Binance bets big on Thailand for crypto expansion
Crypto-friendly regulations in Thailand have lured Binance to prioritise the country as a key market to reach its mission of one billion users. Citing Binance chief marketing officer Rachel Conlan, Binance eyes Thailand as a key market for its goal amid a push to turn crypto into a mainstream currency.
Thailand is among the top 20 markets that Binance operates in out of the more than 100. Conlan said, “Thailand, as a country, has taken a pioneering approach to crypto and is trying to introduce regulations and a framework in the right way. I think that is what ultimately is going to help this industry thrive and drive forward.”
Latest data finds that Thailand’s crypto penetration rate stands at 12 percent, with the global benchmark at 6 percent. Conlan praised Thailand for taking a “pioneering approach to crypto” and continuing to work to establish regulations and a framework “in the right way.”
Binance has grown exponentially in the past six months, gaining 60 million users worldwide. The crypto exchange, which has over 240 million users globally, attributes this growth to the increased institutional adoption and positive developments like ETF approvals.
Thailand’s supportive crypto approach
This comes as the country itself seems to be betting on crypto. Siam Commercial Bank recently launched Thailand’s first stablecoin-powered cross-border payment system. The bank has partnered with SCB 10X and Lightnet to use stablecoins to facilitate faster, more efficient international transactions.
Stablecoins are cryptocurrencies whose value is pegged to another asset, such as a fiat currency or gold, to maintain a stable price. Designed to track the value of currencies or assets like the dollar, they are primarily used as bridge currencies in and out of the crypto economy.
In August, Thailand’s financial regulators launched a Digital Asset Regulatory Sandbox to promote broader crypto adoption in the country. The initiative was backed by a public hearing in May, it will help develop Thailand’s digital asset market by allowing participants to test crypto services under flexible regulations.
