Thailand’s former PM bullish on legalizing crypto, online gambling

The former prime minister of Thailand, Thaksin Shinawatra, said there’s “no risk” in allowing the trade of stablecoins and other tokens backed by tangible assets. He also urged regulators to legalize online gambling for an added revenue stream.

According to Shinawatra, the Thai government is missing out on almost $4 billion (100 billion Thai baht) in tax revenue from online gambling. Speaking at an event on Jan. 13, he urged Thai authorities to legalize the online gambling ecosystem, Reuters reported. 

The recommendation came hours after Thailand’s cabinet approved a draft law — the Entertainment Complex Business Act — to legalize casinos and gambling. The law aims to allow the establishment of entertainment complexes and casinos and tax Thailand’s underground gambling industry.

Influence on Thai regulation through political legacy

Although Shinawatra is not part of the current administration, he retains significant influence over Thailand’s political landscape. His daughter, Paetongtarn Shinawatra, serves as the country’s prime minister.

When announcing the approval of the draft law, the current Prime Minister Shinawatra highlighted a similar implementation by Singapore, which had a drastic positive impact on the island nation’s tourism and gross domestic product (GDP). 

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The House of Representatives of Thailand will need to sign the bill into law. No deadline has yet been announced.

According to the former prime minister, the Thai government is working on a plan to regulate and tax online gambling. He said:

“Online gambling has two to four million Thai users with savings of 300 billion baht and gains and losses of about 500 billion per year. If we can tax 20% […] we would get more than 100 billion per year.”

Shinawatra explained that online gambling would involve a passport-type access system for monitoring purposes: “We would have like a passport to control who can play.”

Former Thai PM recommends crypto and stablecoin adoption

Building on his previous recommendation to study cryptocurrencies and continue related sandbox experimentations, Shinawatra advocated adopting stablecoins and other non-volatile cryptocurrencies.

He asked Thailand’s Securities and Exchange Commission (SEC) to allow the “trade of stablecoin, or coin that are backed by assets.” 

Shinawatra added that the Thai city of Phuket is a possible site for pilot testing crypto payments. “There will be no risk; it is just another currency in the world,” he said.

Rising interest in digital baht payments

In July 2024, Thailand distributed a social-benefits payout to 45 million citizens in digital money. The drive to spur the economy saw eligible Thais receive about $280, costing the government $13.8 billion.

Also, the Bank of Thailand completed a pilot retail central bank digital currency (CBDC) project in April 2024. 

In its concluding report, the Thai central bank said it had “no immediate plan to officially issue Retail CBDC.” Still, it will continue to leverage the resultant insights “to apply to new areas and future studies on enhancing the payment system.”

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