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Thailand crypto adoption faces a critical crossroads as newly elected Prime Minister Anutin Charnvirakul takes office, raising uncertainty over the country’s digital asset future.
With Southeast Asia’s second-largest economy long viewed as a testing ground for crypto-friendly policies, analysts warn that Anutin’s government could slow the momentum built under his predecessors, reshaping the outlook for Thailand crypto adoption across tourism, retail, and fintech sectors.
Thailand crypto adoption is now under the microscope as Anutin’s minority coalition, anchored by pro-establishment parties, prepares its policy roadmap.
The new PM, often referred to as the “cannabis crusader” for his previous reforms, is expected to prioritize pragmatic economic policies over populist programs tied to digital assets.
“Anutin’s government may abandon policies like the digital wallet scheme for a more pragmatic agenda,” said Professor Thitinan Pongsudhirak, a political analyst at Chulalongkorn University, in a televised interview.
“That could stall momentum for Thailand crypto adoption, at least in the short term.”
One of the biggest uncertainties is the fate of the digital wallet initiative. Launched under former Prime Minister Srettha Thavisin, the scheme aimed to distribute 10,000 baht in digital money to all adults to boost domestic spending and GDP growth.
But the project quickly collapsed under financial and legal challenges, eroding public trust.
Former PM Paetongtarn Shinawatra later postponed the program, citing worsening economic conditions and U.S. trade tariffs.
Now, with Anutin at the helm, economists expect the plan to be shelved entirely — a move that could dampen Thailand crypto adoption momentum.
Despite political headwinds, Thailand crypto adoption has resilient foundations. Finance Minister Pichai’s recently announced TouristDigipay program remains on track.
The scheme, scheduled to launch in Q4 under a regulatory sandbox, will allow foreign travelers to convert digital assets into Thai baht for everyday spending during their stay.
“This initiative could transform how tourists interact with Thailand’s economy,” said Marcus Lim, CEO of Zipmex, in comments to Cryptopolitan.
“Tourism and crypto are natural partners, and Thailand is smart to explore this avenue even amid political change.”
Crypto investors remain cautious but optimistic. Since Anutin’s election, trading volumes on Thai exchanges like Bitkub and Zipmex have remained steady, suggesting that Thailand crypto adoption has not lost its core supporters.
“Leadership changes always create uncertainty, but Thailand has built one of the region’s most progressive crypto regulatory frameworks,” said Omer Ozden, CEO of RockTree Capital. “That foundation won’t disappear overnight.”
Thailand is not operating in a vacuum. Neighboring countries like Singapore and Vietnam are aggressively competing for digital asset leadership. If Anutin’s administration scales back supportive policies, Thailand risks losing ground in the race for crypto dominance.
“Thailand crypto adoption must be viewed in the broader ASEAN context,” said Rachel Lin, CEO of SynFutures. “If Thailand stalls, capital and talent will flow to Singapore or Vietnam instead.”
Looking ahead, the coming four months will be critical. Under Anutin’s agreement with the People’s Party, parliament may be dissolved by early 2025, potentially leading to yet another election. That uncertainty could unsettle markets and affect the trajectory of Thailand crypto adoption.
Still, the country’s regulatory sandbox programs and ongoing integration of digital payments in tourism signal that adoption is here to stay — though perhaps without the populist promises of the past.
While political turbulence clouds the short-term outlook, Thailand crypto adoption is unlikely to vanish. Instead, it will evolve under Anutin’s government, with cautious pragmatism replacing populist spending programs.
As global investors watch closely, Thailand’s balancing act between regulation and innovation could determine its long-term role in the digital asset economy.
