Thaksin Shinawatra advocates for $4B boost from crypto and gambling

Former Thai Prime Minister Thaksin Shinawatra has expressed strong support for the legalisation of online gambling and the adoption of stablecoins in Thailand.

Speaking at an event on January 13, he stated that allowing the trade of stablecoins and tokens backed by tangible assets poses "no risk" to the economy.

Thaksin highlighted that the Thai government is missing out on nearly $4 billion (100 billion Thai baht) in potential tax revenue from online gambling.

He urged regulators to create a legal framework for online gambling to tap into this revenue stream.

The recommendation coincided with the Thai cabinet's approval of a draft law known as the Entertainment Complex Business Act, which aims to legalise casinos and entertainment complexes in the country.

This legislation seeks to regulate and tax Thailand’s underground gambling industry, which has been largely unregulated despite its popularity.

Thaksin noted that legalising online gambling could generate over 100 billion baht annually if taxed at a rate of 20%.

He proposed a monitoring system similar to a passport for users to ensure compliance and track participation in online gambling activities.

Despite not holding office, Thaksin remains influential in Thailand's political landscape, particularly through his daughter, Paetongtarn Shinawatra, who currently serves as prime minister.

He referenced Singapore's successful legalisation of casinos, which significantly boosted tourism and GDP, as a model for Thailand.

In addition to gambling, Thaksin advocated for the trading of stablecoins, suggesting that Thailand’s Securities and Exchange Commission (SEC) should permit such transactions.

He proposed Phuket as a potential pilot city for testing cryptocurrency payments, asserting that stablecoins would function like any other currency globally.

Thaksin's push for these reforms comes amid Thailand's ongoing exploration of digital currencies.

In July 2024, the government distributed digital payouts to citizens as part of a social benefits initiative, while the Bank of Thailand completed a pilot project for a retail central bank digital currency (CBDC) in April 2024.