Thailand on the road to legalizing cryptos and online gambling: the Prime Minister's vision

Thailand on the road to legalising cryptocurrencies and online gambling: Optimistic visions of the former prime minister

Former Thai Prime Minister Thaksin Shinawatra has expressed strong support for the legalisation of stablecoins and online gambling, which could significantly boost the country's revenue. According to him, the Thai government loses nearly $4 billion a year in taxes from the online gambling industry. In a recent speech, Shinawatra called for the creation of a regulated ecosystem to tax and control the industry.

Following the recent passage of the Casino and Gambling Legalisation Bill, which aims to regulate the underground market, Thaksin pointed to the positive impacts of similar moves in Singapore. The bill is now awaiting approval by the House of Representatives.

Shinawatra also recommended that the Thai Securities Commission allow trading in stablecoins. He said the city of Phuket could be an ideal location to pilot test crypto payments. "It's just another currency in the world," he said.

Thailand has also recently initiated other steps in digital payments, distributing social benefits in digital money in July 2024, and the Bank of Thailand has completed a central bank digital currency pilot project. While the central bank has no plans to officially issue CBDC, the lessons learned will be used to develop the payment system in the future.

Thaksin Shinawatra thus sees the legalisation of cryptocurrencies and online gambling as an opportunity for innovation and increased revenue, which could positively impact the Thai economy.

*This is not an investment recommendation.

Coingarage team