The Thai Digital Asset Association (TDA) has urged the next government to maintain consistent support for the digital asset industry, warning the country risks losing ground in the regional race for blockchain innovation and foreign investment.
Thailand has dropped to 17th in the Global Crypto Adoption Index from its peak at eighth, lagging several regional peers including Vietnam, Indonesia and Singapore, according to TDA president Nares Laopannarai.
Global recognition of digital assets has surged, particularly following US President Donald Trump’s endorsement of digital finance and the passage of the Genius Act, which allows the issuance of fully dollar-backed stablecoins.
This policy shift encouraged governments, banks, fintech firms and private corporations worldwide to explore or issue their own stablecoins.
In Asia, Hong Kong, South Korea, Japan, Vietnam and Malaysia are all strengthening their regulatory and policy frameworks to integrate digital assets into their national digital economy strategies.
“In contrast, momentum in Thailand has slowed, even though earlier initiatives such as G-Token and the concept of crypto debit cards for retail payments showed the country’s potential to merge digital assets with traditional finance,” said Mr Nares.
“In other Southeast Asian countries, national leaders themselves are the driving force behind digital asset policy. Thailand was once a regional pioneer with one of the world’s first comprehensive digital asset laws. But to keep pace, the incoming government must ensure digital asset promotion remains a key national agenda item.”
Thailand remains well-positioned thanks to its clear regulatory framework, covering custodian requirements, anti-money laundering standards, and token fundraising rules, which aligns closely with international best practices, he said.
These facets could still attract major global players if policies are structured to encourage investment and innovation, said Mr Nares.
“If the government strengthens its regulatory and promotional framework, Thailand could regain its place among the world’s top 10 countries in digital asset adoption,” he said.
The TDA together with Cryptomind Group Holdings is holding Thailand Blockchain Week 2025 this weekend, the eighth edition of the event since 2018.
“We believe Thailand Blockchain Week 2025 will demonstrate the true potential of the Thai digital asset industry to the world,” said Mr Nares. “It will attract foreign investment, strengthen local businesses, and help position Thailand as a competitive force in the global digital economy.”