Table of Contents
Binance’s Thai subsidiary, Gulf Binance, has endorsed Prime Minister Thaksin Shinawatra’s proposal for a Bitcoin sandbox pilot in Phuket, while urging caution and thorough evaluation from the Bank of Thailand (BoT), according to a report on Wednesday in the Bangkok Post.
Nirun Fuwattananukul, CEO of Gulf Binance, described Thaksin’s proposal as a significant step for the country’s digital economy, highlighting how it aligns with global crypto adoption trends and Thailand’s economic strengths.
“[This initiative] not only reflects the momentum of crypto adoption but also demonstrates that leaders at the highest level are embracing these transformative technologies. As more countries adopt digital assets and cryptocurrencies, Thailand must not be left behind," Nirun told the broadsheet.
Leveraging Phuket’s Strategic Appeal
Phuket, a global tourism hub, could serve as an ideal testbed for integrating Bitcoin payments into Thailand’s economy, said Nirun. By doing so, the country could attract tech-savvy tourists and investors, bolstering its competitiveness in the global market.
“Given our reliance on tourism and foreign inflows, a controlled integration of cryptocurrencies could align perfectly with our strategic goals,” he added.
Cryptocurrencies remain a volatile and evolving asset class, presenting challenges in security, regulation, and economic impact. Nirun praised the proposed sandbox approach for mitigating these risks by allowing controlled experimentation.
“A successful pilot project in Phuket could position Thailand as a regional leader in digital innovation. It could enhance our global reputation as a progressive nation ready to embrace the future of finance while maintaining a responsible and regulated approach."
Regulatory Hurdles Ahead
Currently, the BoT prohibits the use of Bitcoin and other cryptocurrencies for payments. To move forward, a collaborative framework involving the BoT and the local Securities and Exchange Commission is required.
Key areas regulators must address include currency controls, financial safeguards, and policy coordination.
Nirun emphasized that Thailand must learn from other countries like the US and Japan, tailoring solutions to fit its unique economic and regulatory context.
Nirun believes it would enhance the country’s global reputation as a progressive, forward-looking economy.
However, he stressed the importance of balancing innovation with prudence, ensuring that any rollout is carefully managed to avoid potential disruptions to Thailand’s financial system.
