Asian countries have shown considerable interest in the crypto market, and Thailand is no different! The latest report, dubbed as the Global Digital Report 2019, from global agency WeAreSocial and social media platform HootSuite shows that Thailand is at the Number two spot for crypto ownership in terms of the percentage of internet users.
As reported by the Bangkok Post, the Global Digital Report 2019 is based on the survey done on internet users aged between 16-64 years during the second and third quarter of 2018. The global survey also notes that nearly 9.9 percent of internet users in the country own digital currency.
South Africa ranks first with nearly 10.7% of the mobile users owning digital currencies while Indonesia comes third with 9.5%. Surprisingly, the global average is much low at just 5.5% of mobile internet users owning cryptocurrencies.
Despite ranking second in terms of crypto ownership, Thailand tops the chart when it comes to internet banking service access. Nearly 74% of Thailand’s population uses internet banking services.
Thailand’s Booming Blockchain and Crypto Industry
Over the last year, there has been considerable development seen in Thailand’s cryptocurrency and blockchain industry. Also, the government regulators have been working with the local industry players to ensure smooth progress without compromising on investor safety-related issues.
Last month in January 2019, the Stock Exchange of Thailand (SET) applied for a cryptocurrency license with plans to launch a crypto-currency exchange by the end of this year. This shows the demand for digital currencies within the local Thailand population.
The SET executive said: “We are not in a hurry to enter the digital asset trade, as some companies are still managing their core businesses, while cryptocurrencies are just one of the [digital] asset classes where brokers can adapt their trading platforms to serve digital trading. Securities firms are currently waiting for the SET to apply for a license”.
In December 2018, regulatory body - Thai Securities and Exchange Commission - was also planning to relax the rules for issuance of ICO tokens.
“The [Thai] Securities and Exchange Commission (SEC) is conducting a public hearing to relax regulations on pre-sales and private sales of initial coin offerings (ICOs), aiming to reduce impediments for ICO issuers raising funds,” said the regulator.
As the crypto market is likely to get mature going further, we can see further developments coming from the East Asian country.