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TIDC Appoints Leaders to Drive Thailand’s Digital and Blockchain Revolution

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  • Thailand International Digital Business & Finance Center has appointed Rushi Manche and Tekin Salimi as advisors to advance its blockchain technology.
  • Global Leaders assigned to Shape Thailand’s Blockchain Vision

Thailand has set out to position itself in the global digital economy, Thailand International Digital Business and Financial Center (TIDC) appointed two leading figures in the blockchain space: Tekin Salimi and Rushi Manche to help promote blockchain further. 

On February 5th, a report was released that Wai Man Raymond Chu, the Director of Thailand International Digital Business & Finance Centre (TIDC), confirmed the appointment of Tekin Salimi and Rushi Manche as blockchain advisors. They are internationally known for their expertise in the  blockchain technology.

Chu expressed his hope that the through the inclusion of these prominent figures, there would be will growth and development in Thailand’s blockchain and cryptocurrency sectors. Their involvement is strategically planned as it is expected to help provide guidance and strengthen the country ongoing initiatives.

Raymond Chu further stated that “TIDC is pleased to announce that esteemed global experts have embraced our invitation to participate in the advancement of the country’s blockchain technology. This collaboration occurs at a pivotal moment as the nation embarks on the era of digital finance, which serves as a cornerstone for economic transformation” 

Global Leaders to Shape Thailand’s Blockchain Vision

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Tekin Salimi, an entrepreneur, venture capitalist, and former lawyer. The current  founder of dao5, a pioneering cryptocurrency asset management fund with assets over $500 million. The fund is designed to transition into a Decentralized Autonomous Organization (DAO), where blockchain-based governance drives decision-making instead of centralized control.

Prior to ‘founding’ dao5, Salimi was a Partner at Polychain Capital, a top crypto investment firm, where he played a vital role in identifying and supporting high-potential blockchain projects that have significantly impacted the global cryptocurrency ecosystem. 

As an advisor to the Thailand International Digital Business & Finance Centre (TIDC), Salimi is expected to offer guidance on positioning Thailand as a regional blockchain investment hub, while helping craft secure and sustainable policies that integrate blockchain technology with the country’s financial sector.

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Rushi Manche on the other hand, is the co-founder of Movement Labs, a firm that specializes in blockchain development, and enhancing security and efficiency within decentralized networks. Movement Labs plays a significant role in the advancement of the Move programming language, which was initially created for Facebook’s blockchain initiative, and now gaining widespread adoption in the blockchain community.

In January 2025, the company was in the process of raising a $100 million Series B round, targeting a valuation of about $3 billion, reflecting its prominence in the industry.

Manche will be significantly instrumental in developing Thailand’s blockchain infrastructure, and making sure it is secure and also scalable. His prior knowledge of blockchain security and smart contract programming will play a part in safeguarding Thailand’s digital finance landscape from cyber threats.

Related Reading | Ripple (XRP) Set for Potential 1500% Surge as Historical Patterns Resurface

Thailand proposes banning Polymarket in crackdown on illegal crypto gambling

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  • Polymarket traded $515M in early 2025 amid global gambling scrutiny.
  • Thai SEC explores local listing for spot Bitcoin ETFs to expand market.
  • Thailand ranks 16th globally in crypto adoption, Chainalysis reports.

The Thai cybercrime authorities are mulling shutting down Polymarket, a peer-to-peer prediction marketplace where people can place bets on events with cryptocurrency. The nation’s Cyber Crime Investigation Bureau (CCIB) has raised the alarm over the site as being against the country’s gambling laws. Based on the authorities, the service Polymarket employs crypto for betting on various subjects, including political, sporting, and economic, and can be considered an illegal gambling platform based on Thai legislation.

The authorities have expressed concerns regarding the platform’s use of cryptocurrency since it makes it difficult to crack down on it. The bets are placed using blockchain, which makes it almost impossible to regulate and monitor the betting and its possible abuse. The Thai cyber police claim that the shutdown of Polymarket is crucial to prevent people from engaging in unlawful gambling and stop using cryptocurrencies for criminal activities.

