Former Thai Prime Minister Thaksin Advocates for Legalising Online Gambling and Adopting Crypto, Believing They Could Potentially Bring Thailand Billions

Thailand’s Former Prime Minister Advocates for Legalising Online Gambling and Crypto

Thaksin Shinawatra, the former prime minister of Thailand, has called for bold economic reforms, pushing for the legalisation of online gambling and the introduction of cryptocurrency as an official payment method in the country.

At the heart of his proposal is the belief that these sectors could generate billions in new revenue and create a modern, digital-first economy for Thailand.

Online Gambling Could Boost Thai Economy by Billions

Speaking at a public event in Bangkok on 13 January 2025, Thaksin, now 75, shared his plan to harness the massive online gambling industry, which he claims could add up to 100 billion baht ($2.89 billion) annually to government coffers.

Thaksin Shinawatra was the 23rd prime minister of Thailand, serving from 2001 to 2006.

Despite gambling being illegal in Thailand, it remains incredibly popular, with an estimated two to four million Thai users involved.

He said,

“Online gambling has two to four million Thai users with savings of 300 billion baht and gains and losses of about 500 billion per year.”

According to his calculations, if the government were to tax 20% of this market, it could generate over 100 billion baht annually.

A vocal supporter of gambling legalisation for years, Thaksin emphasised that it would create jobs and stimulate tourism.

Creating a Framework to Regulate Gambling

Thaksin also discussed the importance of regulating online gambling responsibly.

He suggested creating a system that could act as a digital "passport" for gamblers, ensuring that only those of legal age could participate and allowing for the monitoring of gambling behaviour.

"We would have a passport to control who can play.”

This system would help manage the risks associated with gambling addiction while also ensuring the industry is adequately taxed.

Thaksin Advocates for Crypto Adoption: Stablecoins as a Secure Option

Beyond gambling, Thaksin is pushing for Thailand to adopt a more progressive stance towards cryptocurrencies.

He singled out stablecoins—cryptocurrencies backed by real-world assets—as a stable and secure option for future financial transactions.

He referenced the upcoming administration of US President Donald Trump, who has shown support for deregulation of the crypto industry, as a signal for Thailand to also consider more progressive policies.

He addressed Thailand’s Securities and Exchange Commission (SEC), suggesting that allowing stablecoin trading could help position the country as a digital currency hub.

He urgued,

“There will be no risk, it is just another currency in the world.”

Thai Government's Efforts to Legalise Casinos Gain Traction

On the same day as Thaksin’s remarks, Thailand’s cabinet approved a draft law aimed at legalising casinos and entertainment complexes.

This bill, known as the Entertainment Complex Business Act, is expected to legalise the informal gambling sector and tax it in a manner similar to Singapore’s successful model.

Singapore’s casino tax rate

The bill still requires approval from the House of Representatives, but it reflects growing support for gambling legalisation, including from Thaksin’s daughter, Prime Minister Paetongtarn Shinawatra, who has backed her father’s vision for economic reform.

Phuket Set to Pilot Cryptocurrency Payments

In a step toward integrating cryptocurrency into the Thai economy, the government is also planning a trial in Phuket, the country's popular resort island, where virtual currencies like Bitcoin could be used for transactions.

The pilot project is aimed at enhancing digital payments for international tourists and simplifying the process of property purchases.

Phuket was chosen due to its heavy reliance on tourism, making it an ideal location to trial cryptocurrency transactions.

The initiative will allow tourists to register their Bitcoin through a local exchange, verify their identities, and make purchases.

Deputy Prime Minister Pichai Chunhavajira, speaking on 8 January, highlighted how this initiative could help foreign nationals, especially refugees from the Russia-Ukraine conflict, bypass traditional currency conversion challenges.

Pichai Chunhavajira, Deputy Prime Minister of Thailand

The Thai government will ensure that transactions made using Bitcoin are converted into Thai baht through a clearinghouse to maintain a seamless process.

Thailand’s Digital Baht and CBDC Developments

As part of its broader efforts to modernise the economy, Thailand has already made strides with digital financial services.

In July 2024, the government began distributing social benefits through digital money, delivering $280 per capita to 45 million citizens, totalling 13.8 billion baht.

Meanwhile, the Bank of Thailand completed a pilot of its retail central bank digital currency (CBDC) in April 2024, although it does not plan to introduce the CBDC imminently.

Thaksin’s proposals, along with the government’s ongoing digital currency trials and Prime Minister Paetongtarn Shinawatra’s backing, signal a willingness to innovate and keep Thailand competitive in the global market.

If implemented, this could significantly modernise Thailand’s economy.

Legalising online gambling and introducing cryptocurrencies would open new avenues for revenue and economic growth.