The Ministry of Digital Economy and Society has indicated that it will support blockchain as part of efforts to promote the digital economy in Thailand.

Digital Economy Minister Chaiwut Thanakamanusorn made the announcement during a recent visit to the headquarters of Bitkub, the local exchange for cryptocurrencies.

After meeting with the executives of the exchange, Minister Chiwut said it was apparent that the crypto sector is growing and will greatly contribute to Thailand’s digital economy. Additionally, he assured that the administration will continue to support the sector going forward.

Bitkub founder Jirayut Srupsrisopa said the exchange is planning to build a solid foundation for Thailand’s digital economic infrastructure within the next five years. He also welcomed the government’s support for blockchain technology, which serves as the basis for other emerging advances such as augmented reality, virtual reality, and the metaverse.

Bitkub was founded in 2018 and was among the first exchanges to receive a digital asset license from the nation’s Securities and Exchange Commission, in 2019. It is the largest crypto exchange in Thailand, with a 90% share of crypto transactions based on 2021 data from regulated exchanges.

Source: NNT