Global Crackdown on Polymarket

Other countries such as Singapore, Taiwan, and France have also moved to limit or ban the use of the service. For instance, the Remote Gambling Act of Singapore bans any online betting site that operates without the approval of the Singaporean authorities. This has resulted in Polymarket being blocked in the country. Taiwan has also arrested an individual who used the platform to place bets on the elections. In France, local regulators are investigating whether Polymarket is following the country’s gambling legislation.

Nevertheless, Polymarket is still functioning in some areas. The platform remains active in providing prediction markets for different events such as Super Bowl and political elections and has received high traffic in trading. Dune Analytics reported that Polymarket achieved a trading volume of $515 million in 15 days in 2025, proving that the platform has many users.

Thailand’s Digital Asset Landscape

Although the Thai police are arresting people involved in crypto betting, the country is also considering other changes to the laws concerning cryptocurrencies. The Thai Securities and Exchange Commission is considering permitting the trading of spot Bitcoin ETFs on local exchanges. This reflects the ongoing effort to expand the services for cryptocurrencies as more people embrace digital assets and create more investment opportunities for retail and institutional investors.

The country has witnessed an increased uptake of cryptocurrency trading, with the number of active crypto trading accounts rising by more than twofold in 2024. By November 2024, the number of active crypto accounts in Thailand was 270,000, up from 117,000 in the previous year. Such figures show that more people are turning to digital assets, even with issues like the ones that Polymarket faces.

Crypto Exchange Bitkub Faces Onslaught: 238,000 Accounts Surge

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Bitkub Capital Group Holdings, the prominent force behind Thailand’s largest crypto exchange, is gearing up for a significant move – an initial public offering (IPO) slated for 2025. In a recent interview, CEO Jirayut Srupsrisopa unveiled the company’s ambitious plans to debut on the Stock Exchange of Thailand, aiming to elevate its stature and secure additional funds. This strategic step underscores Bitkub’s commitment to solidify its position in the rapidly evolving crypto landscape.

The decision to go public comes as Bitkub faces intensifying competition in Southeast Asia’s thriving crypto market. Recent months have witnessed formidable contenders like Binance and Kasikornbank Pcl aggressively vying for market dominance, posing formidable challenges to Bitkub’s market share. Despite the escalating competition, Bitkub remains resilient, with the number of active crypto trading accounts in Thailand soaring to new heights, reaching 238,000 in March – a testament to the enduring appeal of cryptocurrencies among investors.

Bitkub’s journey towards IPO gained momentum following its strategic divestment last year, wherein it sold a significant stake in its crypto exchange unit, Bitkub Online Co., to Asphere Innovations Pcl. This move not only injected substantial capital into the company but also bolstered its valuation, signaling robust growth prospects ahead.

Crypto Boom Drives Bitkub’s Workforce Expansion Plan

As the digital asset market experiences a resurgence, fueled by Bitcoin’s rally to record highs, Bitkub is capitalizing on the momentum by expanding its operations. Despite previous workforce reductions, the company is now on track to ramp up its headcount, aiming to increase its workforce to 3,000 employees by 2025, underscoring its commitment to scale and innovation.

However, Bitkub’s journey to IPO hasn’t been devoid of challenges. Regulatory scrutiny, exemplified by the aborted acquisition attempt by SCB X Pcl, has underscored the evolving regulatory landscape surrounding digital assets. Despite setbacks, Bitkub remains undeterred, navigating regulatory complexities while forging ahead with its strategic objectives.

In essence, Bitkub’s forthcoming IPO represents a pivotal moment in its trajectory, signifying its evolution from a leading crypto exchange to a publicly listed entity. With its sights set on expansion and innovation, Bitkub is poised to shape the future of Thailand’s crypto ecosystem, charting a course towards sustained growth and resilience in the dynamic world of virtual assets.

