As a seasoned crypto investor with roots deeply entrenched in Thailand’s vibrant digital asset landscape, I find the recent developments underway to be nothing short of exhilarating. The shift from retail to institutional investment is not just a step forward for our country, but a giant leap towards establishing Thailand as Southeast Asia’s fintech hub.
In simple terms, the leader of Binance Thailand has stated that the Thai market for digital assets is experiencing a shift towards institutional investment, as the nation strives to establish itself as a leading financial technology (fintech) center in Southeast Asia.
The latest regulatory action taken by the Securities and Exchange Commission in Thailand is considered a “crucial advancement” or “important milestone” in the development of Thailand’s cryptocurrency market, as expressed by Nirun Fuwattananukul, CEO of Binance Thailand, in an article published in the Bangkok Post on October 25.
On October 9th, Thailand’s securities regulatory body suggested guidelines permitting established mutual funds and private investment vehicles to allocate resources towards cryptocurrency products, including U.S.-listed spot Bitcoin ETFs.
Fuwattananukul stated that by inviting more institutional funds to join, the SEC is facilitating a variety of investment approaches and fostering wider recognition and acceptance of digital assets within the mainstream financial world.
According to Fuwattananukul, the action wasn’t solely aimed at validating Bitcoin, but rather it sought to establish a more sophisticated environment – a blend of conventional finance and digital assets.
He added that this could also pave the way for Thai financial institutions to expand their portfolios and exposure to crypto assets, “positioning Thailand as a regional digital asset hub.”
Instead, the new investment funds are specifically aimed at wealthier individuals, with retail participation being restricted, as per the Thai Securities and Exchange Commission. Furthermore, it’s important to note that the use of cryptocurrency for transactions is still illegal in Thailand, as dictated by its central bank.
According to Fuwattananukul’s statement, aside from the existing policy proposal, the Securities and Exchange Commission (SEC) is pondering over potential new rules regarding various crypto-related activities. However, they didn’t disclose specifics about these regulations.
In Thailand, there’s a significant rise in the adoption of tokenization for real-world assets. This includes traditional financial institutions considering the transformation of traditional assets such as stocks, property, and bonds into tradeable digital assets using blockchain technology.
As a forward-thinking crypto investor, I’m excitedly eyeing the potential growth of the RWA tokenization sector. According to insights from Tren Finance, this market could surge up to 50 times its current value by the year 2030 – an opportunity that’s hard to ignore!
He concluded that the “SEC’s regulatory updates ensure that Thailand can continue its progression as a digital asset hub, providing a secure and dynamic ecosystem for all participants.”
Despite the shift to an institutional focus, retail crypto trading remains popular in Thailand. Its largest crypto exchange and Binance Thailand competitor, Bitkub, has around $33.5 million in daily volume, according to CoinGecko.
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2024-10-25 06:17