In a recent government vote, Srettha Thavisin, a candidate from the Pheu Thai Party, was elected as Thailand’s 30th Prime Minister. This decision brings a new leader to power who has a history of involvement in the cryptocurrency industry. Thavisin’s previous role as CEO of real estate giant Sansiri led to his company investing in XSpring Capital, a digital asset investment management firm. As Thailand has been uncertain about its approach to cryptocurrencies in the past, Thavisin’s ascent to power could potentially bring about significant changes in the country’s regulatory landscape.
Thailand has historically been hesitant about embracing cryptocurrencies and establishing regulations for the industry. However, with the appointment of Thavisin as the new Prime Minister, there is hope that the country will adopt a more forward-thinking approach towards cryptocurrencies and blockchain technology. Thavisin’s experience and familiarity with the crypto field, stemming from his involvement with XSpring Capital, could play a crucial role in shaping the future of the industry in Thailand.
Thavisin’s appointment as Prime Minister is notable due to his limited political experience and his background in the business sector. As the former CEO of Sansiri, a prominent real estate company, he brings a different perspective to the table. Sansiri’s involvement in the crypto industry was evidenced by its $225 million investment in XSpring Capital. Thavisin recognized the importance of traditional finance evolving and the need for innovation in various fields. With his understanding of the potential of digital assets, it will be intriguing to see how his leadership could shape the future of cryptocurrencies in Thailand.
The Pheu Thai Party, the political party endorsing Thavisin as Prime Minister, made a promise to distribute 10,000 baht ($285) to every Thai citizen above 16 years old if they secured a victory in the general election. Although the party finished second in the contest, there is still potential for changes in economic policies under Thavisin’s leadership. If the government becomes more supportive of cryptocurrencies and blockchain technology, it could lead to substantial growth in the industry and subsequently benefit the economy as a whole.
Thailand’s government has historically shown caution when dealing with cryptocurrencies. Initially, the focus was on the potential launch of a central bank digital currency (CBDC) and the imposition of a 15% capital gains tax on digital asset operations. However, recent developments suggest a shift in attitude. The taxation plans have been put on hold, and discussions are underway regarding the regulation of crypto for payments. Additionally, the authorities are exploring ways to combat scams related to digital assets, including the potential closure of Meta (formerly known as Facebook). These changes indicate a growing openness to cryptocurrencies within the country.
It remains to be seen how Thavisin’s affection for technological innovation and past efforts will shape Thailand’s crypto revolution. With his experience in the business sector and his understanding of the potential of digital assets, there is hope for an increasingly supportive environment for cryptocurrencies in Thailand. The appointment of Thavisin as Prime Minister could be a turning point for the country’s attitude towards digital currencies and blockchain technology, potentially paving the way for increased adoption and innovation.
The election of Srettha Thavisin as Thailand’s new Prime Minister brings hope for the cryptocurrency industry in the country. With his background in business and his experience with XSpring Capital, there is an expectation that Thavisin will prioritize the growth and regulation of cryptocurrencies. If the government follows through on this potential, Thailand could witness a significant transformation in its crypto landscape, leading to greater adoption, innovation, and economic growth.