HashKey Capital’s report lauds Thailand as the crypto hotspot of 2023, citing trading volumes reaching $116 billion from January to October. Despite high trading volumes, crypto payments are still outlawed in Thailand, causing uncertainty in the retail sector. The government’s proposal to tax overseas income could impact crypto traders earning abroad and bringing funds into the country. The report also highlights ongoing efforts to reclassify crypto as an investment product, potentially aligning it with stocks and subjecting it to securities regulations. Thailand’s central bank remains anti-crypto, threatening crackdowns and leaving the retail sector uncertain about the future of cryptocurrencies in the country.
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