Throwback SEABW: Tigers Poised to Leap - Key Findings on Thailand’s Web3 Market from Tiger Research

Despite Thailand's political uncertainties and economic slowdown, the government's recent pro-crypto shift and a crypto-friendly prime minister offer promise for Web3 regulation. All of the challenges, Web3 could also be a source of economic growth for Thailand.

Fundamental Strengths

• Thailand boasts the highest retail cryptocurrency trading activity in Southeast Asia, with more exchange users than stock market investors.
• Traditional Thai financial institutions like Kasikorn Bank and SCBX are actively participating in the Web3 space through subsidiaries and projects.
• Thailand has transitioned from a conservative approach to a progressive regulatory framework for digital assets. Cryptocurrencies cannot be used as legal tender, but investment and trading are allowed.

Let’s see the Web3 Ecosystem Breakdown. ??

• Exchanges: Bitkub is the dominant player, with competition rising from Kasikorn Bank's Orbix Trade and others.
• DeFi: DeFi participation is significant, likely due to the speculative nature of the market.
• ICOs: While currently inactive, ICOs have a clear regulatory framework and could become a new funding source in the future.
• OTC Trading: OTC trading is popular, particularly for large institutional investors and access to a wider variety of cryptocurrencies.
• Gaming: The popularity of mobile gaming translates to potential for Web3 gaming, though local development capacity is limited.
• NFTs: The NFT market has declined due to the overall market downturn, but individual artists and established blue-chip projects are still active.
• Infrastructure: Thailand's infrastructure is challenged by new chains like Arbitrum and Optimism, though Bitkub Chain is the only public chain on the mainnet.
• Custody & Wallet: The digital asset custody market is nascent but expected to grow with recent license applications.
• Developer Ecosystem: Thailand's developer pool is limited, but initiatives are underway to attract and train talent.

Thailand's Web3 industry is just getting started, besides it has a lot of potential because the government allows it, many people are interested, and big financial companies are involved.?

The growth of the industry will depend on addressing developer talent gaps, frame the evolving regulatory landscape, and capitalize on the potential of Web3 for the economy.

Originally written by:

Ryan Yoon ( Seungsik Yoon ), Senior Research Analyst, Tiger Research

Jay Jo , Senior Research Analyst, Tiger Research

Yoon Lee , Business Development Manager, Tiger Research

??Download the full report here: https://reports.tiger-research.com/p/thailand-web3-market-eng