In 2021, Bitkub was the leading exchange for cryptocurrency in Thailand, with 72 percent of the respondents indicating they traded on Bitkub. The exchange platform became extremely popular due to the company's aggressive marketing campaigns and inclusive platform designed for non-tech users.
Cryptocurrency exchange platforms in Thailand
Licensed by the Ministry of Finance and regulated by the Thai SEC, Bitkub Online Co., Ltd. is among the six digital asset exchanges legally providing a system to trade cryptocurrency and digital tokens for Thai baht. In 2022, Bitkub dominated the market share of leading cryptocurrency exchange platforms in Thailand despite the insider trading scrutiny over the KUB token and failed partnership deal with Siam Commercial Bank, one of the largest banks in Thailand, in the first half of the year. Demand for digital assets surged as investors sought more return on investments during and post-COVID-19 pandemic economic slowdown. From January 2021 to November 2022, the number of new cryptocurrency trading accounts in Thailand fluctuated over time. Moreover, most crypto investors in Thailand aged between 18 to 14 years old.
Thailand’s cryptocurrency regulations
According to Thai laws, cryptocurrencies and other digital tokens are not legal tenders and are considered digital assets. Digital asset business exchanges must apply for a license with the Thai Securities and Exchange Commission (SEC) under the Royal Enactment on Digital Asset Businesses (REDA). The Thai SEC defines digital asset exchanges as a center that facilitates order matching to exchange digital assets as specified in the application process. Only through licensed operators can digital assets be issued, traded, and exchanged. Tether was the most traded cryptocurrency in Thailand as of March 2023, followed by Bitcoin and Optimism.
Leading cryptocurrency exchanges in Thailand in 2021
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Ipsos. (March 25, 2021). Leading cryptocurrency exchanges in Thailand in 2021 [Graph]. In Statista. Retrieved November 21, 2024, from https://www.statista.com/statistics/1264695/thailand-leading-cryptocurrency-exchanges/
Ipsos. "Leading cryptocurrency exchanges in Thailand in 2021." Chart. March 25, 2021. Statista. Accessed November 21, 2024. https://www.statista.com/statistics/1264695/thailand-leading-cryptocurrency-exchanges/
Ipsos. (2021). Leading cryptocurrency exchanges in Thailand in 2021. Statista. Statista Inc.. Accessed: November 21, 2024. https://www.statista.com/statistics/1264695/thailand-leading-cryptocurrency-exchanges/
Ipsos. "Leading Cryptocurrency Exchanges in Thailand in 2021." Statista, Statista Inc., 25 Mar 2021, https://www.statista.com/statistics/1264695/thailand-leading-cryptocurrency-exchanges/
Ipsos, Leading cryptocurrency exchanges in Thailand in 2021 Statista, https://www.statista.com/statistics/1264695/thailand-leading-cryptocurrency-exchanges/ (last visited November 21, 2024)
Leading cryptocurrency exchanges in Thailand in 2021 [Graph], Ipsos, March 25, 2021. [Online]. Available: https://www.statista.com/statistics/1264695/thailand-leading-cryptocurrency-exchanges/