Thailand Ranks Second for Crypto Ownership, Report Finds

According to the Global Digital Report 2019, 9.9 percent of internet users in the country own cryptocurrency.

Thailand has been ranked as the top country for mobile banking users, and the second for ownership of cryptocurrency, a report conducted by social media management platform Hootsuite and global agency WeAreSocial has found, according to an article by the Bangkok Post this Tuesday.

The Global Digital Report 2019, which was based on users aged between 16 to 64 during the second and third quarters of 2018, has found that in terms of internet users owning cryptocurrency, Thailand takes the silver medal.

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Specifically, the global survey found that 9.9 percent of internet users in the country own cryptocurrency. South Africa leads the way, with 10.7 percent of mobile users owning cryptocurrency, with Indonesia taking third place with 9.5 percent. The global average, however, was 5.5 percent.

However, although Thailand was second in terms of crypto ownership, the country topped global rankings in terms of internet banking service access, with 74 percent of the population using such services. This is followed closely by Sweden, with 71 percent of the population and then Turkey, with 68 percent. The global average was almost half of Thailand, at 41 percent.

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Thailand Blockchain Industry is On the Rise

The popularity of cryptocurrency in Thailand could be in large part thanks to its quickly growing blockchain industry. Earlier this year, the Bangkok Post also reported that the Stock Exchange of Thailand (SET) is taking steps toward opening a new digital asset exchange.

With an alleged goal to launch the exchange before the end of this year, the SET is reportedly planning to apply to the Ministry of Finance to operate the exchange in the near future, as Finance Magnates reported.

Furthermore, the country’s finance ministry also granted digital asset business licenses to four separate companies just one week earlier: Coins TH Co., Satang Corporation, Bitkub Online, and Bitcoin Exchange. Simultaneously, the applications of two other companies were denied.

Thailand first announced its crypto licensing regulations back in July of last year. Following this, in just one month, 20 firms operating within the space had applied to be licensed, showing a healthy demand within the country.

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