Crypto adoption appears to be booming in Thailand, with the local Securities and Exchange Commission, or SEC, estimating domestic crypto volumes have increased by nearly 600 since November. Data compiled by the Thais SEC and published by Bloomberg indicates combined volume across licensed Thai crypto exchanges increased from 574.5 million in November to 3.96 billion in November.
Speaking to Bloomberg, Atichanan Pulges, cofounder of top Thai exchange Bitkub, estimated volume on his platform had increased by 40 between January and February. Pulges claimed Bitkub represents 90 of local trade activity and services 300,000 customers. Despite the surge in licensed crypto volumes, Thai peertopeer trading has seen comparatively muted growth.
While roughly 650,000 worth of Bitcoin traded weekly on top P2P marketplaces Localbitcoins and Paxful combined during November, Februarys volumes oscillated between roughly 700,000 and 1 million an increase of between approximately 10 and 50. During March, Thai P2P Bitcoin trade volumes slumped from 950,000 to roughly 600,000.
In response to the increasing popularity of crypto, Thailands SEC has proposed introducing a training course and test to restrict inexperienced traders from speculating on crypto assets. Last month, the commission also hinted it will introduce a 32,000 minimum annual income requirement for domestic crypto traders.