Implications for the Cryptocurrency Industry
Thailand's parliament has voted in favor of real estate tycoon Srettha Thavisin to become the country's next prime minister. Thavisin, the former president and CEO of Sansiri, one of Thailand's largest real estate developers, received 482 votes out of a possible 747. As his family company, Sansiri, has been an active investor in the country's digital asset industry, his victory could potentially have implications for the cryptocurrency industry in Thailand.
Sansiri's Cryptocurrency Ventures
Thavisin's family company, Sansiri, participated in a $225 million raise for XSpring Capital, a crypto-friendly investment management firm, in 2021. Following the investment, XSpring launched a fully integrated cryptocurrency trading platform in 2022 and aims to become a top-three company in the crypto exchange market by 2025. Sansiri also issued its own tokens, called "SiriHub Token," through XSpring in 2022 as part of a real estate-backed initial coin offering (ICO).
Election Promises and Crypto Policies
The Pheu Thai Party, which Thavisin joined in November 2022, had previously proposed distributing money to Thai citizens if it won the elections. The party promised to give 10,000 Thai baht ($285) to each citizen in April 2023, with the amount being sent using digital currency. With Thavisin set to assume office by the end of September, it remains to be seen how his crypto-related background will impact Thailand's crypto policies.
Thavisin's Vision for the Country
In the lead-up to the vote, Thavisin emphasized his goal of improving the country and the economy. Taking to social media, he stated, "My enemies are poverty and the inequality of the people. My goal is the well-being of all Thai people."
Tax Breaks for Investment Tokens
This news follows the recent decision by Thailand's cabinet to offer tax breaks for companies that issue investment tokens. The government expects these offerings to generate 128 billion Thai baht ($3.7 billion) over the next two years.
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