HashKey Capital Market Update: 2023 Thailand Blockchain Report
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HashKey Capital Market Update: 2023 Thailand Blockchain Report
Thailand's digital asset activities are mostly concentrated in trading, broker/dealer services, and tokenization, dominated by key players.
Navigating Web3 tides with focused insightsBy HashKey Capital
I. Overview of Thailand's Blockchain and Crypto Ecosystem
High Traffic on Cryptocurrency Data Platforms
In 2023, CoinMarketCap's website averaged 648,000 monthly visits in Thailand, accounting for 0.94% of the country’s total population—0.21% higher per capita than the United States.
1.2 Significant Crypto Trading Volume in Thailand
According to trading volume data from leading Thai digital asset exchanges such as Bitkub, Bitazza (broker), and Satang listed on CoinGecko, the total trading volume from January to October 2023 reached $116,436,471,138.81, approximately 410 billion THB. In 2023, Bitkub held the largest market share at 77.04% of total annual trading volume, while Bitazza and Satang accounted for 21.60% and 1.36%, respectively. Satang was acquired by Kasikornbank (KBANK) in 2023 and later rebranded as Orbix.
Source: cryptomind, CoinGecko
1.3 Rising Interest in Digital Asset Trading Among Thai Users
Thailand ranks tenth on Chainalysis' Crypto Adoption Index, which evaluates user activity across centralized exchanges, P2P trading, and DeFi protocols.
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Exchanges: Thai digital asset exchanges currently have over 2.94 million user accounts, representing 4.27% of the national population—more than half of the 5.5 million accounts in the stock market—indicating rapid growth in Thailand’s crypto industry.
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Binance: From January to November 2023, Thai users accessed Binance an average of 116,877 times per month, peaking at 303,057 visits in January 2023.
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Metamask: Between September 2020 and August 2023, MetaMask wallets were downloaded over 797,931 times in Thailand, with the highest number of downloads occurring in November 2021 (88,539), likely driven by the popularity of GameFi and the metaverse.
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DEX: During the 2021 bull market, Thai users visited DEX platforms like PancakeSwap an average of 35,000 times per month; traffic declined after the bear market began.
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OpenSea: During the 2022 NFT boom, OpenSea recorded an average of 48,000 monthly visits in Thailand, peaking at 65,000 in July, followed by a decline during the bear market.
II. Seven Licenses Define Thailand’s Clear Crypto Regulatory Framework
Thailand’s financial sector is highly regulated, and its regulatory framework for digital assets is relatively clear. The Securities and Exchange Commission of Thailand (SEC) follows models from jurisdictions like the U.S., Japan, Hong Kong, and Singapore. The primary legislation governing this space is the Emergency Decree on Digital Asset Businesses, B.E. 2561. Financial institutions such as banks and asset managers must report their investment and operational activities involving digital assets to the SEC.
Regulated Assets and Activities:
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Regulated Assets: coins, tokens
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ICO: Includes two types of businesses—ICO issuers and ICO portals.
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Operating Digital Asset Businesses: Includes exchanges, brokers, dealers, funds, and advisory services.
Seven licenses related to digital assets:
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Digital Asset Exchange
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Digital Asset Broker
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Digital Asset Dealer
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Digital Asset Fund Manager
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Digital Asset Advisory Service
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Digital Asset Custodial Wallet Provider
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ICO Portal
Crypto is currently classified as a commodity and subject to a 7% transaction tax. Efforts are underway to reclassify crypto as an investment instrument similar to stocks.
III. A Vibrant Thai Crypto Ecosystem with Strong First-Mover Advantages
Digital asset activities in Thailand are primarily concentrated in trading, broker/dealer operations, and tokenization, led by key players. In recent years, several traditional large enterprises have entered the digital currency market, including two major Thai banks—Siam Commercial Bank (SCB) and KBANK—as well as leading energy companies such as GULF and PTG Energy.
Source: cryptomind
Source: cryptomind
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Exchanges: Besides high-traffic platforms such as Bitkub and Orbix mentioned above, Gulf, a Thai clean energy company, has formed a joint venture with Binance called Gulf Binance Co., Ltd., which has already obtained a license to launch a crypto platform, though operations have not yet commenced. Innovest X is an investment app launched by SCB that allows investors to trade Thai stocks, foreign stocks, bonds, digital assets, and funds.
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ICO Portals: Both major Thai banks SCB and KBANK have entered the ICO portal business—TokenX under SCB and Kubix under KBANK. Additionally, XSpring participated in ICOs by offering sales channels for Sirihub Token, an investment token tied to Sansiri real estate projects. Sansiri is one of Thailand’s largest property developers, and Srettha Thavisin, Thailand’s incoming Prime Minister, previously served as its CEO.
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Broker/Dealer: Operating as a digital asset broker or dealer is a regulated activity in Thailand. Licensed brokers include Bitazza and InnovestX launched by SCB. XSpring also launched a fully integrated cryptocurrency trading platform in 2022 offering both brokerage and dealing services. PTG Energy and Unit jointly established Maxbit, which has received a Broker license from the SEC but has not yet started operations.
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Advisory: Cryptomind Advisory, a subsidiary of Cryptomind, is the first company in Thailand to hold a license for digital asset advisory services. Its offerings include Cryptomind Research, providing in-depth research articles, industry reports, weekly newsletters, Cointalk, and crypto-related news. Cryptomind is also one of HashKey Capital’s representative portfolio companies in Thailand.
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VC: SCB10x is the venture capital arm of SCB, while KX is a VC firm launched by KBTG, a subsidiary of KBank.
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Web3: Local Thai Web3 projects are mainly focused on GameFi and metaverse sectors. Key initiatives include GuildFi, one of Southeast Asia’s most influential gaming guilds, backed by investors such as Coinbase Ventures, Animoca Brands, and Pantera. Several NFT projects are also popular within local communities, including 3Landers and LonelyPop.
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