Thailand has the potential to establish itself as a digital asset hub if strategic policies are enacted to foster development. According to the Thai Digital Asset Association, clearer regulations and increased institutional investment are propelling the cryptocurrency market to new heights this year.
Nares Laopannarai, president of the association, noted that both regulatory clarity and institutional engagement in cryptocurrencies have reached unprecedented levels in 2024.
Key global markets—including Hong Kong, Singapore, Dubai, and Europe—are at the forefront of establishing clear regulations, with the US expected to catch up eventually. “In 2024, we’re witnessing clearer global regulations, although the pace is slower in the US,” he remarked during a recent crypto roundtable hosted by Binance TH.
Mr. Nares explained that Thailand is beginning to adopt a more supportive approach, moving beyond just regulatory oversight. “To be competitive regionally, Thailand must enhance its position as a digital asset hub by striking a balance between traditional finance and blockchain technology,” he stated. “The development of utility tokens can effectively promote the digital economy and create new opportunities, such as ESG initiatives and token-based fundraising leveraging soft power.”
Nirun Fuwattananukul, CEO of Binance TH, pointed out that 2024 marks a significant transition for cryptocurrency into mainstream acceptance, attributed to increased institutional involvement across global markets and key regulatory advancements. “This year is pivotal for crypto, as it begins to gain mainstream traction,” Mr. Nirun said. He noted developments such as Bitcoin exchange-traded funds (ETFs) in the US and Hong Kong, as well as Russia’s legalization of Bitcoin mining.
Smaller nations like El Salvador and Bhutan are also accumulating Bitcoin, signifying a rise in global confidence in the technology, he added. Recent statistics indicate that the global cryptocurrency market capitalization rose by 8% last month, fueled by positive sentiment following interest rate cuts by the US Federal Reserve.
Additionally, the People’s Bank of China lowered interest rates and the reserve requirement ratio for commercial banks, injecting 1 trillion yuan into the banking system.
Bitcoin advocate Piriya Sambandaraksa emphasized that Bitcoin’s stability amid market fluctuations has cemented its reputation as a long-term store of value. While many other digital assets continue to exhibit volatility, Bitcoin’s stability has improved in 2024. “This year marks the 15th anniversary of Bitcoin as a stable and trusted digital currency,” Mr. Piriya noted. “Although we may not see the highest prices for Bitcoin in 2024, it will reinforce its status as a leading digital financial asset in a volatile world.”
Udomsak Rakwongwan, co-founder of FWX, a decentralized derivatives platform, identified the Bitcoin halving and enhanced liquidity in global markets as key factors driving this year’s growth. “The Bitcoin halving event has boosted prices, while improved global liquidity is attracting more capital into higher-risk assets like cryptocurrency,” he explained.
He further emphasized that the entry of large institutions will play a crucial role in establishing a stable foundation for future growth. However, he also cautioned investors to be strategic with their timing. “While 2024 presents significant opportunities, the best investment prospects may have started in 2023, making it essential for investors to time their moves wisely,” he concluded.