Thailand has recently welcomed a new Prime Minister, Srettha Thavisin, a former real estate mogul with a background in cryptocurrency. Thavisin, who was previously the CEO of Sansiri, one of the country’s largest real estate developers, has been an active participant in Thailand’s digital asset industry. His election to the office of Prime Minister marks a potentially exciting era for the nation’s cryptocurrency landscape.
Thavisin’s Election and Cryptocurrency Background
On August 22, Thavisin secured his position as the next Prime Minister of Thailand, garnering 482 out of a possible 747 votes in parliament. As the sole nominee of the Pheu Thai Party, his appointment is pending approval from King Maha Vajiralongkorn. In anticipation of his new role, Thavisin resigned from Sansiri in April and sold his 4.4% stake in the company.
Notably, Sansiri was involved in a significant $225 million capital raise for XSpring Capital, a crypto-friendly investment management firm, in 2021. Since then, XSpring has launched a cryptocurrency trading platform with the ambitious goal of becoming a top-three company in the crypto exchange market by 2025.
Promises and Plans for the Future
Thavisin has made some bold promises during his campaign. One such pledge is to reintroduce a national “airdrop” scheme, whereby every Thai citizen over the age of 16 will receive 10,000 Thai baht ($300). However, this money must be spent within a four-kilometre radius of their homes. It’s important to note that the airdrop will utilize a form of national token, not an existing digital asset or cryptocurrency. Business owners will have the option to convert these national tokens to cash at designated banks.
A New Era for Cryptocurrency in Thailand?
Thailand has been steadily nurturing its digital asset industry, introducing measures to attract investment into the sector. The Thai cabinet agreed in March to offer tax breaks for corporate income and value-added tax for companies issuing digital investment tokens. With Thavisin’s cryptocurrency background and the government’s supportive stance, Thailand’s cryptocurrency landscape is set to evolve.
For those interested in monitoring the impact of these developments on the cryptocurrency market, the cryptoview.io application offers real-time tracking and analysis tools. As Thailand navigates this new chapter, keeping a close eye on market trends will be crucial.
