How to Buy Cryptocurrency in Thailand

Buying cryptocurrency in Thailand

Buying cryptocurrency in ThailandIn 2021, Thailandís Securities and Exchange Commission (SEC) removed its draft on crypto regulations after it faced backlash from locals. According to a report from Bangkok Post, the proposal required the minimum annual income for crypto investors to be 1 million baht (approximately $33,000). Having in mind that the World Bankís data estimate Thailandís per capita GDP to be around $7,800, the income required by the SEC was too high. A mandatory income verification of citizens wishing to invest in crypto was also proposed in the draft. This also faced backlash from the Thai community. Nevertheless, the Thai regulator assumed a neutral stance, stating that such criteria were only meant to assess the publicís opinion, which was normal practice for the SEC when drafting regulations. There was talk of collaboration with local exchange operators to understand the investorsí view, along with Facebook live hearing in March to refine the regulations.
As of 20/03/2021

Exchanges Info

These exchanges all accept customers from Thailand. While they broadly offer the same services and you can buy cryptocurrency at all of them, there can be differences in transaction fees, security, verification requirements, deposit methods and features, as shown below

Bybit

Based in Singapore and registered in the British Virgin Islands, Bybit is a P2P cryptocurrency exchange offering perpetual futures products with 100:1 leverage. Bybit can process 100k transaction per second which is a great feature for leveraged trading.

Pros
  • Advanced and secure technology
  • Anonymous accounts
  • Attractive trading bonuses
  • Very low fees
Cons
  • Limited asset coverage
  • No option instruments
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Kraken

Kraken has a good reputation for security and protection of your funds and operates across the USA (except NY), Canada, the EU and Japan

Pros
  • It can be used to trade against fiat options
  • Robust security measures
  • Free SEPA deposits in Europe
Cons
  • Not a very beginner-friendly interface.
  • No card deposit options
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