Thailand plans to launch crypto regulatory sandbox in Phuket this October

PANews reported on January 20 that according to the Thailand Post, former Thai Prime Minister Thaksin Shinawatra said that the cryptocurrency sandbox is expected to be launched in Phuket in October. Discussing the ASEAN economy, Thaksin said Thailand is more willing than any other country in the region to promote the development of cryptocurrencies, especially in the wake of U.S. President-elect Donald Trump's plans to adopt cryptocurrencies. He said other countries in the region were also keen to hold talks with Thailand on cryptocurrencies, which he described as an opportunity to inject money into the economic system.

Asked about his recent remarks about inviting ASEAN countries to talks on the issue, Thaksin said such discussions were ongoing. He stressed that cryptocurrencies should be adopted quickly as delays could cause the best minds in the field to migrate to the United States. He noted that cryptocurrencies should not be confused with gambling, calling it a new form of currency backed by assets such as gold or government bonds. These currencies, known as "stablecoins," are less risky than other currencies, he said. He said Thailand would not accept high-risk cryptocurrencies and expected to launch a cryptocurrency sandbox involving the private sector in October.