Thailand’s cryptocurrency landscape is undergoing a significant transition as it pivots from retail to institutional investments, according to Nirun Fuwattananukul, CEO of Binance Thailand.
In an opinion piece recently published by the Bangok Times, Fuwattananukul noted that this shift marks a step forward for Thailand’s role in the digital asset sector and aligns with the country’s goal to become Southeast Asia’s leading fintech hub Fuwattananukul particularly lauds Thailand’s Securities and Exchange Commission (SEC)’s recent proposal to permit institutional-grade mutual and private funds to invest in digital assets, including U.S.-based spot crypto ETFs. He called it a “milestone” in the evolution of Thailand’s crypto market.
“The SEC’s initiative to bring in institutional investors broadens investment options and aids in mainstream acceptance of digital assets,”
Fuwattananukul stated.
Under the proposed guidelines, the new investment opportunities will be primarily targeted at high-net-worth individuals and institutions, while retail access remains limited, as outlined by the Thai SEC. Meanwhile, the central bank’s existing ban on cryptocurrency payments will remain in effect.
He emphasized that the new approach aims to foster a “mature ecosystem” that supports a harmonious relationship between traditional finance and digital assets. This move, he noted, allows Thai financial institutions to diversify their portfolios, further establishing Thailand as a digital asset hub in the region. He also stated that these regulatory updates are critical to building a secure, robust environment for Thailand’s growing digital asset ecosystem.
Fuwattananukul also hinted at the potential effects of Real World Asset (RWA) tokenization, a sector gaining traction in Thailand. He noted that traditional banks are already exploring blockchain applications for assets like real estate and bonds. The CEO added that the exchange expects that
“digital assets will continue to disrupt the financial landscape by streamlining processes, reducing costs and expanding access.”
Meanwhile, as Thailand directs its focus toward institutional crypto investments, Binance continues to expand its regulatory compliance efforts worldwide. CEO Richard Teng reiterated the exchange’s dedication to sustainable compliance and highlighted their significant investments in regulatory frameworks during his speech at the Korea Blockchain Week 2024 on September 3. Teng noted Binance aims to be a secure, long-term platform for its global user base.
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