Bitcoin ETFs Limited to Elite Investors in Thailand

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Bitcoin Exchange-Traded Funds (ETFs) take center stage as Thailand’s Securities and Exchange Commission (SEC) approves private funds. This decision marks a pivotal moment in the country’s financial landscape, but with a catch—only institutional investors and ultra-high-net-worth individuals will have access to these funds.

The announcement, made by SEC secretary-general Pornanong Budsaratragoon, follows the US SEC’s approval of trading spot Bitcoin ETFs, reclassifying them as securities assets. Consequently, Thai securities firms can now engage in investments in these ETFs, albeit with limitations.

The rationale behind restricting access to institutional and high-net-worth investors stems from the inherent risk associated with digital assets, particularly Bitcoin. Ms. Pornanong highlighted the need for cautious consideration due to this risk factor, emphasizing the importance of aligning with existing regulations while venturing into this burgeoning sector.

Riding the Bitcoin Wave

As Bitcoin prices surge to record highs, surpassing the $71,500 mark per coin, the timing of the SEC’s approval couldn’t be more opportune. This move opens avenues for Thai investors to capitalize on the cryptocurrency’s momentum while ensuring regulatory compliance and investor protection.

Moreover, alongside facilitating Bitcoin investments, the SEC has also approved measures proposed by the Stock Exchange of Thailand (SET) aimed at bolstering market supervision and enhancing investor confidence. These measures encompass tighter oversight on short-selling transactions, naked shorting, program trading, and high-frequency trading, all geared towards curbing stock price volatility.

The SEC’s proactive stance not only reflects Thailand’s commitment to fostering innovation in its financial markets but also underscores its dedication to upholding market integrity and investor interests. By striking a balance between facilitating access to emerging asset classes like Bitcoin and implementing robust regulatory frameworks, Thailand aims to position itself as a progressive hub for financial innovation while safeguarding the stability of its markets.

In essence, the SEC’s approval signifies a significant milestone in Thailand’s journey towards embracing digital assets, offering a glimpse into the future of finance while ensuring responsible and regulated investment practices.

Thailand Boosts Crypto Market With VAT Exemption

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To solidify Thailand’s crypto hub position, the Ministry of Finance has rolled out a significant tax exemption on digital asset transactions. Effective January 1, 2024, with no predetermined end date, this exemption from value-added tax (VAT) underscores the nation’s commitment to fostering innovation and growth within its burgeoning cryptocurrency ecosystem.

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Thailand has been conspicuously growing on the cryptocurrency scene as the country vies with leading nations in the adoption and development of the cryptocurrency market. What makes Thailand unique is its rich ecosystem, with banks venturing into digital assets.

In fact, these financial giants have placed their bets on startups and ventures related to artificial intelligence, firing up the presence of Thailand in the spotlight with digital assets. In the “Global Crypto Adoption Index” published by Chainalysis for the year 2023, Thailand ranked in the top three countries whose middle-income nations had led in the adoption of cryptocurrency.

Regulatory Reforms Signal Bright Future for Crypto

Paopoom Rojanasakul, the Secretary to the Finance Minister, said the vision of the Ministry of Finance on assets is that they act as an important tool in promoting fundraising within the country. Therefore, the government has outlined that the exemption of VAT on trading in digital assets is set to drive the growth of the crypto industry, which underpins Thailand’s digital economy in the years ahead.

This would also cover brokers and dealers licensed by the Securities and Exchange Commission (SEC) and authorized asset exchanges. This strategic move aligns with Thailand’s aspiration to emerge as a powerhouse in the digital asset landscape.

Further, the authorities are working on revising the 2019 Securities and Exchange Act to be able to categorize digital investment tokens as a security. This is going to be useful in helping to simplify frameworks. Build investor confidence. More so, with Thailand pulling asset investors into the country, such updated tax policies are likely to generate even more growth in the digital asset market.

