Cryptocurrency trading in Thailand experienced a dramatic surge in November, with trading volumes reaching an impressive 97 billion baht. This represents a 54.7% increase from October, as investors worldwide responded to Donald Trump’s victory in the US presidential election.
The Securities and Exchange Commission (SEC) reported that the average daily trading value of cryptocurrency hit 4.6 billion baht in November, a 205% jump from October’s 1.5 billion baht. These figures include trading through local digital asset exchanges but exclude digital assets held directly by investors.
Active trading accounts also soared, with 267,000 accounts reported in November—an increase of 108% from 129,000 accounts in the previous month. The surge marks a stark contrast to the average daily trading values recorded in 2022 and 2023, which stood at 2.8 billion and 1.1 billion baht, respectively.
Digital Assets Flourish Amid Market Expansion
The SEC noted that the number of licensed digital asset business operators remained steady in November. This includes nine digital asset exchanges, 12 brokers, four dealers, two fund managers, two investment advisories, and one custodian. A total of 246 coins were offered through local exchanges, with four new coins added during the month.
For one-year returns, Solana emerged as the top performer with an impressive gain of 342%, followed by Bitcoin and Ethereum at 156% and 82%, respectively. These returns far outpaced gold’s 29.8% and the global stock market’s 26%.
Deputy Secretary-General Jomkwan Kongsakul highlighted the SEC’s commitment to advancing digital securities trading through the adoption of blockchain technology. She explained that blockchain ensures data security, prevents forgery, and enhances transparency while reducing reliance on intermediaries. This enables real-time trading and lowers operational costs, improving the efficiency of cryptocurrency markets.
Cracking Down on Investment Fraud
The SEC has also been ramping up efforts to combat investment fraud. As of December 9, the regulator’s investment fraud hotline received over 5,000 reports of fraudulent activity on social media platforms. This led to the blocking of 2,968 suspicious accounts, including 1,502 on TikTok, 1,318 on Facebook, and 148 on Line.
Deputy Secretary-General Anek Yooyuen revealed that the SEC is amending laws to strengthen penalties for fraud and deception cases. “The SEC is amending laws to punish investment fraud and deception cases next year,” he said. These measures aim to boost confidence in the Thai capital market.
In 2024, criminal charges were filed in 13 cases under the SEC Act, up from eight cases in 2023. Civil penalties also rose to 10 cases from seven last year.
Strategic Vision for a Sustainable Future
The SEC plans to announce its strategic roadmap for 2025-2027 on January 30. Developed in collaboration with the Stock Exchange of Thailand and other capital market agencies, the plan focuses on four key objectives: increasing market confidence, promoting digital technology, fostering sustainability, and enhancing financial well-being for investors.
Additionally, the SEC is collaborating with listed companies to improve environmental, social, and governance (ESG) disclosures, particularly in relation to greenhouse gas emission reductions. Internally, the regulator is leveraging advanced technology to strengthen its operational capabilities, including training staff to expedite civil investigations.
“The capabilities of our staff must be strengthened to speed up the prosecution process,” said Mr. Anek.
The booming cryptocurrency market and the SEC’s proactive measures signal a dynamic shift in Thailand’s financial landscape, with digital assets playing an increasingly pivotal role.
Thailand’s cryptocurrency trading skyrocketed to 97 billion baht in November, boosted by Trump’s election win. The SEC intensifies efforts to combat fraud and promote blockchain innovation.
