The HashKey Report Highlights Thailand's Emergence as a Key Player in the Global Cryptocurrency Scene 

Singapore, 7 December 2023 – HashKey Capital As one of Asia's foremost crypto funds, HashKey has drawn attention this year with an annual report highlighting the stunning expansion of Thailand's role in the global cryptocurrency ecosystem. The report emphasizes Thailand's significant impact on the Asian crypto sector, buoyed by increasing adoption, rising trading volumes in digital assets, supportive regulations, and a flourishing digital services environment.

Recent insights from HashKey's findings reinforce the intense enthusiasm for crypto in Thailand. The Chainalysis Crypto Adoption Index currently places Thailand in the tenth position globally, showcasing notable ownership and transaction activity on centralized exchanges, peer-to-peer platforms, and decentralized finance ecosystems. This enthusiasm is further backed by a notable monthly traffic of 648,000 visits to CoinMarketCap from Thailand, which represents about 0.94% of all international visits.

Furthermore, Thai traders are demonstrating a strong penchant for digital asset transactions. Reports from CoinGecko indicate that major Thai trading platforms, including Bitkub, Bitazza, and Orbix, have collectively achieved trading volumes exceeding $116 billion from January through October of 2023. With over 2.94 million individual accounts on these platforms—accounting for 4.27% of the country’s population—the data points to a swift evolution in crypto adoption, outstripping the growth seen in traditional stock trading accounts.

This growing fascination with cryptocurrencies is likely a significant factor fueling the development of Thailand's vibrant digital asset ecosystem. While established exchanges such as Bitkub and Orbix lead the industry, new players like SCB are innovating the field by launching the InnovestX investment platform. Additionally, Gulf’s alliance with Binance to secure digital asset licenses hints at a potential increase in competitive dynamics in the market. 

In another move within Thailand's crypto landscape, SCB and the prominent Kasikornbank have initiated ICO platforms, allowing their customers to invest in promising Thai digital ventures. Both banks are stepping into the venture capital space through their divisions, SCB10x and KASIKORN X, respectively. The realm of crypto advisory services is also beginning to take shape, with Cryptomind—a notable player in HashKey’s portfolio—making history this year as the first firm to secure a license for offering digital asset advisory services. 

The report also draws attention to the emerging yet promising Web3 economy within Thailand, showcasing notable projects like the blockchain gaming guild GuildFi, alongside innovators like 3Landers and LonelyPop. 

Central to Thailand's robust crypto environment is the government's proactive establishment of a regulatory framework that favors digital currencies. Similar to progressive regions such as Japan, Hong Kong, and Singapore, Thailand’s approach is outlined in the Emergency Decree on Digital Asset Businesses, B.E. 2561. This regulation obligates financial institutions to disclose their digital asset investments and activities, promoting transparency and adherence to regulations.

The Thai SEC has also set clear regulations around various assets and activities, including digital coins and tokens; ICO platforms; trading and brokerage entities; as well as asset managers and advisors. Consequently, it has introduced seven distinct licenses related to these financial activities. 

“The rapid development of Thailand's Web3 sector truly excites me. With over 3 million crypto users and an impressive 600% growth in recent years, the energy radiating from our DeFi and NFT markets is unmistakable,” remarked Sanjay Popli, Co-Founder and CEO of Cryptomind, in an official statement. ”Thailand is transforming into a hub for digital nomads, attracted by our favorable crypto policies, affordable living expenses, lively culinary scene, and rich cultural experiences.”

The growing incorporation of Web3 and blockchain technologies by mainstream institutions, combined with a balanced regulatory environment, is positioning Thailand as a pivotal center for meaningful innovations within the crypto landscape.

“In 2023, we observed a surge in businesses entering Thailand's digital asset space, while the progressive evolution of related regulations, technological advancements, and dynamic communities suggest a promising future for meaningful innovations that could benefit a broader population,” stated Thanaarmates Arriyavat, Senior Venture Director at KASIKORN X.

You can download HashKey’s comprehensive report on Thailand’s blockchain ecosystem here .

About HashKey Capital

Globally influential and native to the crypto space, HashKey Capital is at the forefront of digital assets and blockchain, dedicated to empowering institutions, entrepreneurs, and talent in advancing blockchain developments.

Recognized as one of the top crypto funds and a pioneering institutional investor in Ethereum, HashKey Capital has managed over $1 billion in assets on behalf of its clients since launch, successfully executing over 500 investments in infrastructures, tools, and applications.

Leveraging its extensive expertise across the blockchain landscape, HashKey Capital has crafted a robust network that bridges founders, investors, developers, and regulators.