Category: The Bangkok Post

Thailand has ample potential to become a cryptocurrency hub in Asia-Pacific, says Binance, as the world’s largest crypto exchange operator identified three pillars to capitalise on growth in the fast-growing region.

SB Seker, the new head of Asia-Pacific for Binance, said Thailand has a lot of potential to further develop the digital asset space, supported by a clear legal framework, crypto awareness among the population and the macroeconomic point of view.

In terms of legal stability, Thailand is ahead of many countries in Asia-Pacific regarding regulations and framework. He said awareness of crypto is moderately high in the country, though there’s always room for further education.

According to Chainalysis’s latest annual report, Thailand ranked 17th in the 2025 global crypto adoption index and seventh in Asia-Pacific, following some of the world’s most dynamic and populous markets, including India, Pakistan and Bangladesh.

This ranking demonstrates Thailand is a significant player in one of the world’s fastest-growing regions for digital assets, said Mr Seker.

Other factors include greater disposable income and the ability of people to make plans about various assets or treasury options, he said.

“These are the pillars for growth and Thailand has all three,” Mr Seker told the Bangkok Post.

Securities and Exchange Commission data indicated the value of digital assets in Thailand as of August 2025 was nearly 100 billion baht, with daily trading value of roughly 3 billion, rising from 91.3 billion and 1.79 billion, respectively, in 2024.

There were 2.83 million digital asset accounts last month, up from 2.43 million accounts last year.

“Thailand has room for further growth. These improving statistics show us the opportunity is high for Thailand to develop as a digital asset hub within the region,” said Mr Seker.

Thailand is critical for Binance to achieve its ambitious goal of reaching 1 billion users by the end of this year.

“Thailand is critical to us in this region, which is why we have a local presence there,” he said.

“Binance TH is our sole presence in Thailand, and we have a full-fledged team, full-fledged resources and we’ve done this when others haven’t. That indicates how critical talent is to us.”

Appointed Binance’s head of Asia-Pacific at the beginning of this month, Mr Seker is equipped with more than two decades of cross-sector experience spanning public service, traditional finance, fintech and digital assets.

His background prior to joining Binance included Crypto.com Group, Ant Group and the Monetary Authority of Singapore.

Asia-Pacific continues to lead in digital asset innovation and adoption, supported by evolving regulatory frameworks and strong grassroots momentum across the region, he said.

“Asia-Pacific is a really big and critical region, which is experiencing rapid expansion of around 60-70%,” said Mr Seker.

In terms of strategies, he said Binance has laid down three pillars for growth in the region.

First is licensing security, which is important in highly regulated financial services. Secondly, going much deeper in education and providing information to improve customers’ literacy.

Third is product innovation to bring more products, services, simplicity, convenience and safety to Binance users globally.

“Our targets are basically making our brands synonymous with safety, with a deep level of engagement with consumers about what the future is in this space,” noted Mr Seker.

Thailand has recorded 33 cases of the new Covid-19 strain XFG so far this year, most of them in Bangkok, according to the Department of Medical Sciences.

The department said on Tuesday that XFG, also known as Stratus, has become the dominant Covid-19 strain worldwide and case numbers are rising. However, there is no evidence to show that its symptoms are more severe than those caused by other strains.

Thailand recorded its first XFG case in April and as of Sept 24 there were 33 cases, 23 in Bangkok, said Dr Yongyot Thammavudhi, the department’s director-general.

‘Most cases had mild symptoms such as fever, coughing, sore throat, runny noses and headaches. No one had to be admitted to a hospital,’ he said.

From April 1 to Sept 24, the department reviewed 608 Covid-19 cases and XFG constituted only 5.4% of all strains found during the period, Dr Yongyot said.

‘Although the XFG strain has not caused severe symptoms, people should always protect themselves by washing hands frequently and avoiding crowded places,’ he said.

‘If you have irregular symptoms including fever, coughing or breathing difficulties, you should quickly meet a doctor for diagnosis and proper treatment.’

The Department of Disease Control earlier reported that for the year to July 14, Thailand had 589,352 reported cases of Covid-19 and 239 fatalities.

Thailand’s economy remained sluggish in August as private consumption slowed, farm incomes declined, and exports softened due to the impact of US tariffs, according to the Fiscal Policy Office (FPO).

Pornchai Thiraveja, director-general of the FPO, reported on Monday that private consumption in August decelerated compared to the corresponding period last year, particularly in durable goods.

The number of newly registered motorcycles and passenger cars for the period decreased by 1.8% and 0.3% year-on-year, respectively, and also fell compared to the previous month after seasonal adjustments, by 3.0% and 4.8%.

