March 27, 2024
Thavisin's Leadership is Paving the Way for Cryptocurrency Advancements in Thailand.
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Thavisin’s Leadership: A Catalyst for Cryptocurrency Evolution in Thailand

On August 22, Thailand’s parliament made a significant decision by selecting real estate magnate Srettha Thavisin as the upcoming prime minister of the nation. Thavisin is most prominently recognized for his past role as the president and CEO of Sansiri, one of Thailand’s largest real estate development firms, which also has some involvement in the realm of cryptocurrency.

The victory of the upcoming Prime Minister holds the potential to bring about substantial changes within Thailand’s cryptocurrency sector, given Sansiri’s active participation as an investor in the country’s digital asset realm. Thavisin stepped down from his position as the CEO of Sansiri in April 2023, amidst growing speculation that he would ascend to the role of Thailand’s next Prime Minister. He also divested his 4.4% ownership stake in Sansiri during this period. Notably, in 2021, Sansiri played a part in raising $225 million for XSpring Capital, an investment management firm with a crypto-friendly stance. This eventually led to the launch of a comprehensive cryptocurrency trading platform by XSpring in 2022, with aspirations of securing a top-three position in the crypto exchange market by 2025.

Beyond supporting major cryptocurrency endeavors in Thailand, Thavisin’s Sansiri gained recognition for introducing its proprietary token through XSpring in 2022. Termed the SiriHub Token, this digital asset was integrated into a real estate-backed initial coin offering, giving the public a chance to acquire 240 million tokens in 2022. In April 2023, the Pheu Thai Party, to which Thavisin aligned himself in November 2022, proposed a plan to distribute funds to Thai citizens if the party emerged victorious in the election. This proposal involved providing individuals with 10,000 Thai baht ($285) using digital currency as the transaction medium.

As Thavisin’s government prepares to take office by the end of September, the extent to which his involvement in cryptocurrency will influence Thailand’s policies in this domain remains to be observed. This news follows shortly after Thailand’s cabinet decision to extend tax benefits concerning corporate income tax and value-added tax for companies engaging in investment token issuance. The initiative, announced in March, was introduced by Deputy Government Spokesman Rachada Dhnadirek, who anticipated investment token offerings to contribute 128 billion baht ($3.7 billion) over the upcoming two years.

Thavisin stood as the exclusive nominee from the Pheu Thai Party and secured an impressive 482 votes out of a potential 747 within Thailand’s parliamentary voting process.

Image by freepik

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