Crypto adoption appears to be booming in Thailand, with the local Securities and Exchange Commission, or SEC, estimating domestic crypto volumes have increased by nearly 600% since November.
Data compiled by the Thai’s SEC and published by Bloomberg indicates combined volume across licensed Thai crypto exchanges increased from 574.5 million in November to $3.96 billion in November.
Speaking to Bloomberg, Atichanan Pulges, co-founder of top Thai exchange Bitkub, estimated volume on his platform had increased by 40% between January and February. Pulges claimed Bitkub represents 90% of local trade activity and services 300,000 customers.
Despite the surge in licensed crypto volumes, Thai peer-to-peer trading has seen comparatively muted growth.
While roughly $650,000 worth of Bitcoin traded weekly on top P2P marketplaces Localbitcoins and Paxful combined during November, February’s volumes oscillated between roughly $700,000 and $1 million — an increase of between approximately 10% and 50%. During March, Thai P2P Bitcoin trade volumes slumped from $950,000 to roughly $600,000.