Thailand’s former Prime Minister Thaksin Shinawatra, a key figure in the country’s political scene, has suggested that legalizing online gambling and cryptocurrency could bring huge financial benefits to Southeast Asia’s second-largest economy. Thaksin estimates that such a move could generate up to 100 billion baht ($2.89 billion) in annual tax revenues for the government.
Thaksin, 75, spoke at an event in Bangkok just hours after the Thai cabinet approved a draft law to legalize casinos. While he no longer holds a formal government position, his influence remains strong, especially as his 38-year-old daughter, Paetongtarn Shinawatra, is seen as a rising political figure and the current Prime Minister.
The former PM highlighted the significant activity in Thailand’s online gambling sector, noting that it involves two to four million users with total savings of around 300 billion baht and annual gains and losses of approximately 500 billion baht. He argued that by taxing this activity at 20%, the government could collect over 100 billion baht every year.
Thaksin pointed out that gambling has long been popular in Thailand, despite being mostly illegal. He argued that legalizing and regulating it would not only boost government revenue but also create jobs and attract more tourists. Successive governments, many of which were led or supported by Thaksin, have previously considered similar measures to retain money that currently flows into illegal markets.
To address concerns about the potential negative impacts of online gambling, Thaksin mentioned that the government is developing a system to control access. This system would include identification measures to prevent underage users and track gambling addicts.
He believes that the government could have something like a passport to control who can play without providing further details. This regulatory framework aims to ensure that gambling is conducted responsibly while allowing the government to monitor and manage the industry effectively.
In addition to his comments on online gambling, Thaksin called for Thailand to take a more open approach to cryptocurrency. He referenced the pro-crypto stance of U.S. President Donald Trump, who recently appointed Paul Atkins, an advocate for crypto deregulation, as head of the U.S. Securities and Exchange Commission (SEC).
Thaksin suggested that Thailand’s SEC adopt a more digital-forward strategy by allowing the trading of stablecoins, which are digital currencies backed by real-world assets. He believes this could position Thailand as a leader in the digital economy.
The former prime minister also revealed that the government is exploring the use of cryptocurrency for payments. A pilot program could potentially be launched in Phuket, a popular resort destination. He stressed that this initiative would pose no risk, describing cryptocurrency as a new type of currency.
Thaksin’s proposals come at a time when Thailand is seeking ways to boost its economy and stay competitive in the global market. Legalizing online gambling and embracing cryptocurrency could open new revenue streams and modernize the country’s financial system.
Seven months ago, the Thailand government approved the first spot Bitcoin ETF, making the nation one of the few to have given approval for this particular product.
