Emily Walker
Former Thai Prime Minister Thaksin Shinawatra has shared a bold vision for revising Thailand’s stance on online gambling and cryptocurrency regulations.
During a public discussion in Bangkok, Thaksin highlighted the economic advantages of legalizing online gambling, predicting it could produce more than 100 billion baht (around $2.89 billion) annually in government income.
Economic Benefits of Legalizing Online Gambling
While Thaksin does not hold an official government position, he is a significant political influencer and is believed to have a role in the current administration headed by his daughter, Paetongtarn Shinawatra.
His remarks align with a recent decision by the Thai cabinet, which approved a proposal to legalize casinos, and Thaksin’s recommendations further this discussion by advocating for regulation and taxation of the currently ambiguous online gambling market.
Thaksin envisions a control system that ensures age restrictions, protects vulnerable users, and addresses gambling-related issues. He proposes a “passport” system for monitored participation. He also remarked on the considerable economy tied to gambling in Thailand, albeit mainly illegal.
Thaksin mentioned that around 2 to 4 million Thais participate in online gambling, with total savings of 300 billion baht (approximately $8.62 billion), and annual betting activity of 500 billion baht (about $14.37 billion).
He suggested that by imposing a 20% tax on these activities, the government could secure over 100 billion baht each year, underlining a regulatory approach that balances fiscal gains and social protections.
Thaksin stressed that a controlled identification system for participants could help reduce harm, deter underage gambling, and closely monitor at-risk players.
This methodology draws from examples in countries where gambling is permitted but tightly controlled, opening up opportunities for Thailand to capitalize on this largely unregulated sector.
Promoting Cryptocurrency and Financial Advancement
Alongside gambling, Thaksin pushed for an increased acceptance of cryptocurrency within Thailand. Referencing advancements in the United States, particularly the supportive actions of President Trump and his choice of crypto-friendly officials, he urged Thai regulatory bodies to take a more favorable approach.
Thaksin requested that the Thai Securities and Exchange Commission (SEC) back stablecoins—asset-backed cryptocurrencies—and consider the feasibility of accepting cryptocurrency as a means of payment.
He indicated that the Thai government is contemplating a pilot initiative for crypto transactions, with the island of Phuket as a potential testing ground.
Thaksin contended that cryptocurrencies pose little risk and should be regarded as an additional currency to enhance international transactions. These initiatives could position Thailand alongside nations like Hong Kong and Singapore that are leveraging blockchain for economic innovation and to boost tourism.
Image created with DALL-E; Chart provided by TradingView