Originally published on: December 14, 2024
Former Thailand Prime Minister, Thaksin Shinawatra, recently delivered a compelling lecture at the Intercontinental Hotel in Hua Hin, where he emphasized the importance of Thailand studying cryptocurrencies and continuing sandbox experimentation. This suggestion comes amid a global trend towards digitization, making it essential for Thailand to stay relevant on the international stage.
Shinawatra clarified that his recommendation did not involve Thailand purchasing cryptocurrencies but rather understanding digital assets. He pointed out that with the increasing number of categories for digital assets, surpassing the total number of countries, it is crucial for Thailand to explore and adapt to the digital economy to remain competitive.
Highlighting the potential risks from the trade tariffs imposed by the Trump administration, as well as Trump’s proposal to use Bitcoin to pay off national debt, Shinawatra stressed the urgency for Thailand to delve into the world of cryptocurrencies.
In a significant move towards embracing digital assets, Thailand’s Securities and Exchange Commission (SEC) introduced a crypto regulatory sandbox in August 2024. This initiative allows select service providers to experiment with digital assets in a relaxed regulatory environment.
Moreover, the Pheu Thai political party launched a campaign to distribute digital cash to 45 million Thai residents to stimulate the economy. Qualified recipients received 10,000 baht each, equivalent to approximately $280.
Thailand’s progress in the crypto space continued as Kasikornbank, the country’s second-largest bank, became the first licensed crypto custodian in September 2024. Additionally, Thailand’s SEC proposed granting mutual and private funds access to crypto investments, aiming to promote institutional adoption of cryptocurrencies.
Collaborating with the Hong Kong Monetary Authority, Thailand’s Bank of Thailand initiated a project to test tokenized cross-border settlements in October 2024. This partnership signifies Thailand’s commitment to exploring innovative solutions in the realm of digital assets.
As Thailand embarks on its journey towards embracing cryptocurrencies and digital assets, it positions itself as a forward-thinking player in the global economy. Stay tuned for more updates on Thailand’s crypto initiatives and their impact on the international stage.
