Binance is shifting its efforts to increase cryptocurrency adoption in Thailand, which could transform the future of digital assets in the Asian region.
Binance has announced plans to make virtual coins a dominant currency in the Thai market, which could propel the crypto platform to reach 1 billion users.
Binance Chief Marketing Officer Rachel Conlan said the crypto firm sees Thailand as a key strategic market to expand its dominance in the cryptocurrency sector.
A strategic market
During Binance Blockchain Week, Conlan explained that Binance’s main market is Asia, as there are many early crypto adopters in the country.
The Binance executive added that the Southeast Asian country has taken a “pioneering approach” to digital currency, believing that Thailand is moving in the right direction by developing crypto regulations.
“I think that’s what ultimately will help this industry thrive and move forward,” Conlan remarked.
Strong crypto penetration
Conlan explained that one of the reasons Binance is targeting Thailand for expansion is its high crypto penetration rate, which is twice the global average.
Statistics have shown that the global crypto penetration rate is only 6%, but Conlan said that in Thailand, the penetration rate is pegged at 12%.
The Binance executive noted that Bitcoin adoption worldwide remains relatively low, although the cryptocurrency has been around for many years now.
Bitcoin market cap currently at $1.45 trillion. Chart: TradingView.com
In recent months, several factors have driven the rise of cryptocurrencies.
Currently, the cryptocurrency platform operates in 100 markets worldwide with at least 240 million users. The crypto company continues its business expansion and has added 60 million users in over six months.
Transforming Thailand into a crypto hub
Binance’s crypto expansion is a welcome development in the Southeast Asian country as it aims to become a crypto hub in the region.
In October this year, the president of Thailand’s Digital Asset Association, Nares Laopannarai, said it was plausible that the country could become a cryptocurrency hub once strategic policies supporting its development were implemented.
Laopannarai said that to be able to compete regionally, Thailand should strengthen its position as a digital asset hub by striking a balance between traditional finance and blockchain technology.
He added that the country is already moving in this direction, becoming more united and less regulatory.
Binance Exec filed a motion to dismiss
In related news, lawyers for Binance and its former CEO Changpeng Zhao asked the court to dismiss the charges brought against them by the United States Securities and Exchange Commission (SEC).
Lawyers for the crypto company and its former executive argued that the SEC’s amended complaint was “paying lip service” to an earlier court ruling that said crypto assets were treated as securities.
They added that it appears the SEC has failed to recognize the impact of the court’s ruling on cryptocurrency trading, saying secondary market resales of cryptocurrencies do not constitute “securities” transactions.
Featured image from Wanderlust Travel Magazine, chart from TradingView
