Adoption of cryptocurrencies in Thailand appears to be growing rapidly as the local Securities and Exchange Commission (SEC) estimates that local cryptocurrency volumes have increased nearly 600% since November.
Data compiled by the Securities and Exchange Commission of Thailand and published by Bloomberg shows that the cumulative volume of licensed Thai cryptocurrencies increased from $ 574.5 million in November to $ 3.96 billion in November.
In a conversation with Bloomberg, Atishanan Bolgs, co-founder of the leading Thai exchange Bitkub, said sales on his platform increased 40% from January to February. Pulges said Bitkub accounts for 90% of domestic trading activity and serves 300,000 clients.
Despite the increase in volumes of licensed cryptocurrencies, peer-to-peer trading in Thailand has seen relatively weak growth.
While the leading P2P platforms Localbitcoins and Paxful sold about $ 650,000 each week during November, February volumes ranged from $ 700,000 to $ 1 million, or about 10-50%. Thai Bitcoin P2P trading volume decreased from $ 950,000 to around $ 600,000 during the month of March.
Weekly P2P Volume Between BTC and Thai Pate: Healthy Tulips
In response to the growing popularity of cryptocurrencies, Thai SEC suggested offering training and testing to restrict inexperienced traders from speculating on cryptocurrencies. The committee also indicated last month that it would set an annual minimum return of $ 32,000 for local cryptocurrency traders.
Besides the increase in cryptocurrency trading, Thailand also appears to be seeing a DeFi boom with a country ranking, and in late March, The Defiant said the country had the second highest search traffic for the keyword “decentralized finance” in the world compared to the last 12 months.
The report also found that Thailand ranked among the top new traffic economies for leading DeFi protocols, with Thai visitors representing Badger Finance’s second-largest traffic segment, ranked third on MakerDAO and fifth on Curve.