Thailand is turning to two of the global crypto world’s most influential figures—Movement Labs Co-founder Rushi Manche and dao5 Founder Tekin Salimi. Wai Man Raymond Chu, Director of TIDC, today announced the inclusion of these two prominent figures as advisors to spearhead the nation’s blockchain and crypto initiatives.
“TIDC is pleased to announce that esteemed global experts have embraced our invitation to participate in the advancement of Thailand’s blockchain technology,” Chu remarked.
“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,” he mentioned.
“Within the cryptocurrency and blockchain sector, both individuals possess a highly esteemed reputation and are regarded as significant figures with whom numerous organizations aspire to collaborate. Their extensive experience in venture capital, blockchain security, and decentralized finance (DeFi) will significantly contribute to Thailand’s emergence as a premier digital and financial hub within Southeast Asia,” he added.
Thailand International Digital Business & Finance Centre (TIDC) is a collaborative initiative supported by the Ministry of Digital Economy and Society (MDES) and National Telecom Public Company Limited (NT). It has been at the forefront of Thailand’s strategy to attract investments, nurture startups, and drive digital transformation across the country. With a focus on developing regulatory sandboxes, enhancing cybersecurity, and fostering public-private partnerships, TIDC aims to leverage the expertise of Manche and Salimi to drive its blockchain and crypto ambitions.
Tekin Salimi, Founder of dao5, a $500 million crypto venture fund
Tekin Salimi is an entrepreneur, venture capitalist, and former lawyer who founded dao5, a cryptocurrency asset management fund managing over $500 million in assets.
Dao5 is designed to evolve into a Decentralized Autonomous Organization (DAO), an innovative structure where decision-making is driven by blockchain-based governance rather than centralized control. Previously, Salimi served as a General Partner at Polychain Capital, a leading crypto investment firm, where he identified and supported high-potential blockchain projects that have since shaped the global cryptocurrency landscape.
Salimi’s role at TIDC will be instrumental in positioning Thailand as a regional hub for blockchain investment and innovation.
By leveraging his extensive network of crypto investors and startups, he will attract world-class blockchain technology initiatives to Thailand and draw foreign investment capital into the country.
His deep understanding of institutional and individual adoption of cryptocurrencies will also aid in formulating policies and frameworks that integrate blockchain technology into Thailand’s financial sector in a sustainable and secure manner.
Rushi Manche, Co-founder of Movement Labs, a $3 billion blockchain development firm
Rushi Manche is the Co-founder of Movement Labs, a blockchain development firm dedicated to advancing security and efficiency in blockchain networks.
Movement Labs is at the forefront of developing the Move programming language, an emerging technology originally designed for Facebook’s blockchain project that is now gaining traction in the broader blockchain ecosystem. As of January 2025, Movement Labs is raising a $100 million Series B funding round, aiming for a $3 billion valuation.
Manche’s appointment as an advisor to TIDC will be crucial in developing a secure and scalable blockchain infrastructure for Thailand. His expertise in blockchain security and smart contract programming will help ensure that Thailand’s digital finance ecosystem is resilient against cyber threats while remaining adaptable for large-scale applications.
Thailand’s Evolving Crypto Landscape
Thailand has been proactive in embracing blockchain and cryptocurrency technologies. In 2023, approximately 13 million Thai people used cryptocurrency, accounting for about 18% of the population.
The country’s regulatory framework has been evolving to support this growth, with the government introducing measures to attract foreign funds and facilitate investment in the financial sector. A new financial business law is planned to create a ‘one-stop authority’ agency responsible for setting regulations and issuing licenses for key financial areas, including digital assets.
The Thai crypto market is also witnessing a shift from retail to institutional focus. Institutional interest in regulated tokenized securities and investment products is on the rise, indicating a maturing market.
This transition is expected to bring more stability and attract significant investments into the country’s digital asset ecosystem.
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Government Initiatives and Regulatory Environment
The Thai government has been actively exploring the integration of cryptocurrencies into its financial system. Former Prime Minister Thaksin Shinawatra advocated for the legalization of online gambling and encouraged financial institutions to embrace cryptocurrency, suggesting the possible use of stablecoins. The government is considering allowing crypto payments, starting with a pilot in Phuket.
However, the Bank of Thailand has expressed caution regarding cryptocurrencies, citing concerns over their stability and the potential for a fragmented payment system. The central bank emphasizes the effectiveness of the existing digital payment platform, PromptPay, and remains wary of the risks associated with widespread crypto adoption.
Thailand to advance its digital economy through blockchain and cryptocurrency
The appointments of Tekin Salimi and Rushi Manche as advisors to TIDC signify Thailand’s commitment to advancing its digital economy through strategic investments in blockchain and cryptocurrency technologies. Their combined expertise is expected to drive key government initiatives, such as the development of stablecoins, enhanced cryptocurrency adoption, and blockchain-powered financial services.
By integrating their insights into TIDC’s mission, Thailand aims to become a leader in blockchain innovation, attracting new businesses, creating job opportunities, and fostering financial inclusion. Their involvement will also support the establishment of the Digital Economy Regulatory Sandbox (DERS), allowing private and public sectors to experiment with cutting-edge blockchain solutions under a well-regulated framework.
As Thailand navigates the complexities of integrating blockchain technology into its financial system, the guidance of seasoned experts like Salimi and Manche will be invaluable in ensuring a balanced approach that promotes innovation while safeguarding economic stability.
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