The government of Thailand voted in favor of Shretha Thavisin (Phu Thai Party candidate) to become the next Prime Minister of the country. The 61-year-old has interacted with the cryptocurrency industry since the time he was an active investor in digital asset investment management firm Xspring Capital, the company he was in charge of.
Thailand has been hesitant over the past few years about how to approach the region, which could change under a new leader.
A Political Newbie But Not a Crypto Newbie
Thawisin, who received 482 votes out of a possible 747, was elected as Thailand’s 30th prime minister earlier this week. He now needs the signature of King Maha Vajiralongkorn to officially take office. On winning the majority of votes, Thavisin said:
“I am deeply honored to be elected as the 30th Prime Minister of Thailand. I want to thank every Thai, coalition parties, honorable members of the House of Representatives, every senator who voted today. I will do my best to perform my duties tirelessly to uplift the lives of Thais.
It is noteworthy that Thavisin does not have rich experience on the political scene. He comes from the business sector as the former CEO of real estate giant Sansiri. He is familiar with the crypto sphere as his company participated in a $225 million fundraiser for digital asset management firm Xspring Capital.
“As a real estate company, we understand that traditional finance is evolving, and there is a need for an intermediary between consumer and project finance in the future. As a company, we strive to keep up with innovation in all areas, and this investment fits perfectly with our vision,” Thavisin said at the time.
Sansiri subsequently bought a 15% stake in Xspring Capital for $45 million and distributed its own digital currency called the SiriHub token.
Another interesting fact is that the Phu Thai party (which named Thavisin as prime minister) vowed to distribute 10,000 baht ($285) to every Thai citizen above the age of 16 if it won the general election in May. The organization came second with 28% of the vote, while Move Forward came in first with 38%.
Thailand’s crypto ecosystem
The local government was initially less interested in the cryptocurrency industry, focusing mainly on the possible launch of a central bank digital currency (CBDC). It also plans to impose a 15% capital gains tax on profits generated from digital asset operations.
However, Thailand has warmed up a bit to this area over the past several months, rolling out taxation plans and considering regulating the use of crypto for payments. Authorities are also exploring ways to reduce scams involving digital assets, with one option being to shut down Meta (formerly known as Facebook).
Overall, it will be interesting to see if Thailand’s next prime minister will continue the crypto revolution due to his affection for technological innovation and his previous efforts.
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