Binance, the world’s largest crypto exchange by trading volume, has set its sights on Thailand. The Land of Smiles is believed to be perfectly positioned for a crypto revolution, and Binance is keen to be the driver of this change. This vision is possible because of Binance’s unique goal, where it intends to bring cryptocurrency to everyone in different parts of the world, and Thailand’s maturation surrounding digital assets from favorable regulations from its Securities Exchange Commission and positive sentiments and acceptance from its residents is all the impetus Binance needs. Let’s explore in-depth how these factors have come together to capture and captivate this Southeastern jewel. 

Thailand is maturing

Thailand’s maturation has caught the eye of Binance Thailand CEO Nirun Fuwattananukul. He believes that the country has evolved past using crypto strictly for retail and supplementing traditional systems and is now slowly but surely becoming institutional. This is captured by the fact that several sectors are already incorporating cryptocurrency to improve their service offerings. 

An example is the Siam Commercial Bank, which proposed the kingdom’s first stablecoin cross-border payment solution late last year. Outside banking and finance, cryptocurrency is already making its mark in the entertainment industry, with the online gaming submarket as an example. Users can now discover the best online casinos in Thailand, with some offering the added benefit of being able to transact using cryptocurrency alongside all other bonuses, rewards, and freebies on offer. 

This revolution is aided by government support, which has made several recent efforts to bolster and encourage crypto innovation. An example is the Digital Asset Regulatory Sandbox, which was launched to enable companies that employ cryptocurrency to experiment more with digital assets. 

Another reason why Thailand has found itself in Binance’s crosshairs is its high cryptocurrency penetration rate. At 12%, which is twice as much as the global average, Binance Chief Marketing Officer Rachel Conlan believes that Thailand has positioned itself to be the crypto hub in Asia. This, coupled with the fact that Thailand is one of Binance’s top 20 markets globally, further highlights its exclusive selling proposition. 

In an interview, Conran said Thailand has Binance very excited as its regulatory framework is being designed correctly. In her words, “they are doing it the right way,” and Thailand has, of yet, “the most innovative approach to crypto.” 

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.

Nares Laopannarai, president of Thailand's Digital Asset Association, emphasizes Thailand’s newfound role in the global cryptocurrency space. He believes that the country is designing and implementing strategic policies that ensure it can compete globally, made possible by the rigid balance being struck between blockchain technology, digital services, and traditional finance. Driving his point home, he maintains that the country is headed in the right direction, less regulatory and more pro-crypto.

Binance’s Goal

Thailand’s maturation is not Binance’s only incentive to enter the Thailand market. Binance, which crossed 200 million users earlier in the year, has a goal to acquire one billion clients worldwide and is currently convinced that Thailand might be the missing piece. Binance believes that the signs are undeniable, and cryptocurrency is here to stay with as many as one in five people who have interacted with cryptocurrency. The company is convinced that positioning itself in a position to be patronized by as many as one billion people does not just set them up for now but for the future, where cryptocurrency is expected to play a huge role. 

Good sentiment surrounding cryptocurrency 

The truth is, even outside Thailand, cryptocurrency has been on a steady rise. New projects are unearthed daily, finding new purposes and creating exciting use cases that undoubtedly show that cryptocurrency is slowly but surely becoming integral to everyday life. Several factors have been driving positive crypto sentiment in recent months, from increased institutional interest to pro-crypto regulations in different parts of the world, like the approval of Bitcoin exchange-traded funds in the United States and, very recently, Trump’s election victory. 

All of these combine to debunk several of the myths that have surrounded cryptocurrencies for a long time. Users can see that it’s not a financial bubble or a get-rich-quick scheme. Several of the projects are well thought out, with the end user benefitting the most. 

Binance’s bet is a big one, and all signs point to Thailand adequately fitting the billing. It’s soon about to be a whole new world in this southeastern Asian country, as the alliance with Binance will ensure they can get the most from these digital assets en route to becoming Asia’s new crypto hub. 

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