The data is unequivocal: Asia and Oceania’s influence on global crypto adoption has reached new heights. According to Chainalysis’s 2024 Global Crypto Adoption Index, India has claimed the #1 spot, with Indonesia (#3) and Vietnam (#5) close behind, making this region a crypto hotbed.
What’s particularly noteworthy is the acceleration of crypto activity across all income brackets, with global transaction volumes surpassing the peaks of the 2021 bull market.
But not every country is moving at the same pace. Singapore’s comprehensive Payment Services Act has created a solid legal foundation for digital assets, and Hong Kong has jumped back into the game with the approval of retail crypto ETFs and new licensing, drawing in big investors. This has already attracted significant institutional capital that might have otherwise flowed to emerging hubs such as Thailand.
Game-Changing Policies: Welcoming Crypto Businesses and Investors
Thailand is setting up a crypto-friendly environment that’s getting noticed. The Thai SEC has introduced new tax benefits on crypto gains: a 15% withholding tax structure making individual gains from investment tokens tax-free.
While Singapore might be the well-oiled machine in the crypto world, Thailand is quickly catching up and finding its groove. Kasikornbank, for example, is launching a regulated digital asset custodian service. Compared to Singapore’s full-scale tokenised banking services, Thailand’s approach may seem like a slower burn, but it’s steadily fuelling a sustainable path forward.
Major Events Fuelling Innovation
Bangkok is emerging as a crypto hotspot, & its calendar is packed with big events to prove it. This year, it’s the chosen city for Ethereum’s DevCon[7] which comes accompanied with its strings of side events:
- frENSday by ENS
- [REDACTED] by NEAR, where YAP Global will be attending as the official PR partner
- Zk HUB by Aleo Foundation
- Lido Connect by Lido Finance
Additionally, the city has the annual Thailand Blockchain Week in November and SEA Blockchain Week in March/April to look forward to. It’s clear Bangkok is stoking the flames of innovation!
Bangkok’s Path to Becoming Southeast Asia’s Crypto Capital
With supportive policies, a friendly vibe for crypto businesses, and a steady flow of major events, Bangkok is well on its way to becoming a top destination for crypto in Asia. If it can bridge the gaps in regulatory clarity and bring traditional finance and crypto closer, Bangkok could very well be a fire that keeps spreading in Asia’s crypto revolution.
Stay connected with YAP Global:
Website: https://yapglobal.naturaleyemedia.in/
X: https://x.com/YAPGlobalTeam
Newsletter:The Context
