Selection of cryptocurrency exchange platforms in a developing economy

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Abstract

In response to the rapid growth of crypto trading in Thailand (Jenweeranon, 2022), a large number of legally registered crypto exchanges have been established in Thai digital asset marketplaces. However, the Thai government planned to impose a 15 percent withholding tax on all cryptocurrency transactions for 2022 (Helms, 2022). This might influence traders on local exchanges and the expansion of the crypto industry in the country. This study seeks to investigate the determinants of Thai investors’ platform selection decisions for cryptocurrency trading. To fulfil the aim of the study, a binary regression analysis was performed through Thai crypto investors. The findings found that the choice of international cryptocurrency platforms might be defined by gender and education level. Men are more likely to choose local platforms than women are, while investors with a higher level of education are more inclined to choose global platforms. The paper suggests that local crypto exchange providers should consider their customers’ gender and educational background when creating marketing campaigns, in order to increase the likelihood of gaining new clients.

Keywords: Blockchain Technology, Cryptocurrency, Digital Asset Investment, Cryptocurrency Exchange

Authors’ individual contribution: Conceptualization — V.C., R.K., T.K., and I.P.; Methodology — V.C., R.K., and T.K.; Software — V.C., R.K., and T.K.; Validation — V.C., R.K., T.K., and I.P.; Investigation — V.C., R.K., and I.P.; Writing — V.C., R.K., T.K., and I.P.; Resources — V.C., R.K., T.K., and I.P.; Supervision — R.K.

Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

JEL Classification: A10, A19, E00, E42

Received: 09.12.2022
Accepted: 15.06.2023
Published online: 19.06.2023

How to cite this paper: Chutipat, V., Kasemrat, R., Kraiwanit, T., & Phaksipaeng, I. (2023). Selection of cryptocurrency exchange platforms in a developing economy [Special issue]. Corporate & Business Strategy Review, 4(2), 344–350. https://doi.org/10.22495/cbsrv4i2siart14