Digital asset adoption in developing economy: A study of risk perception and related issues

Digital assets have become significant tools for fundraising and trade in Southeast Asian nations, including Thailand. Investors increasingly diversify portfolios with digital assets, driven by potential higher returns and risk mitigation (Jenweeranon, 2022; Shoommuangpak & Wongta, 2022; Foglia et al., 2024). This study examines key determinants of digital asset adoption in Thailand, integrating the technology acceptance model (TAM) and diffusion of innovation theory. It extends these frameworks by incorporating socio-economic factors, risk perception, and knowledge, offering a comprehensive model of technology adoption in emerging markets. The study provides empirical evidence from a quantitative study of 1,180 Thai individuals, addressing a literature gap on digital asset adoption in Thai economies. Findings show that socio-economic status, educational attainment, risk perception, and knowledge significantly affect adoption rates. Educational attainment and knowledge positively influence adoption, while higher risk perception negatively impacts it. These results contribute to financial technology (FinTech) adoption literature by highlighting the interplay between individual characteristics, perceptions, and knowledge in shaping technology acceptance. The study offers insights for policymakers and practitioners to develop strategies enhancing digital financial literacy and mitigating perceived risks, potentially increasing public engagement with digital financial technologies in emerging economies.