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Ex-Thai PM Thaksin Shinawatra Urges Government to Embrace Crypto and Sandbox Innovation

16.12.2024
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Thailand’s former Prime Minister, Thaksin Shinawatra, has called on the government to explore the potential of cryptocurrencies and continue experimenting with regulatory sandboxes.

Speaking at the Intercontinental Hotel in Hua Hin, Shinawatra emphasized the need for Thailand to keep pace with global digital transformation.

“There are already many cryptocurrencies. Some people say that in the future, we will have more currencies than countries,” Shinawatra remarked, urging Thais to understand and adapt to this emerging financial landscape.

Shinawatra Advocates for Digital Asset Adoption

According to a report by Money and Banking Online, Shinawatra did not advocate for Thailand to purchase cryptocurrencies but encouraged the nation to study and engage with digital assets.

Shinawatra’s remarks come amid growing regulatory developments in Thailand’s crypto sector.

In August 2024, the Securities and Exchange Commission (SEC) launched a regulatory sandbox allowing select service providers to experiment with digital assets under relaxed regulatory scrutiny.

In a move to boost the economy, the Pheu Thai political party, which is linked to Shinawatra, distributed 10,000 baht (roughly $280) in digital cash to 45 million Thai residents in July 2024.

The initiative was part of the party’s campaign promise to stimulate economic growth.

Meanwhile, Thailand’s financial institutions are also advancing in the crypto space.

🚨BREAKING: Former Thailand Prime Minister Thaksin Shinawatra calls on the government to back its digital currency with #Bitcoin
It’s happening—#Bitcoin as pristine collateral pic.twitter.com/sMJB9wZoTb

— Simply Bitcoin (@SimplyBitcoinTV) December 15, 2024

In September 2024, Kasikornbank became the country’s first licensed crypto custodian, offering secure storage for digital asset businesses.

Additionally, the SEC submitted a proposal on Oct. 9 to allow mutual and private funds to access crypto investments, signaling a shift toward institutional adoption.

Cross-border crypto collaboration is also underway. In October 2024, the Bank of Thailand partnered with the Hong Kong Monetary Authority (HKMA) to test tokenized settlements as part of HKMA’s Project Ensemble.

Thailand’s One Asset Management Receives Approval to Launch Crypto ETF

In June, Thailand’s One Asset Management (ONEAM) became the first company to launch an exchange-traded fund (ETF) in the country that offers exposure to cryptocurrencies.

The Thai Securities and Exchange Commission (SEC) has endorsed ONEAM’s Bitcoin ETF, marking a milestone in the country’s evolving regulatory framework for digital assets.

The newly approved fund, named the One Bitcoin ETF Fund of Funds, will exclusively cater to institutional investors and high-net-worth individuals.

Earlier this year, the SEC of Thailand updated the criteria for investing in digital tokens, easing some restrictions.

At the time, the SEC Committee approved the principles for improving investment criteria and related criteria for digital asset business operations, aiming to establish effective investor protection mechanisms while considering the risks associated with digital assets.

For one, the commission has lifted investment restrictions previously imposed on retail investors for digital tokens backed by real estate or generating real estate income streams (real estate-backed ICOs) and digital tokens with infrastructure operations or revenue streams (infra-backed ICOs).

Previously, retail investors were limited to investing a maximum of 300,000 baht per offering.

The SEC also reviewed the criteria for establishing custodial wallet provider businesses, enabling them to offer services to digital asset business operators.

The post Ex-Thai PM Thaksin Shinawatra Urges Government to Embrace Crypto and Sandbox Innovation appeared first on Cryptonews.

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