Speculation has grown that Thailand’s new PM, 37-year-old Paetongtarn Shinawatra may favor pro-crypto regulations in her country. Analysts believe that the Asian country’s youngest PM could steer her nation in a new direction when it comes to cryptocurrency regulations.
Thailand is in the middle of passing regulations about digital assets in 2024. Since April, Thailand’s Securities and Exchange Commission (SEC) has been making rules for crypto platforms. The SEC Board approved the crypto regulatory sandbox last month.
Paetongtarn Shinawatra on the Digital Wallet scheme at a press conference following the Royal Command ceremony appointing her as Thailand’s 31st Prime Minister.
"The 10,000 Baht Digital Wallet scheme is intended to stimulate the country’s economy on a large scale. However, over… pic.twitter.com/7INOqCf6ad
— Thenationthailand (@Thenationth) August 18, 2024
Paetongtarn Shinawatra elected as Thailand’s new PM
Paetongtarn Shinawatra became her country’s youngest prime minister at 37 after she received the king’s official endorsement. Shinawatra will resume administration after a decade-long period of military rule. She is the daughter of former prime minister Thaksin Shinawatra and is related to Thailand’s first female prime minister. Both were reportedly ousted by military coups.
After the Thai court’s August decision to remove Srettha Thavisin as prime minister, Shinawatra won nearly two-thirds votes in the parliament. Crypto commentator, MartyParty said on X, “[Paetongtarn Shinawatra] is a crypto bull. Her father was a crypto bull.”
MartyParty’s comments further fueled speculation that Thailand could adopt crypto as legal tender.
Shinawatra’s stance on the digital wallet scheme is unclear
According to a report by Nikkei Asia, the former government’s digital wallet scheme, which wanted to distribute 10,000 baht to low-income citizens, could be scrapped. Insiders reported to the news agency that Shinawatra has been non-committal about the digital wallet plan.
Last week, Thailand’s SEC made way for the launch of a crypto regulatory sandbox. Cryptopolitan reported that the securities agency laid down rules for crypto exchanges, brokers, dealers, fund managers, advisors, and asset custodial wallet providers.
Earlier in April, the Securities and Exchange Commission of Thailand barred unauthorized digital asset services in the region. The SEC and the Thai government have emphasized on regulating the digital asset space.
Policy commentators reportedly believe that the incoming PM would not make major economic changes except to the digital wallet scheme. Another report by The Nation claims that the digital wallet handout program may not be scrapped just yet. The PM was quoted saying “The digital wallet scheme is a project we intend to use as a major economic stimulus.”
The course of Shinawatra’s government will likely become clear once she releases a cabinet list and policies. Until then, speculation will continue to grow about Thailand as it recovers from a period of financial and political turmoil.