Crypto adoption in Thailand is growing rapidly. According to estimates by the local Securities and Exchange Commission (SEC), domestic cryptocurrency volumes have increased by almost 600% since November. Data compiled by the SEC of Thailand shows that the cumulative volume on licensed Thai crypto exchanges has increased from $574.5 mln to $3.96 bln. The co-founder of the leading Thai exchange Bitkub, reported that volume on its platform increased by 40% between January and February. He also added that Bitkub represents 90% of local trading activity and serves 300,000 customers.
Despite the rise in licensed cryptocurrency volumes, peer-to-peer trading in Thailand has seen relatively muted growth. While the leading P2P marketplaces Localbitcoins and Paxful were trading about $650,000 of bitcoins each week during November, February volumes range from $700,000 to $1 mln. During March, trade volumes fell from $950,000 to about $600,000.
In response to the growing popularity of cryptocurrency, Thailand's SEC has proposed introducing a training course and test to discourage inexperienced traders from speculating on crypto assets. The commission also hinted last month that it would set a minimum annual return of $32,000 for domestic crypto traders.