“Utility Tokens” to be used for “digital wallet” scheme

27 Sept 09:07 Key points summarised by AI

The Pheu Thai government proposes using "Utility Token Type 1" as a means of payment for its "digital wallet" scheme, distributing 10,000 baht to eligible Thai citizens.
This plan necessitates consultation with the Bank of Thailand and potential amendments to the Digital Assets Executive Decree, as utility tokens are not currently recognized as legal tender.
Implementing the required blockchain ecosystem and mandatory KYC (Know Your Customer) process is complex, time-consuming, and may delay the scheme's launch beyond six months, also involving a 100 baht fee per individual.
The 560 billion baht initiative aims to stimulate the national economy, with funding sources anticipated from increased tax collection, state budgets, or government borrowing.

Nationwide crackdown launched on illegal nominee shareholders and land holdings

Yesterday 15:20 Key points summarised by AI

Thailand's Prime Minister Anutin Charnvirakul initiated a nationwide crackdown on illegal Thai nominee shareholders in foreign-run businesses and land holdings to safeguard national interests.
The government will integrate efforts across all relevant agencies to target illicit foreign operations, forced sales of illegally acquired property, and high-risk land ownership schemes.
Key strategies include auditing suspect land and building holdings, establishing a long-term monitoring system, and cross-referencing data from various authorities to trace ultimate beneficial owners.
Prime Minister Anutin emphasized that no influential figures or corrupt officials are above the law, promising straightforward prosecution, asset seizures, and protection for enforcing officers.
Beyond land ownership, the integrated crackdown will also extend to tackle transnational crimes, including drug and human trafficking.