New Global Digital Report 2019 Reveals Thailand is a Hotspot for Crypto Owners via Hootsuite Research
Despite the seemingly unregulated nature of the cryptocurrency ecosystem, a new research report jointly published by Hootsuite, a social media management platform and WeAreSocial, has revealed that Thailand has the second highest number of cryptocurrency holders in the world, reported Finance Magnates on February 19, 2019.
Thailand Leading the Crypto Movement
Per sources close to the matter, research carried out by Hootsuite and WeAreSocial, a platform that provides social media marketing services as well as creative ideas to clients, revealed that Thailand occupies the frontline in the mobile banking and cryptocurrency ecosystems.
Explicitly, the report states that the nation has the highest number of mobile banking users and Thailand also has the second highest number of cryptocurrency investors in the world.
In a report titled “The Global Digital Report 2019,” it was revealed that an impressive 9.9 percent of the nearly 70 million people living in Thailand own bitcoin and altcoins.
The team claim that it arrived at the result after surveying a vast array of people aged between 16 to 64 during the second and third quarters of 2018.
South Africa Ranked Number One
Though bitcoin and other distributed ledger technology (DLT) based digital assets are yet to become official legal tenders in South Africa and Indonesia, both nations are ranked second and third respectively.
The report revealed that 10.7 percent of smartphone users in South Africa hold cryptos, while 9.5 percent of the Indonesian population own virtual currencies, a significant feat, given that the global average is 5.5 percent.
Thailand is Gradually becoming a Blockchain Tech and Crypto Hub.
According to the research report, Thailand also tops the global ranking in terms of internet banking service access, with an impressive 74 percent of the population having access to internet banking services, while Sweden and Turkey managed 71 percent and 68 percent respectively, out of a global average of 41 percent.
It's worth noting that unlike a significant number of countries across the globe that are yet to implement amenable and robust laws for their cryptospace, Thailand has put in place proper regulations since 2018, in a bid to protect crypto investors while also providing an enabling environment for DLT and the nascent digital asset class to thrive.
As reported by Bitcoin Exchange Guide in August 2018, more than 70 businesses applied for licenses to either launch their initial coin offerings (ICOs) or cryptocurrency exchanges in the nation.
In related news, on January 10, 2019, Bitcoin Exchange Guide informed that the Thai Securities and Exchange Commission (SEC) had granted licenses to four firms looking to launch cryptocurrency trading venues and exchanges in the region.