The adoption of cryptocurrency worldwide continues to be on the increase, as many nations and large corporations have continued to flirt around the digital space. However, while Africa seems to be one of the spaces in the world with less adoption of cryptocurrency, Asia, despite a few regulations hunting the crypto space in the region, has continued to thrive.
Alternatively, the cryptocurrency adoption in America and Europe has continued to be high. However, Thailand- one of Asia’s business hubs, has started to see its Blockchain space boom. According to data from Bloomberg, the Asian country’s cryptocurrency space has witnessed an increase of more than 600% trading volumes since last year.
Crypto exchanges are hugely profiting
According to Bloomberg’s data, which was obtained from the Thai SEC, they confirmed that last year’s trading volume, which was pegged around the $600 million mark, is now around the $1.3 billion mark. The boom of the crypto space in the country has come as a shock to many analysts, who believe that the nation was once holding Asia back in Blockchain adoption.
However, according to the nation’s SEC, the number of registered crypto exchanges in the nation has almost doubled in barely six months, as the cryptocurrency space becomes a hot cake market. However, it appears that the crypto exchanges are the biggest beneficiary of the boom, with peer-to-peer (P2P) trading not matching the trading volumes of both new and existing crypto exchanges.
A typical example of a crypto exchange that has benefitted from the boom is Bitkub. Their trading volumes have also increased by an astonishing 70% in the last six months, as the exchanges now boast of more than 250,000 customers under its coffers. Unfortunately, the fortunes of P2P marketplaces have been uncertain, as they have witnessed a mix of fortunes in the last six months.
Thai SEC regulations behind the new and improved blockchain market
However, crypto analysts have continued to attribute many factors to the boom of the country’s crypto space. Many analysts believe that the country had been influenced by China, one of the continent’s most crypto-friendly nations. On the other hand, many analysts believe that the country’s SEC’s subtle nature and regulations have been a fuel behind this crypto drive.
The Thai SEC has introduced a training course set to help crypto traders understand the market and its trading correctly. The financial regulatory body, at this time, has currently restricted traders without crypto trading knowledge, as it believes that it will hamper the adoption of the market in the country and also might incur losses for the ignorant.
The Thai SEC, in a bid to ensure that the country’s crypto market is performing well, has now restricted individuals whose annual income is less than $32,000 from trading cryptocurrencies. Alternatively, the country’s DeFi space is also booming, as many analysts believe that the SEC is mainly responsible for the overall outstanding performance of the country’s cryptocurrency space.