In Thailand, the turnover of cryptocurrencies increased noticeably

According to the Securities and Exchange Commission of Thailand, the total turnover of transactions for buying and selling cryptocurrencies increased from 18 billion baht ($ 574.5 million) to 124 billion baht ($ 3.96 billion) since November 2020, a 588 % increase. It is noteworthy that the growth of transactions through P2P platforms, although also increased, but very moderately, on average by 30% during this period. At the same time in March, turnover on P2P platforms in Thailand declined at all, from 950 thousand dollars at the beginning of the month to 600 thousand dollars at the beginning of April.

The local regulator has a balanced position towards crypto exchanges, closely monitoring their activities. Among the regulator’s proposals are special training courses for investors to equip them with information about all the risks associated with the volatility of digital assets. In addition, it is proposed to introduce a minimum level of income, which should have an individual in Thailand to have the right to buy and sell cryptocurrencies on cryptocurrency exchanges – we are talking about a threshold of 32 thousand dollars a year of income.

Proposals are also being developed, the implementation of which could limit participation in cryptocurrency trading to those who do not have sufficient experience in investing in various market assets.

The interest in the cryptosphere in Thailand is considerable. Last June, the Bank of Thailand began experimenting with its own digital currency.

As noted by analysts at Defiant, Thailand ranked second in the world in terms of search queries for the phrase “decentralized finance” (D e F i) when analyzing data from the past 12 months. In addition, investors from Thailand are among the most prominent participants in DeFi platforms. The three most popular D e F i projects in Thailand are Badger Finance, Maker DAO, and Curve.