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Thailand's Future Prime Minister Srettha Thavisin: A Crypto-Linked Leader Shaping Legal Cryptocurrency Policies

David – Cryptocurrency Enthusiast

In a notable political development, Thailand's parliament has chosen Srettha Thavisin, a prominent figure in the real estate sector, as the nation's upcoming prime minister. Thavisin, previously at the helm of Sansiri, a major Thai real estate conglomerate, also carries a noteworthy connection with the cryptocurrency landscape.

On August 22, Srettha Thavisin secured his position as Thailand's future prime minister through the Pheu Thai Party, emerging as the sole candidate with an impressive tally of 482 out of 747 votes in the parliament.

This appointment holds the potential to cast an impact on Thailand's cryptocurrency sector, considering Thavisin's extensive involvement with the digital asset industry during his tenure at Sansiri. In April 2023, he stepped down from his role as CEO of Sansiri, aligning with speculation about his elevation to the prime ministerial role. Coincidentally, he divested his 4.4% stake in Sansiri around the same time.

A significant episode in Sansiri's cryptocurrency investment journey unfolded as it participated in a $225 million funding round for XSpring Capital, a cryptocurrency-friendly investment management firm, in 2021. Subsequently, XSpring launched a comprehensive cryptocurrency trading platform in 2022, aspiring to secure a top-three position in the cryptocurrency exchange market by 2025.

Beyond these investments, Thavisin's Sansiri played a key role in the issuance and distribution of its proprietary token through XSpring in 2022. Named the SiriHub Token, this digital asset formed an integral part of a real estate-backed initial coin offering, offering a total of 240 million tokens to the public.

Additionally, Thavisin's affiliation with the Pheu Thai Party, which joined in November 2022, is underscored by its proposal to allocate funds to Thai citizens through digital currency. This visionary proposal entails providing everyone with 10,000 Thai baht (approximately $285) using digital currency, reflecting a forward-looking approach to financial innovation.

As Thavisin prepares to take office by the end of September, the influence of his crypto-linked background on Thailand's cryptocurrency policies becomes an area of keen interest. Thavisin expressed his commitment to elevate the nation's well-being and economy through a message on social media platform X (previously known as Twitter). He articulated:

"My adversaries are poverty and the inequality of the people. My objective is the welfare of all Thai citizens."

This development unfolds following Thailand's cabinet decision to offer tax incentives for companies engaging in investment token issuance, encompassing tax breaks for corporate income tax and value-added tax. The government foresees that investment token offerings will contribute 128 billion Thai baht (approximately $3.7 billion) to the economy over the next two years.

In an era where secure cryptocurrency practices gain momentum, Thavisin's ascent to the position of prime minister adds a unique dimension, potentially steering Thailand's crypto landscape into uncharted yet promising territory.

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