Thailand: cryptocurrencies ad spending 2017-2027

The revenue in the cryptocurrencies segment of the FinTech market in Thailand was forecast to continuously increase between 2023 and 2027 by in total 152.7 million U.S. dollars (+59.55 percent). The revenue is estimated to amount to 409.1 million U.S. dollars in 2027.

Find other key market indicators concerning the cryptocurrencies segment of the FinTech market in Thailand, such as number of users and average revenue per user (ARPU).

The 2022 crypto market situation

In 2022, the global cryptocurrency market experienced a series of ups and downs. In the first quarter of the year, many cryptocurrencies, including Bitcoin and Ethereum, experienced a bull run, and major financial institutions started to embrace cryptocurrency. However, in the second quarter, the market began to experience a correction, one specific incident led to another, and prices started to fall.

A notable event that occurred in 2022 was the crash of Luna Classic (LUNC), a popular cryptocurrency that witnessed significant growth in the previous year. Increased regulatory scrutiny, market volatility, and a decrease in demand from investors contributed to the crash. This led to a sell-off of LUNC and other cryptocurrencies, causing prices to drop across the market. According to industry experts, the Luna network fall extinguished around 60 billion U.S. Dollars from the crypto space.

How did the market collapse impact Thailand's crypto investors?

By November 2022, FTX, one of the biggest crypto exchanges, filed for bankruptcy. The exchange was hacked, and cryptocurrencies worth millions of dollars were stolen. The collapse caused a loss of confidence among investors and led to a significant drop in cryptocurrency prices. To mitigate risks, many Thai investors migrated to trade on local crypto exchanges. While crypto investors can trade on Thai exchanges, The Securities Exchange Commission, Thailand (SEC), and the Bank of Thailand (BoA) have banned cryptocurrency as payment since March 2022.

Revenue of the cryptocurrencies industry in Thailand 2017-2027 (in million U.S. dollars)

Characteristic	Transaction value in miillion U.S. dollars
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Release date

May 2023

More information

Region

Thailand

Survey time period

2017 to 2027

Supplementary notes

Data provided by Statista Market Insights are estimates. Data provided by Statista Market Outlooks are estimates.

Cryptocurrencies are digital currencies that use an online ledger with strong cryptography to secure online transactions. Generally, cryptocurrencies are decentralized networks based on blockchain technology – a distributed ledger technology that autonomously records peer-to-peer transactions across decentralized computers without a central authority. Cryptocurrencies are predominantly traded and exchanged by cryptocurrency networks (Bitcoin, Ethereum, etc), cryptocurrency exchanges, neobrokers, and neobanks. Cryptocurrency networks, cryptocurrency exchanges, neobrokers, and neobanks require digital onboarding of their clients and do not have physical branches to provide consultations and services to their customers. Nevertheless, it is not mandatory for their potential clients to have a smartphone to open an account. The above-mentioned financial entities usually charge a fee for their services, and, given the nature of cryptocurrency trading activities, these platforms can be accessed either via a mobile app or via a desktop website.
Within our market scope, we focus only on cryptocurrency exchanges, online trading platforms, and neobanks that provide either exclusively B2C or both B2B and B2C services; those that work solely with B2B clients are excluded from the market. Companies that only facilitate the exchange of non-fungible tokens (NFTs) are also excluded from the scope of this market.
A detailed methodology can be found in the Statista Market Outlook.

The release date is the date of access.

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