Thailand should study crypto to remain relevant — former Thailand PM
Thaksin Shinawatra urged the Thai government to study cryptocurrencies and continue sandbox experimentation to stay globally relevant. He emphasized the importance of understanding digital assets due to the trend toward digitization, noting the potential for more cryptocurrencies than countries in the future. Concerns about trade tariffs from the incoming Trump administration and proposals to use Bitcoin for national debt repayment were highlighted as reasons for exploring the digital economy. In August 2024, Thailand's SEC launched a crypto regulatory sandbox for select service providers. The Pheu Thai party initiated a digital cash distribution program for 45 million residents, providing 10,000 baht each as economic stimulus. Kasikornbank became Thailand's first licensed crypto custodian in September 2024. The SEC proposed allowing mutual and private funds to invest in crypto, indicating a shift toward institutional adoption. In October 2024, the Bank of Thailand collaborated with the Hong Kong Monetary Authority to test tokenized cross-border settlements.
