Thailand today approved trading platform ERX. The addition drives licensed crypto exchanges to six while crypto platforms stand at 13. The kingdom’s support to cryptocurrency makes it ideal for exchanges in the Southeast Asian region.
However, with growing popularity of cryptocurrency comes the security threat. Thousand scams recorded worldwide take place in Asia, raising an alert on whether the platform is viable in the region.
Lack of legal assistance to curb crypto scams and lack of education for new investors contribute to the problem.
Microsoft digital crimes unit in the Asia region reports India as having the highest encounters in cryptocurrency mining. Similarly, the country leads the drive-by download attacks.
The Asia-Pacific region experiences cryptocurrency mining malware attacks that are 1.6 times higher than the global average. With this, hackers capitalize on the loose strings to wreak havoc. They manipulate the computing power of the computer without the victim knowing.
Can Crypto Reach Retail Market Soon?
Despite rising support from big entities joining the crypto craze, the decentralized platform cannot still be considered ubiquitous.
Although its 50 million users spend $3.4 trillion annually, majority of common individuals are not familiar with the asset class.
Cryptocurrency by nature is overwhelming to understand. Hard-to-comprehend terms where many do not catch the drift delimit enthusiasm.
Adding to this is its very nature of high volatility. Figures change faster than one can monitor. An investor can lose a large sum of money in just a blink on an eye.
According to the Nasdaq, the major solution to stabilize cryptocurrency is through making it an acceptable payment method. This may be applied even on small daily transactions.
Therefore, convincing regular merchants to use it as the primary medium of exchange is crucial to market acceptance. Fungibility is another thing.
Another possible answer is to establish a uniform price per unit that will be universally adopted. Fiat currency occupies the largest place in the financial market, but crypto can establish its niche and set own rules.
Recently, the safe-haven asset experienced sustained bullish performance since the start of the pandemic. Fearsome investors seek comfort in cryptocurrency, driving fiat in the dark for now, or maybe, for good.