The Thai cryptocurrency market is transitioning toward an institutional focus, according to the CEO of Binance Thailand. This shift is part of Thailand's broader plan to become a fintech hub in Southeast Asia.
Regulation Accelerates Development of Thailand's Crypto Market
Nirun Fuwattananukul, CEO of Binance Thailand, stated in his Bangkok Post article on October 25 that the recent move by Thailand’s Securities and Exchange Commission (SEC) is a crucial step in maturing the Thai crypto landscape. The SEC proposed rules that would allow institutional and private funds to invest in cryptocurrency products, such as U.S.-based ETFs.
“Expanding institutional fund participation supports diverse investment strategies and brings digital assets closer to the mainstream,” Fuwattananukul noted. According to him, this move not only legitimizes Bitcoin but also fosters a sophisticated ecosystem where traditional finance and crypto assets coexist.

Opportunity for Thai Financial Institutions
Fuwattananukul believes that these changes may enable Thai financial institutions to expand their portfolios with crypto assets, thus strengthening Thailand’s position as a regional hub for digital assets. According to the Thai SEC, new fund allocations will primarily target high-net-worth investors, with limited access for retail participants.
Nevertheless, the use of cryptocurrencies as a payment method remains prohibited by the Thai central bank. The SEC is also reportedly considering additional regulations regarding crypto, though specific details are yet to be disclosed.
Tokenization of Real Assets in Thailand
Tokenization of real assets (RWA), the digitization of traditional assets, is emerging as a trend in Thailand’s financial market. Many banks are exploring the transformation of bonds, real estate, and stocks into digital tokens that can be traded on the blockchain. Research from Tren Finance estimates that the RWA tokenization market could grow fiftyfold by 2030.
Thailand as a Digital Asset Hub
Fuwattananukul emphasizes that the SEC's regulatory updates allow Thailand to continue developing as a safe and dynamic ecosystem for digital assets, attracting all types of investors. Despite this institutional shift, the retail crypto market in Thailand remains robust – for instance, the Bitkub crypto exchange, a competitor to Binance Thailand, has a daily trading volume of around $33.5 million, according to CoinGecko.
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The authorities conducted the raid, in which no arrests were made, after receiving several complaints of frequent power outages in the area.
Thailand authorities raided an illegal Bitcoin (BTC) mining operation in Ratchaburi, a town west of Bangkok on Friday, the South China Morning Post reported on Sunday. The raid took place after several residents in the area complained of frequent blackouts for over a month.
Jamnong Chanwong, a chief district security officer, said:
“We found bitcoin mining rigs, pointing to people using this house to operate a mine and using power they didn’t fully pay for.”
According to Chanwong, records indicated that the raided house was consuming an unusually large amount of electricity. However, the residents were not paying for most of the consumed power.
Chanwong said that the authorities visited the house in question on Thursday but were denied entry by a guard. Subsequently, the authorities went back with a search warrant the next day to conduct the raid.
During the raid, the police and officials from the Provincial Electricity Authorities (PEA) discovered that most of the mining equipment had already been relocated.
The raided house was rented by a company for four months but residents started complaining of power outages last month, when the mining operation was likely in full swing.
While no one was arrested during the raid, this is the fourth raid the authorities have conducted on illegal Bitcoin mines in the Ratchaburi region.
Illegal Bitcoin mines on the rise
Bitcoin miners are treated as manufacturers in Thailand and are subject to associated taxes. However, illegal mining operations have been increasing over the years, not just in Thailand but across Southeast Asia.
According to a report published by Malay Mail last month, illegal mining operations are to be blamed for electricity thefts worth $723 million between 2018 and 2023. To control the epidemic, Malaysian authorities destroyed Bitcoin mining rigs worth over $1.2 million confiscated from illegal operations.
Thailand has been implementing crypto regulations aimed at protecting investors while encouraging innovation. The Thailand Securities and Exchange Commission started allowing retail investors to purchase digital assets backed by real estate or infrastructure projects.
However, rising cases of illegal mining in Thailand indicate a need for stricter enforcement of laws.
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