Thailand’s New Female Prime Minister Could Make Crypto Legal Tender

Key Takeaways

• Paetongtarn Shinawatra was elected as Thailand’s 31st prime minister with strong parliamentary support.
• Shinawatra is committed to continuing the economic and digital policies of her predecessor, including the digital wallet initiative.
• Experts predict stability in Thailand’s cryptocurrency regulations and digital asset framework despite political changes.

The House of Representatives in Thailand elected  Paetongtarn “Ung Ing” Shinawatra, the leader of the Pheu Thai Party, as the country’s 31st prime minister. The vote saw 319 in favor, 145 against, and 27 abstentions.

Sorawong Thienthong, the Pheu Thai secretary-general, proposed Paetongtarn as the sole candidate for prime minister as the House meeting commenced under the leadership of Parliament President Wan Muhamad Noor Matha.

Paetongtarn Shinawatra to Continue Predecessor’s Digital Policies

In her initial press conference, Paetongtarn Shinawatra announced her commitment  to continue the policies of her predecessor, Srettha, focusing on significant economic stimulus and reform. She emphasized efforts to combat illegal drugs, enhance Thailand’s universal healthcare system, and promote gender diversity.

Paetongtarn also mentioned that the government will maintain its flagship digital wallet policy but plans to explore and consider additional options to ensure the program is financially sustainable.

She reiterated the administration’s dedication to economic stimulation, stating that the goal is to stimulate the economy so this intention will remain.

Political Shift Unlikely to Affect Crypto Laws

Following the ruling, Thavisin expressed uncertainty  about whether his policies would be continued by the next government. He was ousted by the Constitutional Court in Bangkok for ethical violations related to the appointment of a previously incarcerated lawyer to his Cabinet.

Tanawat Sutunthivorakoon, CEO of Bitazza Thailand, believes  that the change in leadership will have minimal impact on digital asset regulations.

Echoing this sentiment, Sanjay Popli, CEO of Cryptomind Advisory and co-founder of Cryptomind, noted  that significant changes in the government’s stance on cryptocurrency are unlikely, as the Pheu Thai party, which continues to hold power, has maintained consistent views.

Further emphasizing the stability of Thailand’s crypto environment, Sutunthivorakoon highlighted the Thai Securities and Exchange Commission’s (SEC) longstanding support for the crypto industry. This support has been evident for the past six years, regardless of the political party in control. Additionally, the Thai SEC recently launched  a sandbox initiative for crypto-related businesses.

Thailand is ranked 10th in Chainalysis’ 2023 Global Crypto Adoption Index Top 20 , and several cryptocurrency exchanges in the country have been granted licenses, demonstrating a robust regulatory framework for digital assets.

About the Author

Teuta Franjkovic

Teuta is a seasoned writer and editor with more than 15 years of experience. She has expertise in covering macroeconomics and technology as well as the cryptocurrency and blockchain industries. She has worked for several publications as a journalist and editor, including Forbes, Bloomberg, CoinTelegraph, Coin Rivet, CoinSpeaker, VRWorld and Arcane Bear. Teuta began her professional career in 2005, working as a lifestyle writer at Cosmopolitan in Croatia. From there, she branched out to several other publications, covering mainly business and the economy. She then turned her attention to the world of cryptocurrency and blockchain, believing that crypto is among the most important inventions in the history of humanity. Her involvement in fintech began in 2014 and she has since lent her expertise in writing, editing and gathering information about the world of crypto, blockchain, NFTs and Web3. An all-round news hound, mentor, editor, and writer, Teuta enjoys teamwork and good communication. She holds a WSET2 diploma and has a thing for chablis, punkrock music and shoes. She also holds a double MA in Political science and Entrepreneurship.

See more

[email protected] LinkedIn Twitter