Srettha Thavisin, the 61-year-old candidate of the Pheu Thai Party, was elected as the 30th Prime Minister of Thailand earlier this week. He received 482 votes out of a possible 747 and now needs the signature of King Maha Vajiralongkorn to officially step into office. Thavisin is a political newbie but not a crypto newbie, as his former company, Sansiri, was an active investor in the digital asset investment management firm XSpring Capital.Thailand has been hesitant regarding how to approach the cryptocurrency sector over the years, but this could change under the rule of the new leader. Thavisin has expressed his vision for the future of finance, which includes de-intermediation between consumer and project finance. Sansiri purchased a 15% stake in XSpring Capital for $45 million and distributed its own digital currency called SiriHub Token.The Pheu Thai Party, which nominated Thavisin as Prime Minister, vowed to distribute 10,000 baht ($285) to each Thai citizen above 16 years if it won the general election in May. The organization finished second, collecting 28% of the vote, while Move Forward was first with 38%.The Thai government was initially not so intrigued by the cryptocurrency industry, mainly focusing on the potential launch of a central bank digital currency (CBDC). It also planned to impose a 15% capital gains tax on profits generated from digital asset operations. However, Thailand has recently warmed up to the sector, halting the taxation plans and contemplating regulating the usage of crypto for payments. The authorities have also explored ways to diminish scams involving digital assets.It will be interesting to follow if Thailand’s next Prime Minister will continue the crypto revolution due to his affection for technological innovation and his past efforts.
| Information |
Details |
| Geography |
Asia |
| Countries |
🇹🇭 |
| Sentiment |
neutral |
| Relevance Score |
8 |
| People |
Srettha Thavisin, King Maha Vajiralongkorn, Thavisin, Sansiri, XSpring Capital |
| Companies |
Sansiri, XSpring Capital, Pheu Thai Party, Meta, Binance Futures |
| Currencies |
Thailand Baht (THB), Bitcoin (BTC), Ethereum (ETH), SiriHub Token (SIRI), XSpring Capital (XSP). |
| Securities |
None |
