Bangkok lauded as global hub for cryptocurrencies hinh anh 1Illustrative image (Photo:
Bangkok (VNA) - Bangkok has emerged as the world's 10th largest crypto hub, according to new research from Recap - a cryptocurrency tax software company of Thailand.

The Crypto Readiness Index, compiled by Recap, ranks Bangkok as 10th in the world as the Thai capital has attracted 57 crypto companies.

Thailand has the world's second-highest rate of crypto ownership, Recap said.

According to Daniel Howitt, co-founder and chief executive of Recap, although Thailand banned the use of cryptocurrencies as a method of payment in March last year, the regulation doesn't affect trading or investment activity.

Like many countries, Thailand is tightening its rules on the trading of crypto and advertising of digital assets, he said.

More investment in the R&D area, and better support for crypto companies in Bangkok could advance its position as a global crypto hub, Howitt noted.

According to Recap, global use of crypto has skyrocketed in recent years, by almost 400% between 2020 and 2022. Benefits such as low ownership cost, anonymity and safe and fast transactions, are the factors that accelerate the rise of the digital asset in global markets in 2023 and beyond./.