Embracing the opportunities in developing digital assets, Mr. Paopoom emphasized that the government plays a part in ensuring stability within the financial system and delicate innovation, as well as the provision for the protection of economic integrity.

The exemption from VAT on such transactions of digital assets, however, is a testament that the nation has a commitment to embracing the future of finance. All this is while Thailand charts its way towards being a digital asset hub through the complexities of regulatory oversight and economic stability.

Related Reading | Solana Outage Shocker: Was It Sabotage?

Binance Thailand Unveils Trading Opportunities in the World of Cryptocurrency

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Binance and Gulf Innova, a subsidiary of Gulf Energy Development, jointly announced the commencement of trading on their collaborative cryptocurrency exchange, Binance Thailand.

“We are deeply humbled to finally announce the launch of our local platform to the general public in Thailand. Over the past year, we have been working closely with Thai regulators, putting substantial effort into detailed planning,” Nirun Fuwattananukul, CEO of Gulf Binance, said in a statement.

Binance Thailand Commences Crypto Trading

Binance Thailand is now providing digital asset exchange services featuring trading pairs with the Thai baht, while establishing integration with local banks in Thailand. Additionally, the exchange has entered into a partnership with this echange Kazakhstan to offer brokerage services, all operating under the regulatory oversight of Thailand’s Securities and Exchange Commission (SEC), according to a company statement.

The joint venture, led by Binance and Gulf Innova, ensures the full functionality of this exchange Thailand is accessible to the general public in the country. Richard Teng, the CEO of this exchange, emphasized the company’s commitment to maintaining high standards of security, transparency, and service quality in the cryptocurrency space. Teng expressed confidence in the transformative potential of blockchain technology and digital assets, particularly in fostering financial inclusion.

The strategic move is considered a significant step forward, positioning Thailand as a key player in the global digital finance landscape. BN Thailand received official approval from Thailand’s Ministry of Finance in May of the preceding year, securing a license to establish a regulated cryptocurrency exchange and brokerage. This regulatory endorsement underscores the exchange’s compliance with the legal framework and commitment to fostering a secure and transparent environment for cryptocurrency trading within Thailand.

Gulf Binance Launches Operations in Thailand, Sets Eyes on Early 2024 Public Opening

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Gulf Binance, the collaborative effort between global cryptocurrency giant Binance and Gulf, officially commenced operations in Thailand on November 10, 2023. The joint venture, known as Gulf Binance, is set to follow Thailand’s regulatory framework, as stipulated by the Securities and Exchange Commission (SEC). While the platform has initially opened its doors to invited users, plans are in place to extend services to the general public in early 2024.

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Gulf Binance Launches Operations in Thailand, Sets Eyes on Early 2024 Public Opening 5

The announcement comes after Gulf Energy Development revealed on May 26, 2023, that it had secured a license to operate its digital asset business. Gulf Binance, a subsidiary of Gulf Innova, a firm wholly owned by Gulf Energy Development, has now received the green light from the SEC to commence its digital asset operations.

Gulf Binance Compliance with Thai SEC Regulations

The platform is designed to offer services such as digital asset trading and acting as a digital asset broker for both cryptocurrencies and digital tokens. Emphasis has been placed on security, with the platform being initially accessible to users through invitation only. A broader public launch is scheduled for early 2024.

Binance, in a blog post, highlighted the collaborative efforts made since the joint venture agreement in 2022, stating, “Ever since reaching an agreement around a joint venture back in 2022, Binance and Gulf have been working closely with Thailand’s regulators to ensure the formation of a compliant-first exchange that strictly adheres to the SEC’s guidelines.”

The collaboration aims to bring international standards to the Thai market and contribute to the progress of the country’s blockchain ecosystem. Gulf Binance plans to provide digital asset infrastructure and blockchain technology, aligning with the company’s vision for a secure and regulated cryptocurrency exchange in Thailand.

Binance’s expansion into Thailand is part of its global strategy to increase its presence and regulatory compliance. Earlier this year, Binance secured its seventh regulatory license in the European Union with a new registration in Sweden.

