Thailand’s New Prime Minister, Former Real Estate CEO, Holds Crypto Investments
Thailand has voted for its new Prime Minister, Srettha Thavisin, who is a former CEO of a real estate giant and has investments in the cryptocurrency industry. Thavisin’s company, Sansiri, was actively involved in the digital asset investment management firm XSpring Capital, even purchasing a stake in the company and issuing its own token.
Thavisin’s election as the 30th Prime Minister of Thailand could bring about a change in the country’s approach towards the cryptocurrency sector. Thailand has been hesitant in its dealings with the industry in the past, but that might change under Thavisin’s leadership.
With 482 votes in favor out of a total of 747, Thavisin’s appointment still requires the signature of King Maha Vajiralongkorn to officially assume office. In his statement after winning the majority vote, Thavisin expressed his gratitude and promised to dedicate himself tirelessly to improving the lives of the Thai people.
What sets Thavisin apart from other political figures is his background in business rather than politics. His experience as the former CEO of Sansiri gives him a unique perspective on the crypto field. Sansiri had invested $225 million in XSpring Capital, consolidating its position as an active investor in the digital asset management firm. The company later acquired a 15% stake in XSpring Capital for $45 million and introduced its own digital currency called SiriHub Token.
It’s worth noting that the Pheu Thai Party, which nominated Thavisin as Prime Minister, had pledged to distribute 10,000 baht ($285) to each Thai citizen above 16 years if it emerged victorious in the general elections held in May. While the party secured the second position with 28% of the vote, it couldn’t surpass Move Forward, which won with 38%.
Thailand has previously shown caution towards the cryptocurrency industry, primarily focusing on the potential launch of a central bank digital currency (CBDC) and floating the idea of a 15% capital gains tax on digital asset profits. However, the country seems to have warmed up to the sector in recent months, as it halted its taxation plans and explored regulations for crypto payments. The Thai authorities have also been working to combat scams related to digital assets, including considering the closure of Meta (formerly known as Facebook).
Thavisin’s election as Prime Minister raises curiosity about whether he will continue the country’s crypto revolution considering his affinity for technological innovation and his previous efforts in the field. It will be interesting to see how Thailand’s approach to cryptocurrencies evolves under his leadership.
