Thailand’s Crypto and Gambling Future: Thaksin’s Bold Regulatory Vision

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In a groundbreaking statement that could reshape Thailand’s digital economic landscape， former Prime Minister Thaksin Shinawatra has called for comprehensive regulatory reforms targeting cryptocurrencies and online gambling.

Thaksin’s recent comments at a public event on January 13th highlighted the massive potential economic benefits of legalizing and regulating emerging digital industries. He emphasized that the Thai government is currently missing out on approximately $4 billion in potential tax revenue from online gambling， a sector estimated to involve two to four million users.

The former premier’s recommendations come at a critical moment， as Thailand’s cabinet has already approved a draft law known as the Entertainment Complex Business Act. This legislation aims to formalize the gambling ecosystem and create a structured taxation framework for what has traditionally been an underground industry.

Cryptocurrency regulation was another key focus of Thaksin’s proposal. He specifically urged the Securities and Exchange Commission to permit trading of stablecoins and asset-backed digital tokens. Notably， he suggested the tourist destination of Phuket as a potential pilot site for crypto payment implementations， confidently stating there would be ‘no risk’ in such an approach.

Thaksin’s political influence remains significant， bolstered by his daughter Paetongtarn Shinawatra’s current role as Prime Minister. His recommendations align with Thailand’s broader digital transformation efforts， including recent experiments with digital currency distribution and central bank digital currency (CBDC) exploration.

In July 2024， Thailand already demonstrated its digital financial innovation by distributing social benefits totaling approximately $13.8 billion directly to 45 million citizens through digital money. The Bank of Thailand has also completed a pilot CBDC project， signaling openness to technological financial solutions.

The proposed regulatory framework would include stringent monitoring mechanisms， such as a ‘passport-type’ access system for online gambling platforms. Thaksin suggested a potential 20% taxation rate， which could generate over 100 billion baht annually for the national treasury.

As the House of Representatives prepares to review and potentially sign these transformative bills into law， the global cryptocurrency and online gambling industries are watching closely. Thaksin’s progressive stance represents a significant potential shift in Thailand’s approach to digital economic sectors.

With these proposed changes， Thailand could position itself as a forward-thinking nation in digital financial regulation， potentially setting a precedent for other Southeast Asian countries to follow. The coming months will be crucial in determining the ultimate shape of these regulatory innovations.

The intersection of cryptocurrency adoption， online gambling regulation， and digital financial technologies appears to be a strategic priority for Thailand’s current political leadership， promising exciting developments in the country’s economic landscape.