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Thailand Eyes Bold Crypto Overhaul: Exchanges May Soon List Their Own Tokens

Crypto Adoption Takes Center Stage as Thailand’s Former PM Proposes Legal Gambling

Samuel Edyme
by Samuel Edyme
8 months ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Former Thai Prime Minister Thaksin Shinawatra has proposed a significant shift in Thailand’s approach to online gambling and cryptocurrency regulation.

Speaking at a public event in Bangkok, Thaksin outlined the economic potential of legalizing online gambling, a move he estimates could generate over 100 billion baht ($2.89 billion) annually in government revenue.

Related Reading: Advisers Eye Crypto Boom Post-Trump Victory: 56% Say They’re Ready to Invest—Survey

Potential Economic Impact of Legalizing Online Gambling

Thaksin, although not holding a formal role in government, remains a prominent political figure and is widely considered an influential force behind the current administration led by his daughter, Paetongtarn Shinawatra.

The comments from Thaksin coincide with the Thai cabinet’s recent approval of a draft law to legalize casinos. Thaksin’s suggestions build upon this momentum, emphasizing the need to regulate and tax the online gambling sector, which currently operates in legal grey areas.

His vision includes implementing a system to control access, safeguard underage users, and manage gambling-related harm, proposing a “passport” system for regulated participation. Thaksin also highlighted the substantial economic activity within Thailand’s gambling sector, despite its largely illegal status.

He noted that approximately 2 to 4 million Thais engage in online gambling, collectively holding 300 billion baht ($8.62 billion) in savings, with gains and losses amounting to 500 billion baht ($14.37 billion) annually.

By taxing this activity at a 20% rate, the government could secure over 100 billion baht in yearly revenue, he suggested. According to Thaksin, the proposed regulatory framework would aim to balance economic benefits with social safeguards.

Thaksin emphasized that identifying participants through a controlled system could minimize harm, prevent underage gambling, and monitor high-risk users.

This approach mirrors similar models in countries where gambling is legal but tightly regulated, creating a pathway for Thailand to monetize this underground economy.

Crypto Adoption and Financial Innovation

In addition to online gambling, Thaksin advocated for broader cryptocurrency adoption in Thailand. Citing developments in the United States, such as the pro-crypto stance of US President Donald Trump and the appointment of crypto-friendly officials, Thaksin urged Thai regulators to adopt a more progressive stance.

He called for the Thai Securities and Exchange Commission (SEC) to support stablecoins—cryptocurrencies backed by assets—and explore the potential of using cryptocurrency as a form of payment.

Thaksin noted that the Thai government is already considering a pilot project to allow crypto payments, with the resort island of Phuket being a possible testing ground.

Related Reading: Bitcoin Legal Tender In Thailand? Here’s What’s Happening

He argued that cryptocurrencies present minimal risk and should be seen as another form of currency to facilitate global transactions. Such moves could align Thailand with other countries such as Hong Kong, and Singapore leveraging blockchain technology to drive financial innovation and tourism.

The global crypto market cap value on TradingView
The global digital currency market cap value on the 1-day chart. Source: TradingView.com

Featured image created with DALL-E, Chart from TradingView

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Samuel Edyme

Samuel Edyme

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Edyme is a writer, a content writer that specialises in writing about the crypto realm. Asides Bitcoinist and NewsBTC, Edyme's writing has been featured in top sites such as Blockchain.News, CoinMonk, Blockchain Reporter, Bitcoin Insider among others.

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