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The government of Thailand has approved Srettha Thavisin, the Pheu Thai Party candidate, to serve as the nation’s next Prime Minister. The 61-year-old has been involved with the cryptocurrency sector since the company he led was a significant investor in the digital asset management firm XSpring Capital.
Thailand has shown considerable caution in its approach to the sector over the years, a stance that may shift under the leadership of the new Prime Minister.
A Political Newcomer but not a Crypto Newcomer
Thavisin, who garnered 482 votes out of a total of 747, was appointed as the 30th Prime Minister of Thailand earlier this week. He now awaits the signature of King Maha Vajiralongkorn to officially assume office. Following his electoral victory, Thavisin remarked:
“I feel greatly honored to be elected as the 30th prime minister of Thailand. I would like to thank every Thai, coalition parties, honorable members of the House of Representatives, every senator who joined the vote today. I will try my best in doing my duties tirelessly to elevate Thais’ lives.”
Srettha Thavisin, Source: Reuters
It is important to note that Thavisin lacks extensive experience in politics. He hails from the business realm, having previously served as the CEO of the real estate firm Sansiri. He is acquainted with the cryptocurrency landscape, as his company was involved in a $225 million fundraising effort for the digital asset management firm XSpring Capital.
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“As a real estate company, we understand traditional finance is evolving, and the future calls for the de-intermediation between consumer and project finance. As a company, we strive for keeping up with innovation across all fields, and this investment fits perfectly our vision,” Thavisin stated at that time.
Sansiri subsequently acquired a 15% stake in XSpring Capital for $45 million and launched its own digital currency known as SiriHub Token.
Another noteworthy detail is that the Pheu Thai Party, which nominated Thavisin for Prime Minister, pledged to distribute 10,000 baht ($285) to every Thai citizen over the age of 16 if it secures victory in the general election in May. The party finished second, receiving 28% of the vote, while Move Forward took first place with 38%.
Thailand’s Crypto Ecosystem
The local government was initially not very enthusiastic about the cryptocurrency industry, primarily concentrating on the possible introduction of a central bank digital currency (CBDC). It also intended to implement a 15% capital gains tax on profits derived from digital asset activities.
However, Thailand seems to have become more receptive to the sector in recent months, pausing its taxation plans and considering regulations for the use of crypto in payments. The authorities have also investigated methods to reduce scams related to digital assets, including the potential closure of Meta (formerly known as Facebook).
Overall, it will be intriguing to observe whether Thailand’s new Prime Minister will advance the crypto movement, given his interest in technological innovation and his previous initiatives.
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