SHOWING HIGH confidence in Thailand’s friendly regulatory outlook for digital assets, Binance, the world’s largest cryptocurrency exchange by trading volume, has big plans for the kingdom. Speculation on the Thailand sector is part of Binance’s worldwide plan to acquire new clients to attain 1 billion clients worldwide. This step further strengthens the view that Thailand is one of Southeast Asia’s most favorable countries for cryptos, as covered in the Bangkok Post with comments from Binance’s CMO Rachel Conlan.
Conlan pointed out that Thailand, for instance, is one of Binance’s top 20 markets worldwide and highlighted the nation’s exclusive selling proposition. The current crypto adoption rate is about 12%, while the global rate ranges at an average of 6%. This is of significant interest because Thailand has “the most innovative approach to crypto,” she said, as banking and financial authorities continue to create a conducive environment for crypto firms. “They are doing it the right way,” Conlan said, which shows that Binance has a positive view of the regulatory environment in Thailand.
Binance Sees Surge in New Users as Institutional Interest Grows
New users have been flocking to Binance at a furious pace in the last six months, increasing by 60 million globally due to blossoming institutional interest and other significant events, such as the approval of Bitcoin exchange-traded funds (ETFs) in some jurisdictions. Conlan said that Binance’s vision is to increase global crypto ownership to 20 percent, the company’s mainstream definition. With 240 million people having signed up on Binance across the globe, the exchange aims to popularize crypto further.
Like the world, Thailand’s regulatory environment has been changing in parallel with the crypto market. Late in the year, one of Thailand’s most significant banks, Siam Commercial Bank, implemented Thailand’s first stablecoin cross-border payment solution. These new methods are being adopted to facilitate cross-border purchases and make them quicker and more efficient.
Thailand supports individual adoption and the government, which has made multiple efforts for crypto innovation. August saw the country’s financial regulators launch the Digital Asset Regulatory Sandbox, through which domestic and foreign crypto companies can easily establish and experiment with digital asset services. The sandbox framework was proposed after a public hearing in May, proving the mechanism of working together to build the digital asset system in Thailand.
Thailand’s current regulatory and financial environment is conducive to developing these activities in Binance’s interests, so the company’s enhanced focus on the Thai market can be a turning point in the formation of crypto-popularisation in Southeast Asia. Of course, Binance’s actions dovetail with Thailand’s strategic interest in digital assets, which can only signal a mutually beneficial future for the exchange and Thailand’s financial industry.
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