Thailand Emerges as a Crypto Powerhouse in Asia, HashKey Capital Report Reveals

Thailand Emerges as a Crypto Powerhouse in Asia, HashKey Capital Report Reveals

HashKey Capital is one of the largest and most prominent crypto funds in Asia. HashKey Capital is a digital asset and blockchain leader that helps institutions, founders and talents advance the blockchain industries. With over US$1 billion in client assets and over 500 investments in infrastructure, tools, and applications, HashKey Capital has a deep knowledge and a robust network across the blockchain ecosystem. According to a new report released by their team, Thailand is becoming a major player in the global crypto economy. The report highlights Thailand’s impressive growth in crypto adoption, trading volume, regulation, and innovation. It shows Thailand’s pivotal role in Asia’s crypto landscape.

The report showcases Thailand’s robust enthusiasm for crypto, as evidenced by its high ranking in the Chainalysis Crypto Adoption Index, its monthly traffic to listing websites like CoinCodex, and its number of individual account holders on Thai crypto exchanges. The report also reveals that Thai users exhibit a strong inclination toward trading digital assets, with a total trading volume of over $116 billion from January to October 2023.

The nascent Web3 economy in Thailand

The report highlights the promising yet nascent Web3 economy in Thailand, with high-profile projects such as the blockchain gaming guild GuildFi, plus 3Landers and LonelyPop. The report also spotlights the thriving ecosystem of digital services in Thailand, such as ICO portals, venture capital firms, and crypto advisory firms. For instance,

Thailand’s dynamic crypto landscape was made possible by the government’s swift establishment of a crypto-friendly regulatory climate similar to other regions like Japan, Hong Kong, and Singapore. The report explains the regulatory strategy and framework in Thailand, which clearly defines and regulates various assets and activities, such as digital coins and tokens, ICO issuers and portals, exchange and brokerage platforms, as well as dealers, fund managers and advisors.

The report also features quotes from prominent figures in Thailand’s crypto space, such as Sanjay Popli, Co-Founder and CEO of Cryptomind, and Thanaarmates Arriyavat, Senior Venture Director of KASIKORN X. They express their excitement about the rapid expansion and innovation of Thailand’s Web3 sector.

“I’m excited by the rapid expansion of Thailand’s Web3 sector. With over 3 million overall crypto users and 600% growth in the market in recent years, the dynamism in our DeFi and NFT sectors is clearly evident.”
—Sanjay Popli, Co-Founder and CEO of Cryptomind

“In 2023, more enterprises entered the digital asset market in Thailand, [while the] active development of related regulations, more technology robustness and vibrant communities point to a positive outlook for meaningful innovations in the industry that could benefit a larger population.”
—Thanaarmates Arriyavat, Senior Venture Director of KASIKORN X

The report concludes that Thailand is a hub for meaningful innovations in the crypto space, driven by the increasing adoption of Web3 and blockchain technologies. Thailand is fast becoming a hotspot for digital nomads, drawn by its crypto-friendly policies, affordable and vibrant living.

Wrapping up

The report released by HashKey Capital shines a spotlight on Thailand’s remarkable ascent within the global crypto economy. It is showcasing its robust growth in crypto adoption, trading volume, and regulatory advancements. The report also underlines the country’s pivotal role in shaping Asia’s crypto trajectory. Two of the industry leaders Sanjay Popli and Thanaarmates Arriyavat underscored the excitement and potential of Thailand’s Web3 space.

Source: https://coincodex.com/article/35368/thailand-emerges-as-a-crypto-powerhouse-in-asia-hashkey-capital-report-reveals/