Binance Thailand CEO Retail sector losing ground as Thailands crypto market undergoes transformation

Thailand is experiencing a shift in its digital assets market, moving from retail to institutional, as it aims to establish itself as Southeast Asia’s fintech hub, according to the CEO of Binance Thailand. In an opinion piece for the Bangkok Post, Nirun Fuwattananukulwrote stated that a recent move by Thailand’s Securities and Exchange Commission (SEC) is a crucial step in the development of the country’s cryptocurrency landscape. The SEC recently proposed rules that would permit institutional-grade mutual and private funds to invest in crypto products, such as US-based spot crypto exchange-traded funds (ETFs). Fuwattananukul stated that this move enables a wider range of investment strategies and helps digital assets gain acceptance in mainstream finance. He also emphasized that the aim is to create a more mature ecosystem where traditional finance and crypto assets can coexist, positioning Thailand as a regional digital asset hub. However, the SEC’s new fund allocations will primarily target high-net-worth investors, with limited access for retail investors. Additionally, Thailand’s central bank continues to prohibit the use of crypto for payments. Fuwattananukul noted that the SEC is considering further regulations for other crypto activities, although he did not provide specifics. He also highlighted the emergence of real-world asset (RWA) tokenization as a significant trend in Thailand, with traditional banks exploring the conversion of conventional assets into blockchain-tradeable digital assets. Research by Tren Finance suggests that the RWA tokenization sector could experience 50-fold growth by 2030. In conclusion, Fuwattananukul stated that the SEC’s regulatory updates ensure that Thailand can continue to progress as a digital asset hub, providing a secure and dynamic ecosystem for all participants. Despite the focus on institutional trading, retail crypto trading remains popular in Thailand, with Bitkub, the country’s largest crypto exchange and Binance Thailand’s competitor, recording a daily volume of around $33.5 million, according to CoinGecko.