Thailand has recently witnessed an unexpected turn of events, as Srettha Thavisin, a candidate from the Pheu Thai Party, has been voted in as the country’s 30th Prime Minister. In a surprising move, Thavisin secured 482 votes out of a possible 747, indicating a clear majority in his favor. This marks a remarkable shift in Thailand’s political landscape, as the new leader hails from the business sector, with no significant experience in politics. However, Thavisin’s involvement with the cryptocurrency industry through his previous company’s investments in digital asset management firm XSpring Capital raises interesting possibilities for the future of crypto in Thailand.
Srettha Thavisin’s professional background lies in the real estate sector, where he previously served as the CEO of Sansiri, a prominent real estate giant in Thailand. Despite his lack of political experience, Thavisin possesses a strong understanding of the importance of innovation in various fields, including finance. During his tenure at Sansiri, the company actively participated in a $225 million fundraiser for XSpring Capital, a digital asset management firm. Thavisin’s association with the cryptocurrency industry reflects his recognition of the evolving landscape of traditional finance and the need for de-intermediation between consumers and project finance.
Sansiri’s involvement with XSpring Capital extended beyond mere investment. The real estate company acquired a 15% stake in the digital asset management firm for $45 million and introduced its own digital currency, SiriHub Token. This move highlights Thavisin’s willingness to embrace new technologies and his belief in the potential of digital assets. By launching a company-specific cryptocurrency, Sansiri demonstrated its commitment to staying ahead of the curve and aligning with the vision of future innovations.
Interestingly, Srettha Thavisin’s nomination as Prime Minister originates from the Pheu Thai Party, which has made an eye-catching promise to distribute 10,000 baht ($285) to each Thai citizen above the age of 16 if it emerges victorious in the general election. While the party secured the second position with 28% of the vote, trailing behind the Move Forward party’s 38%, the Pheu Thai Party’s willingness to explore novel approaches to benefit the citizens may have contributed to Thavisin’s rise to power.
Thailand’s approach to the cryptocurrency industry has historically been cautious, with particular attention given to the potential launch of a central bank digital currency (CBDC). Furthermore, the Thai government initially proposed a 15% capital gains tax on profits derived from digital asset operations. However, recent developments indicate a shift in attitude towards the sector. In recent months, the authorities have halted taxation plans and begun considering regulations for the use of cryptocurrency in payments. Additionally, efforts to curb scams related to digital assets, such as the possible closure of Meta (formerly Facebook), have been explored.
With Srettha Thavisin set to assume the position of Thailand’s Prime Minister, the future of the country’s crypto revolution remains uncertain. While Thavisin’s background in the business sector and his previous involvement with the cryptocurrency industry may indicate his affinity for technological innovation, the true extent of his support for crypto remains to be seen. As Thavisin assumes office, it will be interesting to observe whether his appointment will propel Thailand further into the realm of digital assets or if alternative policies and priorities will shift the focus away from crypto.
Srettha Thavisin’s unexpected rise to become Thailand’s next Prime Minister brings hope for potential advancements in the cryptocurrency industry. His background in the business sector and previous involvement with digital asset management suggest a favorable stance towards technological innovation. Nevertheless, the true impact of Thavisin’s leadership on the crypto revolution in Thailand can only be determined once his policies and actions are fully manifest. As Thailand watches its new leader take the reins, anticipation grows regarding the country’s future in the world of cryptocurrencies and blockchain technology.
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