Thailand seeks crypto hub status

Thailand has the potential to become a digital asset hub if strategic policies are implemented to support development, while clearer regulations and greater institutional investment are driving the cryptocurrency market to new highs this year, says the Thai Digital Asset Association.
Association president Nares Laopannarai said regulatory clarity and institutional involvement in cryptocurrencies have reached new heights in 2024.
Several key markets, such as Hong Kong, Singapore, Dubai and Europe, are leading the way in defining clear regulations, with the US expected to follow.
“In 2024 we’re seeing global regulations become clearer, except in the US, where progress is slower,” he told a recent crypto roundtable hosted by Binance TH.
Thailand is starting to shift towards a more supportive stance, moving beyond merely regulatory control, said Mr Nares.
“For Thailand to compete regionally, the country must strengthen its position as a digital asset hub by finding a balance between traditional finance and blockchain technology,” he said.
“With the development of utility tokens, we can better promote the digital economy, along with new opportunities such as ESG and soft power token-based fundraising.”
Binance TH chief executive Nirun Fuwattananukul said cryptocurrency began its transition to mainstream adoption this year, with growing institutional participation across global markets. Key regulatory advancements supported this development.
“2024 is a pivotal year for crypto because this is when it started to go mainstream,” said Mr Nirun. “We’ve already seen Bitcoin exchange-traded funds [ETFs] in the US and Hong Kong, while Russia is legalising Bitcoin mining.”
Smaller countries such as El Salvador and Bhutan are accumulating Bitcoin, which reflects growing global confidence in the technology, he said.
The total market capitalisation of global cryptocurrencies increased 8% last month, according to recent statistics, driven by positive sentiment after the US Federal Reserve lowered interest rates.
Meanwhile, the People’s Bank of China reduced interest rates and its reserve requirement ratio for commercial banks, also injecting 1 trillion yuan into the banking system.
Bitcoin advocate Piriya Sambandaraksa said the cryptocurrency’s consistency amidst fluctuating markets has reinforced its position as a long-term store of value.
While many other digital assets remain volatile, Bitcoin’s stability has solidified in 2024, he said.
“This year marks 15 years of Bitcoin being a stable and trusted digital currency,” Mr Piriya said.
“While 2024 may not see the highest prices for Bitcoin, it will be the year that reinforces its role as a leading digital financial asset in a volatile world.”
Udomsak Rakwongwan, co-founder of FWX, a decentralised derivatives platform, said market dynamics driving growth this year include the Bitcoin halving and improved liquidity across global markets.
“The Bitcoin halving event pushed prices up, and increased global liquidity means more capital flowing into riskier assets such as cryptocurrency,” he said.
Large institutions entering the market will also play a key role in laying a stable foundation for future growth, said Mr Udomsak, adding investors need to be mindful of timing.
“While 2024 offers great potential, the best investment opportunities may have already begun in 2023, making it crucial for investors to time their moves carefully,” he said.