Real Estate Tycoon Srettha Thavisin Elected as Thailand's Next Prime Minister, Crypto Industry Anticipates Policy Impact
Summary:
Thailand's parliament has elected real estate tycoon Srettha Thavisin as the country's next prime minister. Thavisin, former CEO of Sansiri, a major real estate developer, has a background in cryptocurrency as his family company was involved in the digital asset industry. His victory could potentially impact Thailand's crypto policies.
Thailand's parliament has voted for Srettha Thavisin, a prominent real estate tycoon, to become the next prime minister of the country. Thavisin, who previously served as the president and CEO of Sansiri, one of Thailand's largest real estate developers, received 482 votes out of a possible 747 in the parliamentary elections. As his family's company, Sansiri, had invested in the country's digital asset industry, his victory could have implications for the cryptocurrency sector in Thailand. Thavisin resigned from his position at Sansiri in April 2023 and sold his stake in the company. In 2021, Sansiri participated in a $225 million funding round for XSpring Capital, an investment management firm focused on cryptocurrencies. Following the investment, XSpring launched its own cryptocurrency trading platform and aims to become a top-three player in the market by 2025. Thavisin's Sansiri also issued its own tokens, called "SiriHub Token," through XSpring in 2022 as part of a real estate-backed initial coin offering. The Pheu Thai Party, which Thavisin joined in November 2022, had previously suggested distributing money to Thai citizens using digital currency if it won the elections. The party promised to give 10,000 Thai baht ($285) to the country's citizens in April 2023. Thavisin's government is expected to take office by the end of September, and it remains to be seen how his background in cryptocurrencies will affect the country's crypto policies. Prior to the vote, Thavisin expressed his desire to improve the country and its economy, emphasizing that his enemies were poverty and inequality. The news comes a few months after Thailand's cabinet announced tax breaks for companies that issue investment tokens, with expectations of generating 128 billion Thai baht ($3.7 billion) in the next two years.
Published At
8/23/2023 2:44:47 PM
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