However, the exchange faces regulatory challenges in various jurisdictions, including the United States, Canada, and Australia. The move into the Thai market represents both an opportunity and a challenge for Gulf Binance as it navigates the evolving landscape of cryptocurrency regulations worldwide.

Related Reading |  Paxos Launch Regulatory-Compliant Stablecoin in Singapore

Crypto Enthusiast Takes the Helm as Thailand’s New Prime Minister

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Before entering the political realm, Srettha served as the CEO of Sansiri, a real estate firm deeply engaged in the nation’s cryptocurrency field. In 2021, Sansiri invested a 15% share in the Thai digital asset service provider XSpring, which collaborates with Krungthai Bank to run a cryptocurrency brokerage and holds a licensed ICO portal. A year later, Sansiri introduced the “SiriHub Token” on the XSpring platform, a token resembling a real estate investment trust (REIT) that generates dividends from Sansiri Campus, a significant development project by the company.

The conclusion of political tensions and the selection of Srettha Thavisin as Thailand’s upcoming Prime Minister indicates the likelihood of a 10,000 THB ‘airdrop’ event. Srettha Thavisin, a real estate entrepreneur, has been designated as Thailand’s next Prime Minister as the Pheu Thai party gains authority following a contentious election.

Crypto Airdrop Initiative on a National Scale

At the heart of Srettha’s electoral campaign lies a commitment to a nationwide ‘airdrop’ strategy, where each Thai citizen would receive 10,000 Thai baht ($300). This sum of 10,000 baht (THB) is intended for every Thai resident aged 16 and above. Notably, it can only be utilized within a four-kilometer radius of their residence, as clarified by a spokesperson from the political party in dialogue with the Bangkok Post.

The distribution process for this airdrop involves the utilization of a specially created national token, distinct from any existing digital assets or cryptocurrencies. This token can later be converted into cash by merchants at specific banks.

However, this initiative has attracted its fair share of critics due to its substantial cost, projected to amount to 500 billion THB ($14.3 billion). Moreover, concerns have been raised about the adoption of blockchain technology for this purpose, especially when Thailand already employs established digital banking schemes.

Udomsak Rakwongwan, co-founder of FWX.finance, a decentralized derivatives platform, expressed reservations about the strategy: “While I’m an advocate for blockchain adoption, the use of blockchain and tokens in this campaign might be excessive.” He pointed out that the majority of Thai citizens are already accustomed to using Paotang, a digital banking wallet designed for governmental initiatives, which could be a simpler and more feasible option compared to a potentially intricate blockchain solution.

Udomsak foresees that the new government will likely continue to introduce more permissive regulations concerning cryptocurrencies, potentially resulting in a surge of Thai cryptocurrency projects. He remarked, “Thailand’s cryptocurrency landscape is rapidly evolving,” citing Sansiri’s involvement with Initial Coin Offerings (ICOs) as an example.

Crypto Crackdown: Thailand Takes Aim at Facebook Scam Ads

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Crypto stands firm as Thailand’s Ministry of Digital Economy and Society challenges Meta’s Facebook, warning of potential legal measures unless the platform takes active steps to combat the surge of cryptocurrency scam ads. This stance declared on Monday, emphasizes the mounting apprehension about the unregulated propagation of deceptive tactics within the digital landscape.

The Ministry’s decision to potentially seek the closure of Facebook in the country is a response to the platform’s alleged failure to combat scam ads, some of which are linked to cryptocurrencies. These ads have enticed victims with promises of substantial returns on investments, primarily within the realm of digital coins and cryptocurrencies. With more than 200,000 individuals reportedly affected by these scams, the Ministry’s intention to take the matter to court signifies a significant step towards regulating online fraud.

Evidence of Facebook’s complicity in these scams is being amassed by the Ministry, with plans to present it before a local court. By doing so, Thailand aims to hold the social media giant accountable for allowing these scams to proliferate on its platform. The Ministry’s move is not just a reaction to financial losses incurred by victims, but also a reflection of the broader threat that such scams pose to the integrity of online spaces.

