Binance Thailand’s CEO Nirun Fuwattananukul highlighted a shift in Thailand’s crypto market focus from retail investors to institutional players.
By Bhushan Akolkar
Edited by Julia Sakovich
Updated
2 mins read
In his latest revelation, the CEO of Binance Thailand stated that the Thai crypto market is shifting major focus from retail players while transitioning towards institutions. The development happens as the country takes key measures to become Southeast Asia’s fintech hub.
In his latest post in a local publication Bangkok Post, Binance Thailand CEO Nirun Fuwattananuku stated that the Thai Securities and Exchange Commission (SEC) has taken a major regulatory move “in the maturation of Thailand’s cryptocurrency landscape”.
Earlier this month on October 9, the Thai SEC proposed rules which would allow local mutual fund distributors to gain exposure to regulated investment products. As a result, mutual fund operators in Thailand can invest in US Bitcoin exchange-traded funds (ETFs) and other crypto ETFs. Fuwattananukul wrote:
“By allowing more institutional funds to participate, the SEC is enabling a diverse range of investment strategies and helping digital assets gain broader acceptance in the mainstream”.
The Binance Thailand chief sees this move behind just approval for Bitcoin ETFs. He added that this development is not just about “legitimizing Bitcoin” but instead focuses on creating a “more mature ecosystem” bringing the two worlds of TradFi and crypto together.
He added that this will pave the way for Thai financial institutions to expand their crypto portfolios while positioning “Thailand as a regional digital asset hub”.
The Thailand SEC has previously made it clear that the new fund allocations will specifically target high-net individuals while limiting retail access. Moreover, cryptocurrencies still need to find a way for daily payments in Thailand due to the prohibitions by the country’s central bank.
While declining to share specifics, Fuwattananukul indicated the SEC is exploring additional regulatory frameworks for various cryptocurrency activities beyond the current proposal.
Furthermore, he also stated that the trend for real-world tokenization (RWA) is on the rise in Thailand. Several traditional banking institutions are exploring converting conventional assets like real estate, bonds, and equities into blockchain-tradeable digital assets. The overall RWA industry is likely to grow by 50 times by 2030, as per the research from Ten Finance.
In his concluding note, Fuwattananukul wrote:
“SEC’s regulatory updates ensure that Thailand can continue its progression as a digital asset hub, providing a secure and dynamic ecosystem for all participants.”
Thailand is among the popular crypto trading markets in Asia with strong players likeBitkub apart from Binance.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
