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.<\/p>\n
“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.<\/p>\n
While Shinawatra did not suggest that Thailand should purchase cryptocurrencies, he encouraged the government to study and engage with digital assets<\/a>. His comments align with Thailand’s growing regulatory focus on the crypto sector.<\/p>\n In August 2024, the Securities and Exchange Commission (SEC)<\/a> 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.<\/p>\n 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.<\/p>\n 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<\/a>, signaling growing institutional acceptance.<\/p>\n 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.<\/p>\n Meanwhile, Thailand’s One Asset Management (ONEAM)<\/a> 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.<\/p>\n 🚀 Thailand’s former Prime Minister, Thaksin Shinawatra, has called on the government to explore the potential of cryptocurrencies.#Thailand<\/a> #SEC<\/a>https:\/\/t.co\/tUpYwMkwTq<\/a><\/p>\n — Cryptonews.com (@cryptonews) December 15, 2024<\/a><\/p><\/blockquote>\nPolitical and Economic Impacts<\/h2>\n
International and Institutional Developments<\/h2>\n
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