Thailand Bags Second Spot in Crypto Ownership, Ranks Top in Internet Banking

According to the latest survey conducted by Hootsuite and WeAreSocial, Thailand has emerged on the top in terms of having a maximum number of mobile banking users. More importantly, however, the survey revealed that the country had bagged a silver medal in terms of its internet users owning cryptocurrency. These findings are part of the Global Digital Report 2019 which has sampled the users in the age group of 16 to 64. The survey was conducted during the Q2 and Q3 of 2018.

Specific Revelations

Giving more specific details, the survey revealed that around 9.9% of the internet users in Thailand own cryptocurrency while this percentage is 10.7% in case of South Africa which bags the top honor of having a maximum number of crypto owners among the internet users in the world. Stacking at number three on the list is Indonesia with a 9.5% share. The global average according to the survey is pegged at 5.5%.

Another interesting observation coming out of the survey is the wide access to the internet banking services that the citizens of Thailand enjoy. A huge 74% of Thailand’s nationals use internet banking services which makes it the top country in the world on the parameter of access to internet banking. Sweden comes close second with 71% while in Turkey, 68% of people have such access.  The global average on the parameter of internet banking services is 41%, just around half of Thailand percentage.

Blockchain Contribution

Experts believe that the high popularity of crypto in Thailand is largely due to the rapidly growing blockchain industry in the country. We have already witnessed the preparations and the steps taken by the Stock Exchange of Thailand (SET) to open a new cryptocurrency exchange; setting the tone for further enhancing adoption of crypto in Thailand. Reports also suggest that SET is going to approach the Ministry of Finance for permission to operate the new digital exchange very soon. Further, the ministry granted crypto licenses to four companies just a week ago which include Bitcoin Exchange, Satang corporation, Bitkub Online, and Coins TH Co. Simultaneously, the ministry has denied permission to two other companies which it found failed to meet the necessary compliance to start a crypto business.

Thailand first announced to regulate crypto in July last year and within a month of the announcement; a total of 20 companies had applied for the crypto licenses. The number showed the enthusiasm of the market in the digital assets and set a tone for the bright future of the crypto in the country.

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