According to Mr Pornchai, real farm income in August declined by 10.8% year-on-year, while the consumer confidence index dropped to 50.1, from 51.7 in the previous month. This reflected the slow pace of economic recovery, high costs of living, and concerns over geopolitical tensions.

Private investment remained stable compared to the same period last year. Private investment in machinery and equipment, as reflected by capital goods imports, rose by 23.6% year-on-year in August and edged up 0.1% month-on-month after seasonal adjustments.

Meanwhile, the number of newly registered commercial vehicles in August dropped by 10.5% year-on-year and fell by 8.5% month-on-month after seasonal adjustments.

Private investment in the construction category, as reflected by domestic cement sales, declined by 8.0% year-on-year and 1.0% month-on-month after seasonal adjustments.

Exports in August continued to expand compared to the same period last year, with the total export value in US dollar terms standing at US$27.7 billion, up 5.8% year-on-year, marking the 14th consecutive month of growth.

Exports excluding oil and related products, gold, and military goods rose by 5.4%.

Nevertheless, export growth was found to have decelerated following the US imposition of reciprocal tariffs, Mr Pornchai said.

In August, 2.58 million foreign tourists visited Thailand, down by 12.8% from the same period last year. However, domestic tourism increased, with 22.4 million Thai tourists travelling within the country, up 6.4% year-on-year.

For the industrial sector, the Thai Industries Sentiment Index in August declined slightly to 86.4, from 86.6 in the previous month, pressured by the border conflict, flooding problems, and uncertainty regarding the US tariffs. Meanwhile, Thailand’s Purchasing Managers’ Index rose to 52.7, from 51.9 in the previous month, supported by an uptick in new orders.

Overall, Mr Pornchai said Thailand’s economic stability remained sound, as reflected by headline inflation in August which stood at -0.79%, and core inflation at 0.81%. Public debt at the end of July was 64.5% of GDP, still within the fiscal discipline framework under the State Financial and Fiscal Discipline Act.

External stability also remained strong, and capable of withstanding risks from global economic volatility, as reflected by international reserves, which stood at a high level of $267.4 billion at the end of August.

Typhoon Bualoi has unleashed widespread flooding across the country, with Ayutthaya, Phimai in Nakhon Ratchasima, and Sa Kaeo among the hardest hit.

The Chao Phraya barrage in Chai Nat has increased its discharge rate from 2,100 to 2,200 cubic metres per second to cope with rising inflows caused by the typhoon.

The surge has led to heavy flooding in 11 districts of downstream Ayutthaya, affecting 38,132 households, two mosques, 20 schools, 25 temples, and 165 rai of farmland. Water levels in tributaries and canals have risen by an average of 5cm.

Local ferry services along the Chao Phraya River, especially near Wat Khun Phrom and Ko Muang, remain operational but face strong currents and high water levels. Authorities have posted warnings urging boat operators and passengers to exercise caution. Impact zones in Ayutthaya were located in 134 tambons and 758 villages, with flooding reported in 34 community roads and eight government buildings. Agricultural damage includes rice paddies, fruit crops, and perennial trees.

In Phimai district of Nakhon Ratchasima, heavy rainfall inundated many areas of the district for the third time this season. Kindergarten classes at Kulno School were suspended, while grades 4-6 continue in-person study due to ongoing exams.

Phimai New Town Market is under 20-30cm of water, forcing vendors to wade through floodwaters or temporarily close shops. The Phimai Historical Park has also suspended tourist access due to flooding around the ancient Khmer temple.

In Sa Kaeo, at 1am, flash floods from Pang Sida National Park swept through Khlong Buri village, catching residents off guard. Villagers were rescued by local officials using tractors, leaving behind damaged belongings. The village, located near the park and downstream of Khlong Phra Prong Reservoir, was overwhelmed by rapid runoff that could not drain off in time. No casualties were reported.

Meanwhile, the Thai Meteorological Department (TMD) issued a weather update on Monday for Typhoon Bualoi, which has reportedly weakened over Laos.

The department confirmed that the typhoon made landfall in Quang Binh, northern Vietnam, and weakened into a strong tropical storm. As of 4am on Monday, its centre was located 50km east of Xieng Khouang, Laos, with maximum winds of 111 km/h, moving west-northwest at 20 km/h. It is expected to weaken further into a depression and then a low-pressure system.

The TMD also forecast heavy to very heavy rainfall in the lower North, upper Central, Northeast, East, and western South with the risk of flash floods, runoff, and riverbank overflow, especially in foothill areas and flood-prone zones. Strong winds are expected in the upper Andaman Sea and Gulf of Thailand, with wave heights of two to three metres, or higher during thunderstorms.