Binance is shifting its focus to increase cryptocurrency usage in Thailand which could change the future of digital assets in the Asian region.
Binance has announced that it wants to make virtual coins a common currency in the Thai market, which could propel the crypto platform to hit 1 billion users.
Binance’s Chief Marketing Officer Rachel Conlan said the crypto company sees Thailand as an important strategic market to expand its dominance in the cryptocurrency sector.
A Strategic Market
During Binance Blockchain Week, Conlan explained that Binance’s main market is Asia because there are many early adopters of crypto in the country.
The Binance executive added that the Southeast Asian country has taken a “pioneering approach” when it comes to digital currency, believing that Thailand is moving in the right direction in implementing crypto laws.
“I think that’s ultimately what’s going to help this industry grow and move forward,” Conlan said.
Crypto Top Entry
Conlan explained that one of the reasons why Binance is targeting Thailand for its expansion is the high rate of crypto penetration, which is twice the global average.
Statistics have shown that the global crypto penetration rate is only 6% but Conlan said that in Thailand the penetration rate is fixed at 12%.
A Binance executive noted that global adoption of Bitcoin remains low even though the cryptocurrency has been around for many years now.
Bitcoin market cap currently at $1.45 trillion. Chart: TradingView.com
In recent months, there have been several factors driving the rise of crypto.
Currently, the cryptocurrency platform operates in 100 markets around the world with at least 240 million users. The crypto company continues to expand its business with 60 million users added in more than six months.
Turning Thailand into a Crypto Hub
Binance’s crypto expansion is a welcome development in the Southeast Asian country as it aims to become a crypto hub in the region.
In October this year, the president of the Digital Asset Association of Thailand Nares Laopannarai said that it seems that the country can become a cryptocurrency center if strategic policies that support its development are implemented.
Laopannarai said that in order to be competitive regionally, Thailand must strengthen its position as a hub for digital assets by striking a balance between traditional currencies and blockchain technology.
He also added that the country is already going that way to support it and not control it.
Binance Exec Filed Dismissal Motion
In a related development, lawyers for Binance and former CEO Changpeng Zhao asked the court to dismiss the charges filed by the US Securities and Exchange Commission (SEC) against them.
Lawyers for the crypto firm and its former manager argue that the SEC’s amended complaint is “lip service” to a previous court ruling that said crypto assets are treated as securities.
They added that it seems that the SEC did not see the impact of the court’s decision on cryptocurrency trading, saying that the sale of the secondary crypto market does not constitute “securities” transactions.
Featured image from Wanderlust Travel Magazine, chart from TradingView
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