Catenaa, Friday, December 20, 2024 – Former Thai Prime Minister Thaksin Shinawatra has urged the government to embrace cryptocurrency innovation and expand regulatory sandboxes to position Thailand for global digital transformation.
Speaking at an event in Hua Hin, Thaksin highlighted the growing role of cryptocurrencies in the global economy.
“In the future, we may have more currencies than countries,” he said, encouraging Thai policymakers to understand and adapt to the evolving financial landscape.
Thaksin did not advocate for direct government investment in cryptocurrencies but emphasized the importance of studying and engaging with digital assets.
His comments come as Thailand moves forward with its crypto initiatives.
In August, the Securities and Exchange Commission launched a regulatory sandbox allowing select firms to test digital asset services under relaxed rules.
Earlier this year, the Pheu Thai party, linked to Thaksin, issued 10,000 baht ($280) in digital cash to stimulate economic growth.
Financial institutions have followed suit, with Kasikornbank becoming Thailand’s first licensed crypto custodian in September.
The SEC also proposed opening mutual and private funds to cryptocurrency investments in October, signaling growing institutional interest. Additionally, Thailand partnered with Hong Kong to test tokenized settlements, advancing regional collaboration.
