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.
“There are already many cryptocurrencies. Some people say that in the future, we will have more currencies than countries,” Shinawatra stated, emphasizing the necessity for Thai citizens to adapt to the emerging digital finance landscape.
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.
In August 2024, the Securities and Exchange Commission (SEC) introduced a regulatory sandbox allowing selected service providers to experiment with digital assets under relaxed oversight. This initiative reflects Thailand’s broader strategy to explore the economic potential of blockchain technologies.
Political and Economic Impacts
In a bid to boost the economy, the Pheu Thai political party, which has connections to Shinawatra, 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.
Simultaneously, Thailand’s financial sector has been advancing its crypto capabilities. In September 2024, Kasikornbank became the country’s first licensed crypto custodian, offering secure storage solutions for digital asset businesses. The SEC further proposed on October 9 allowing mutual and private funds to invest in cryptocurrencies, signaling growing institutional acceptance.
International and Institutional Developments
Cross-border crypto collaborations have also expanded. In October 2024, 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.
Meanwhile, Thailand’s One Asset Management (ONEAM) made headlines in June 2024 by launching the country’s first cryptocurrency-focused exchange-traded fund (ETF). The Thai SEC approved ONEAM’s Bitcoin ETF, named the One Bitcoin ETF Fund of Funds, exclusively targeting institutional investors and high-net-worth individuals.
🚀 Thailand’s former Prime Minister, Thaksin Shinawatra, has called on the government to explore the potential of cryptocurrencies.#Thailand #SEChttps://t.co/tUpYwMkwTq
— Cryptonews.com (@cryptonews) December 15, 2024
Regulatory Advancements in Digital Assets
The Thai SEC has also revised its regulatory framework for digital asset investments. Earlier this year, the agency relaxed restrictions on retail investors for real estate-backed initial coin offerings (ICOs) and infrastructure-backed ICOs, lifting the previous 300,000-baht investment cap per offering.
Additionally, the SEC updated criteria for establishing custodial wallet providers, enabling them to serve digital asset businesses. These adjustments reflect Thailand’s commitment to fostering a secure and innovation-driven crypto environment.
Wall Street Pepe: A Community-Driven Meme Coin Revolution
The surge of new meme coins in the cryptocurrency market has created opportunities for potential gains. However, many of these gains are often reserved for insiders due to market manipulation and unfair practices. Wall Street Pepe seeks to disrupt this trend by empowering everyday investors through a community-centric approach.
Shifting Power Back to the People
Wall Street Pepe’s mission revolves around redistributing market power to the community through its dedicated supporter base, the WEPE Army. By rallying traders around its mascot, Wall Street Pepe, the project aims to create a collective of market movers capable of influencing the meme coin space.
Tokenomics Designed for Growth
Wall Street Pepe’s token distribution reflects its community-first philosophy. A total of 20% of its tokens are allocated to the Frog Fund, another term for its presale pool. An additional 12% is designated for staking rewards, while 15% supports trading incentives. The largest portion, 38%, is dedicated to marketing efforts to ensure sustained visibility and growth.
By limiting the presale allocation to 20%, Wall Street Pepe ensures that late investors also have a chance to benefit from potential gains. This equitable distribution structure, paired with its community-driven narrative, positions Wall Street Pepe as a promising contender among emerging cryptocurrencies.
Through its unique approach, Wall Street Pepe seeks to redefine the meme coin space by fostering inclusivity, transparency, and community empowerment.
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