On August 22, Thailand’s parliament made a significant decision by electing real estate mogul Srettha Thavisin as the forthcoming prime minister of the nation. Thavisin, renowned for his past role as the President and CEO of Sansiri, a prominent real estate development firm in Thailand, also boasts a connection to the cryptocurrency realm.
Srettha Thavisin, aged 60, emerged as the sole contender presented by the Pheu Thai Party during the elections, garnering an impressive 482 votes out of the total 747 in Thailand’s parliamentary assembly. This victory potentially holds implications for the country’s cryptocurrency industry due to Thavisin’s family association with Sansiri, an influential company that previously engaged in investment activities within Thailand’s digital asset sector. In April 2023, Thavisin stepped down from his position as CEO of Sansiri, fueling speculations about his eventual ascension to the role of Thailand’s prime minister. Concurrently, he divested his 4.4% ownership stake in Sansiri.
An intriguing facet of Sansiri’s involvement in the crypto domain dates back to 2021 when it participated in a substantial fundraising round amounting to $225 million for XSpring Capital, a cryptocurrency-friendly investment management entity. Subsequent to this funding, XSpring Capital introduced a fully integrated cryptocurrency trading platform in 2022 with aspirations to secure a spot among the top three companies in the crypto exchange market by 2025.
Srettha Thavisin on crypto initiatives in Thailand
Beyond endorsing prominent cryptocurrency initiatives in Thailand, Thavisin’s Sansiri unveiled its own digital asset in 2022 through XSpring. Named the “SiriHub Token,” this crypto token was an integral component of a real estate-backed initial coin offering (ICO) that presented the public with a total of 240 million tokens in 2022.
Furthermore, the political party Thavisin joined in November 2022, the Pheu Thai Party, had previously proposed a scheme to distribute funds to Thai citizens in the event of winning the elections. This proposal involved providing each citizen with 10,000 Thai baht (equivalent to $285) in April 2023, delivered using digital currency.
As Thavisin’s government is anticipated to take office by the conclusion of September, the potential influence of his cryptocurrency background on Thailand’s digital currency policies remains uncertain. In the days leading up to the parliamentary vote, Thavisin utilized the social media platform X (previously known as Twitter) to emphasize that his participation in the elections was driven by his aspiration to enhance the nation and its economy. He conveyed his mission, stating,
“My adversaries are poverty and the disparity among the people. My objective is the welfare of all Thai citizens.”
