Srettha Thavisin, renowned for his role as the ex-president and CEO of Sansiri, one of Thailand’s prominent real estate developers, has been elected as Thailand’s next prime minister by the country’s parliament on August 22. Thavisin’s ascent is noteworthy due to his history of engagement in cryptocurrency ventures.

Thavisin’s association with Sansiri, a major real estate firm, has seen it support crypto endeavors such as XSpring. The Pheu Thai Party, nominating Thavisin as the sole candidate, secured his victory with 482 votes out of a potential 747 in parliament.

With his background potentially influencing Thailand’s crypto landscape, Thavisin’s past involvement with Sansiri holds significance. In 2021, Sansiri played a pivotal role in a $225 million fundraising effort for XSpring Capital, a crypto-friendly investment management firm. XSpring subsequently launched a comprehensive cryptocurrency trading platform in 2022, aiming to attain a top-three position in the crypto exchange market by 2025.

Sansiri, under Thavisin’s leadership, also introduced its own token, SiriHub Token, through XSpring in 2022. This real estate-backed initial coin offering issued 240 million tokens to the public.

Thavisin’s affiliation with the Pheu Thai Party brought forward a proposal to allocate money to Thai citizens through digital currency if the party achieved electoral success. Set to assume office by September’s end, Thavisin’s crypto background may impact Thailand’s cryptocurrency policies.

In a recent statement on the social media platform X (formerly Twitter), Thavisin emphasized his commitment to enhancing the nation’s economy and well-being, focusing on eradicating poverty and inequality.

Thailand’s move to provide tax breaks for companies issuing investment tokens underscores the country’s growing openness to cryptocurrency ventures, with expectations of generating 128 billion baht ($3.7 billion) in the coming two years.