22-11-2024 (BANGKOK) Thailand’s government has announced ambitious plans to transform the kingdom into a regional digital asset hub, with Deputy Finance Minister Julapun Amornvivat outlining a comprehensive strategy to boost accessibility and investment opportunities in the sector.
Speaking at a Binance TH event, Mr Julapun highlighted the government’s commitment to fostering public-private partnerships to support the expanding digital asset market. His remarks come as Bitcoin reached an unprecedented value of US$94,000 following Donald Trump’s recent presidential election victory in the United States.
In a significant regulatory development, the Thai government has approved the introduction of investment tokens under the Securities and Exchange Act of 1992, a move designed to align with international standards while encouraging innovation in financial technology and capital markets.
Digital literacy stands as a cornerstone of the government’s strategy, with particular emphasis on the implementation of a digital wallet policy. This initiative aims to serve the dual purpose of economic stimulation and enhancement of technological competency among the population, especially targeting those less familiar with digital technologies.
“Our society is undergoing a technological transformation that demands adaptation, particularly in economic matters,” Mr Julapun stated. “The government’s focus extends beyond digital literacy to include comprehensive financial education, ensuring Thai citizens are well-equipped to participate in the digital economy.”
The Thai Digital Asset Association has expressed optimism about Thailand’s potential to emerge as a digital asset hub, citing the positive impact of clearer regulations and increased institutional investment in driving cryptocurrency market growth this year.
The government’s vision includes nurturing the development of Thai non-fungible tokens and digital assets with global appeal, while fostering an environment conducive to creating new unicorn companies that could significantly contribute to Thailand’s economic growth.
