Crypto Adoption In Thailand Increased By 588% In Volume

Crypto volumes in Thailand increased by 588% in volume. This shows that the popularity of crypto assets in the country is growing, and regulators believe the rising numbers have been recorded since November 2020. Statistics show that the adoption of cryptocurrency is on the rise in Thailand. This was reported by the Thai Securities and Exchange Commission, which said there has been a 600% increase in crypto volumes in the domestic market since November 2020. Also, the data showed that the National crypto volume rose from $ 574.5 million. Current volume of 3.96 billion dollars in November. The co-founder of Thailand's leading stock exchange, Plantub, said that between the first two months of 2021, the trading volume on the stock exchange increased by 40%. Cropub is a platform with more than 300,000 customers. and accessible to around 90% of people trading cryptocurrencies in the country. Despite the volumes recorded on licensed exchange platforms, the volume of peer-to-peer transactions appears to be low. Peer-to-peer transaction volume in the country for the month of March dropped from $ 950,000 to about $ 600,000. Spike's Impact on the Thai Crypto Market According to the Thai Securities and Exchange Commission, new investors had to gain experience before entering the crypto market. This will be done through training to be made available to new traders who teach best practices in crypto asset trading. The SEC said in March that local crypto traders must have a minimum annual income of $ 32,000 to trade. Thailand is also experiencing a growing popularity of decentralized finance. This is according to a survey that found Thailand to be the second country in the world to receive a lot of traffic regarding DeFi business. The results of the report were also revised. Read more

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