In recent years, Thailand has been actively exploring opportunities linked to cryptocurrencies and blockchain technologies. Recent developments include an interest in stablecoins and plans for a crypto sandbox in Phuket.
Stablecoins Backed by Government Bonds
On January 30, reports emerged that Thailand’s Finance Minister discussed with the Securities and Exchange Commission the possibility of issuing stablecoins backed by government bonds. Sources from Jinshi indicated that this information has not yet been officially confirmed. Former Prime Minister Thaksin Shinawatra also advocated for a more crypto-friendly approach in Thailand, urging the SEC to adopt a digital stance.
Crypto Sandbox in Phuket
On January 19, Thailand announced plans to launch a crypto sandbox in Phuket by October 2025. The initiative aims to allow businesses and consumers to safely engage in crypto transactions in a risk-free environment, promoting innovation, especially in the tourism industry. This was also a topic discussed by former PM Shinawatra at an ASEAN economic meeting.
Regional Trends and Initiatives
Thailand's interest in stablecoins aligns with a broader Southeast Asian trend, where stablecoins garner significant attention. Government-backed stablecoins are being integrated in Singapore and Hong Kong through their regulatory frameworks. Former PM Shinawatra remains a significant political figure, notably after handing over power to his daughter, Prime Minister Paetongtarn Shinawatra.
Thailand continues to explore digital financial technologies, including stablecoins and crypto sandboxes. These initiatives are aimed at promoting innovation and minimizing risks in the crypto sector.
