Thailand Crypto Market Becomes Institution Focused, Says Binance CEO

On Oct 25, 2024 at 7:47 am UTC by · 2 mins read

Binance Thailand’s CEO Nirun Fuwattananukul highlighted a shift in Thailand’s crypto market focus from retail investors to institutional players.

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”.

Thai SEC Encouraging Institutional Participation in Crypto

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.

Share:

Related Articles

Whale Deposits $37M SOL to Binance, Solana Loses Crucial Support

By April 3rd, 2025

SOL has dropped 7.5% in the past 24 hours, as a whale moved 312,000 SOL to Binance, triggering fears of a sell-off.

Binance Skips Pi Network Listing Again amid Heavy Token Sell-offs

By April 3rd, 2025

Binance has once again overlooked Pi Network in its latest Vote to List initiative, despite selecting 12 other tokens for potential listing.

Binance Altcoin Crash: A Trading Bot Mishap or Market Manipulation?

By April 2nd, 2025

Crypto exchange Binance saw major altcoins including ACT crashing massively as traders pointed fingers at algorithmic trading firm Wintermute.

Exit mobile version