“There are already many cryptocurrencies. Some people say that in the future, we will have more currencies than countries,” Shinawatra remarked, urging Thai citizens and policymakers to understand and engage with the emerging financial landscape.
Shinawatra Champions Digital Asset Adoption
According to Money and Banking Online, Shinawatra did not advocate for Thailand to purchase cryptocurrencies directly but stressed the importance of studying and experimenting with digital assets.
His comments align with Thailand’s growing regulatory advancements in the crypto sector:
- Regulatory Sandbox: In August 2024, the Securities and Exchange Commission (SEC) introduced a regulatory sandbox allowing select service providers to experiment with digital assets under relaxed regulations.
- Economic Stimulus: In July 2024, the Pheu Thai political party, linked to Shinawatra, distributed 10,000 baht ($280) in digital cash to 45 million Thai residents as part of its campaign promise to stimulate economic growth.
Thailand’s Financial Sector Advances in Crypto Adoption
The Thai financial industry is actively embracing cryptocurrency innovations:
- Kasikornbank: In September 2024, it became Thailand’s first licensed crypto custodian, offering secure storage solutions for digital asset businesses.
- Crypto Funds: In October 2024, the SEC proposed allowing mutual and private funds to invest in cryptocurrencies, paving the way for institutional adoption.
- Cross-Border Collaboration: The Bank of Thailand partnered with the Hong Kong Monetary Authority (HKMA) to test tokenized settlements under Project Ensemble in October 2024.
Thailand’s First Crypto ETF by One Asset Management
In June 2024, One Asset Management (ONEAM) launched Thailand’s first exchange-traded fund (ETF) offering exposure to cryptocurrencies.
- Regulatory Milestone: The SEC approved ONEAM’s One Bitcoin ETF Fund of Funds, exclusively catering to institutional investors and high-net-worth individuals.
- Investor-Friendly Updates: Earlier in the year, the SEC revised its criteria for digital token investments:
- Removed a 300,000 baht cap for retail investors in real estate-backed ICOs and infra-backed ICOs.
- Enhanced regulations for custodial wallet providers to serve digital asset businesses effectively.
The Future of Crypto in Thailand
Thaksin Shinawatra’s advocacy for embracing cryptocurrencies underscores the nation’s potential to lead in digital asset innovation. With initiatives like regulatory sandboxes, cross-border tokenization tests, and the launch of crypto ETFs, Thailand is positioning itself as a key player in the global crypto economy.
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