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The licensed crypto exchanges of Thailand have recently witnessed a surge in the crypto volumes whereas, the P2P platforms are appearing to be falling out of favor. In accordance with the estimations by the SEC of Thailand, cryptocurrency volumes have increased by a whopping 588% since November.
SEC Shares Record Surge in Thailand Crypto Volumes
The local Securities and Exchange Commission has recently shared the Thailand crypto volumes estimates revealing that the volumes have surged by almost 600%.
In accordance with the data assembled by the Securities and Exchange Commission of Thailand, it clearly indicates that merged volume across licensed Thai crypto exchanges surged from around 574 million to $3.96 billion.
Atichanan Pulges, the co-founder of top Thai exchange Bitkub, saying that the estimated volume on his platform had surged by 40% between the month of January and February.
Atichanan claimed that Bitkub represents around 90% of the local trade activity. Despite the rise in the licensed crypto volumes, Thai P2P trading has witnessed a comparatively muted growth.
While approximately $650,000 worth of BTC traded weekly on leading P2P marketplaces Paxful and LocalBitcoins combined during November, the volumes of February oscillated between roughly $700,000 and $1 million.
Thai SEC on Introducing a Training Course for Inexperienced Traders
The Securities and Exchange Commission of Thailand has recently proposed a training course for inexperienced traders and to restrict them from speculating on crypto assets.
In addition to the rise in crypto trading, Thailand also appears to be having a spike in DeFi as the country has managed to secure the second position in the list of most users searching for Decentralized Finance over a year.
Moreover, it was also found out from the report that Thailand is among the top emerging economies for traffic to top decentralized finance protocols.
Also, Thailand visitors represented the second-largest segment of traffic to Badger Finance.