According to Cointelegraph, former Thai Prime Minister Thaksin Shinawatra has expressed confidence in the safety of trading stablecoins and other tokens backed by tangible assets. He also urged the Thai government to consider legalizing online gambling as a potential revenue source. Shinawatra highlighted that the government could be missing out on nearly $4 billion in tax revenue from the online gambling sector. Speaking at an event on January 13, he encouraged Thai authorities to embrace the online gambling ecosystem, as reported by Reuters.
This recommendation coincided with the Thai cabinet's approval of a draft law known as the Entertainment Complex Business Act, which aims to legalize casinos and gambling. The proposed legislation seeks to establish entertainment complexes and casinos while taxing the country's underground gambling industry. Although Shinawatra is not part of the current administration, his political legacy continues to influence Thai regulation. His daughter, Paetongtarn Shinawatra, currently serves as the country's prime minister.
The current Prime Minister Shinawatra, when announcing the draft law's approval, referenced Singapore's successful implementation of similar measures, which positively impacted tourism and GDP. The Thai House of Representatives will need to pass the bill into law, though no deadline has been set. The former prime minister noted that the government is developing a plan to regulate and tax online gambling, estimating that taxing 20% of the sector could generate over 100 billion baht annually. He proposed a passport-type access system for monitoring online gambling activities.
In addition to his recommendations on gambling, Shinawatra has advocated for the adoption of stablecoins and other non-volatile cryptocurrencies. He urged Thailand's Securities and Exchange Commission (SEC) to permit the trading of stablecoins backed by assets. He suggested that Phuket could serve as a pilot site for testing crypto payments, asserting that there is no risk involved as it represents just another global currency.
Interest in digital payments is rising in Thailand. In July 2024, the government distributed a social-benefits payout to 45 million citizens in digital money, costing $13.8 billion. Additionally, the Bank of Thailand completed a pilot retail central bank digital currency (CBDC) project in April 2024. The central bank's report concluded that there are no immediate plans to officially issue a Retail CBDC, but it will continue to explore insights gained from the project to enhance the payment system.
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