Ex-Thai PM Thaksin Shinawatra Calls for Crypto Innovation and Sandbox Expansion
Release: 2024/12/17 00:54 Reading: 535
Former Thai Prime Minister Thaksin Shinawatra Supports Crypto Exploration
Former Thai Prime Minister Thaksin Shinawatra has urged the government to embrace the potential of cryptocurrencies and expand regulatory sandbox initiatives. Speaking at the Intercontinental Hotel in Hua Hin, Shinawatra highlighted the importance of keeping up with the rapidly evolving digital economy.
Advocacy for Digital Asset Integration
While Shinawatra did not suggest that Thailand should purchase cryptocurrencies, he encouraged the government to study and engage with digital assets. His comments align with Thailand's growing regulatory focus on the crypto sector.
Political and Economic Impacts
To boost the economy, the Pheu Thai political party distributed 10,000 baht (approximately $280) in digital cash to 45 million Thai residents in July 2024. This campaign promise aimed to stimulate local economic activity.
International and Institutional Developments
The Bank of Thailand partnered with the Hong Kong Monetary Authority (HKMA) to pilot tokenized settlements under HKMA's Project Ensemble, marking a significant milestone in cross-border financial innovation. Additionally, Thailand's One Asset Management (ONEAM) launched the country's first cryptocurrency-focused exchange-traded fund (ETF) in June 2024.
Regulatory Advancements in Digital Assets
The Thai SEC has also revised its regulatory framework for digital asset investments. It lifted the investment cap on ICOs and updated criteria for custodial wallet providers. These adjustments aim to foster a secure and innovation-driven crypto environment.
Related News
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