Thailand’s Ex-PM bids for crypto and gambling legalization

Former Thai Prime Minister Thaksin Shinawatra is betting big on legal online gambling to pump the country’s revenue. He estimates that this move could bring in 100 billion baht ($2.89 billion) annually. Thaksin also calls for pro-crypto reforms, urging Thailand’s SEC to embrace stablecoins and digital assets.

Thailand recently approved a draft law that would legalize gambling and casinos with an aim to turn the nation into a tourism and revenue powerhouse. Underground gaming and gambling thrive in Thailand despite the activity being illegal.

Thaksin calls for crypto and gambling reform

As per reports, Thaksin anticipates that a partial legalization will create jobs and boost tourism as it will bring in huge sums of money that the country is losing now. He cited the incoming US President Donald Trump’s pro-crypto stance in front of Thailand’s financial institutions to be more open to crypto.

Gambling is mostly illegal in Thailand yet wildly popular in the region. Thaksin says that there are 2-4 million Thai users already engaging in online gambling with savings of 300 billion baht ($8.6 billion), knocking gains and losses of about 500 billion baht per year ($14.3 billion). He suggests that a 20% tax would result in around 100 billion baht per year ($2.4 billion) in revenue.

Speaking after the cabinet approved a casino draft law, the former PM suggested using a “passport-like” ID system to regulate access. This will ensure that no underage users or gambling addicts slip through the cracks.

The former prime minister is also advocating for Thailand’s SEC to look over crypto. He is pushing for stablecoin trade and crypto-backed payment systems.

Thailand’s government is considering adding crypto as a form of payment, with Phuket being a possible site for a pilot. He even mentioned that there is no such risk in crypto as it is just another currency in the world.

Fresh rules are on the way

Thailand’s government has already moved ahead with a draft law to parliament that would legalize gambling in large-scale entertainment complexes. The new law will put the country in line with Cambodia, Singapore, and the Philippines which are making profits from casinos.

Deputy Finance Minister Julapun had reportedly predicted that legal casinos could boost tourism revenue by $3.45 billion to $6.32 billion. It can also increase foreign visitor numbers by 5%-10%.

Bitcoin’s (BTC) recent leap and Donald Trump’s crypto promises have brought the digital assets market into the spotlight globally. BTC price went on to hit an all-time high (ATH) of above $108K on December 17, 2024. Bitcoin is trading at an average price of 96,608 as of press time.