi protocols as contributing factors to its overall assessment.

The GameFi/Metaverse sector is the key focus in Thailand’s digital landscape, according to HasKey, with major projects like @GuildFiGlobal taking the stage. This focus reflects a growing interest in integrating gaming and web3 technologies, positioning Thailand at the forefront of these innovative digital arenas.

Digital asset exchanges in Thailand have amassed over 2.94 million user accounts, representing 4.27% of the total population. This figure notably exceeds more than half of the 5.5 million accounts in the stock market.

Bitkub exchange has emerged as a dominant player in Thailand’s crypto market, commanding a 77.04% share of the total trading volume for the year. Bitazza and Orbix (ex-Satang) hold market shares of 21.60% and 1.36%, respectively.

(Source: HashKey Capital on X)

Dominated by key players, digital asset activities are also driven by traditional large enterprises and major banks. Notably, Orbix, the region’s third-largest crypto exchange, was acquired by Kasikornbank (KBANK), the second-largest Thai bank, this autumn, exemplifying the ongoing trend of Thailand’s major traditional financial institutions moving into crypto.

(Source: HashKey Capital on X)

The cryptocurrency market in Thailand is receiving substantial backing from traditional financial institutions, which is possible due to a clear regulatory framework governing the country’s digital asset arena.

(Source: HashKey Capital on X)

Due to a high level of ‘grassroots user adoption’ of digital assets and regulatory environment, Thailand is not just embracing the crypto assets revolution but is actively shaping it, establishing itself as a major hub for the crypto industry development in a key world region.

(Source: Cryptomind)