Crypto Celebrity Exploitation: Trust Undermined by Scammers

A particularly troubling aspect of these scams is the exploitation of celebrity images to gain victims’ trust. By leveraging the recognition and credibility associated with well-known personalities, scammers manipulate individuals into believing the legitimacy of their offers. This underscores the sophistication of modern online scams and highlights the need for platforms like Facebook to be proactive in implementing measures that can thwart such tactics.

Facebook’s response to this situation will undoubtedly set a precedent for how social media platforms address fraudulent activities on their platforms. The Ministry’s insistence on a more proactive approach from Facebook aligns with the growing global emphasis on the accountability of tech companies for the content they host. Whether this standoff will lead to Facebook adopting stricter measures to identify and remove scam advertisements or a potential shutdown in Thailand, the case serves as a reminder that the digital age necessitates responsible oversight.

In conclusion, Thailand’s Ministry of Digital Economy and Society’s threat to take legal action against Facebook showcases the escalating battle against cryptocurrency-related scams on social media platforms. By targeting Facebook’s inaction against fraudulent advertisements, the Ministry aims to safeguard its citizens from financial harm. This development underscores the pressing need for robust measures to combat online scams and emphasizes the shared responsibility of tech companies to create secure digital environments.

Binance Creates History As It Secures First License In Southeast Asia

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Binance receives the green light from Thailand’s SEC to operate a crypto exchange and brokerage. This is its first license in Southeast Asia, thanks to the partnership with Gulf Energy Development, one of Thailand’s largest private power producers.

As per local sources, Binance will start operations in the fourth quarter of 2023 as a 51-49 joint venture with Gulf Innova, the fintech arm of Gulf Energy, which invested $20 million for a 0.4% stake in Binance’s U.S. operation. 

Speaking on the development, Richard Teng, regional head of Asia stated, “By harnessing Binance’s expertise together with Gulf’s established local presence and network, the exchange aims to showcase the full potential of blockchain technology to meet the needs of Thai users.”

With Binance’s entry, the local crypto market, currently dominated by Bitkub, will have a competitive platform. For the record, the CZ-led trading firm is the largest digital asset exchange in the world by trading volume.

Notably, homegrown Bitkub’s market share increased by almost 75%, when its nearest rival and no 2 Zipmex filed for bankruptcy after the Terra Luna fiasco in mid-2022.

In addition, the harsh crypto winter wiped out investors’ funds, with Thai digital asset exchanges experiencing a 79% decline in trading volume in 2017, which finally contributed to the demise of the global exchange FTX.

Further, Teng said that Thai users “can expect access to a trusted and regulated service that prioritizes user security alongside compliance with local regulations” from Binance. 

Recently, the crypto behemoth declared that it would discontinue various trading pairs, including those for well-known coins like Cardano [ADA], Ripple [XRP], and Polygon [MATIC].

Binance Removed ADA, SHIB Trading Pair

The Shiba Inu [SHIB] token has also been impacted by this change, which is scheduled to go into effect on June 1, 2023, at 6:00 a.m. UTC.

The list of affected pairs also includes the newly delisted SHIB/AUD, XRP/AUD, MATIC/AUD, and ADA/AUD. Aside from these, trading pairs for AUD/BUSD, AUD/USDT, BNB/AUD, BTC/AUD, DOGE/AUD, ETH/AUD, and GALA/AUD will also be discontinued.

Continuing its expansion, Binance embarked on the NFT lending scene by rolling out a new feature that allowed users to borrow cryptocurrencies using NFTs as collateral.

According to sources, the Binance NFT marketplace presently allows borrowing of ether [ETH] against popular or “blue-chip” NFTs including Bored Ape Yacht Club [BAYC], Mutant Ape Yacht Club [MAYC], Azuki, and Doodles.