Binance Focused on Thailand to Expand Cryptocurrency Reach
Binance, the world’s largest cryptocurrency exchange, is prioritizing Thailand as a key market in its mission to reach one billion users. The exchange’s chief marketing officer, Rachel Conlan, has highlighted Thailand’s regulatory openness as a driving factor behind the company’s focus on the country.
Thailand ranks among Binance’s top 20 markets worldwide, with local crypto penetration estimated at 12%, double the global average of 6%, according to Conlan. She praised Thailand for taking a “pioneering approach to crypto” and working to establish regulations and a framework “in the right way.”
“I think that is what ultimately is going to help this industry thrive and drive forward.” – Rachel Conlan, Binance Chief Marketing Officer
Binance attributes its recent growth of 60 million users in the past six months to increased institutional adoption and positive developments such as ETF approvals. The exchange sees a 20% global adoption rate as mainstream, a milestone it aims to reach within three years. Binance currently claims 240 million users globally.
Thailand’s Crypto-Friendly Regulations
The Thai government’s crypto-friendly regulations have been a major factor in Binance’s decision to focus on the country. The exchange believes that Thailand’s regulatory openness will help drive the adoption of cryptocurrencies and create a favorable environment for its growth.
In recent months, Thailand has taken several steps to promote the adoption of cryptocurrencies. The country’s central banks, including the Bank of Thailand and the Bank of Thailand, have teamed up with their counterparts in Hong Kong and Brazil to develop cross-border tokenization pilots.
Stablecoin-Powered Cross-Border Payments
Thailand’s financial regulators have also launched a stablecoin-powered cross-border payment system, allowing for faster and more efficient international transactions. The system is the result of a partnership between Siam Commercial Bank and Binance.
This move is seen as a significant step towards promoting the use of cryptocurrencies in Thailand and facilitating international trade.
Digital Asset Regulatory Sandbox
Thai financial regulators have also launched a Digital Asset Regulatory Sandbox, a platform that allows participants to test crypto services under flexible regulations. The initiative, backed by a public hearing in May, aims to encourage crypto adoption in the country.
This sandbox provides a safe and controlled environment for companies to test their crypto services and for regulators to fine-tune their regulations. The platform is expected to play a key role in developing Thailand’s digital asset market.
As Binance continues to focus on Thailand, the country itself appears to be betting on the success of the cryptocurrency market. The Thai government has taken steps to promote the adoption of cryptocurrencies and create a favorable environment for their growth.
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