The Thai government voted in favor of Suretha Thavisin, Pheu Thai Party candidate, as the next prime minister. The 61-year-old has been associated with the cryptocurrency industry through an active investor in the company he worked for at XSpring Capital, a digital asset investment management firm.
For years, Thailand has been rather hesitant about how to approach this area, but under the new leadership, things may change.
New to politics but not new to cryptocurrencies
Mr. Tavisin won 482 of 747 votes. Elected He was sworn in as Thailand’s 30th prime minister earlier this week. King Vajiralongkorn’s signature was required before he could officially take office. Tavisin, who won the majority of the votes, said:
“I am very honored to be elected as the 30th Prime Minister of Thailand. I would like to thank the Thai people, coalition parties, honorable members of the House of Representatives and Senators for voting today. I will do everything in my power to fulfill my tireless duty to improve lives.”
It is worth mentioning that Mr. Tavisin does not have much experience in the political arena. He comes from the business world as the former CEO of real estate giant Sansiri. He’s no stranger to the crypto space since his company joined his $225 million fundraiser for digital asset management firm XSpring Capital.
“As a real estate company, we understand that traditional finance is evolving and the future will require de-intermediation between consumer and project finance. We strive to keep up with the innovations in the industry and this investment fits perfectly with our vision,” Tavisin said at the time.
Sansiri later purchased Acquired 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 Pheu Thai Party (the party that nominated Thavisin as prime minister) swore Hand out 10,000 baht ($285) to each Thai citizen over the age of 16 if they win the May general election. This organization was his second with 28% of the votes and Move Forward was his first with 38%.
Thai Crypto Ecosystem
Local governments were initially less interested in the cryptocurrency industry. focus on About the possible launch of a central bank digital currency (CBDC).Also Planned Imposing a 15% capital gains tax on profits derived from digital asset management.
However, Thailand appears to have picked up a bit more interest in this area in recent months, suspending its tax plans and contemplating Regulate the use of cryptocurrencies in payments. Authorities are also looking for ways to reduce fraud related to digital assets, one of the options being: closure of Meta (previously known as Facebook).
All in all, it will be interesting to see if Thailand’s next prime minister continues the cryptocurrency revolution with his love of innovation and hard work so far.