On January 15, 2025, in Bangkok, former Thai Prime Minister Thaksin Shinawatra proposed a transformative approach to online gambling and cryptocurrency regulation. He estimates that legalizing online gambling could generate over 100 billion baht ($2.89 billion) annually for the government.
Thaksin's remarks coincide with the Thai cabinet's approval of a draft law to legalize casinos, emphasizing the need for regulation and taxation of the online gambling sector, which currently exists in a legal grey area. He noted that around 2 to 4 million Thais engage in online gambling, collectively holding 300 billion baht ($8.62 billion) in savings, and generating annual gains and losses of 500 billion baht ($14.37 billion).
By imposing a 20% tax on this activity, the government could secure significant revenue. Thaksin's vision includes a controlled access system to minimize harm and prevent underage gambling.
In addition to gambling, Thaksin advocated for broader cryptocurrency adoption, urging Thai regulators to support stablecoins and explore the use of cryptocurrency for payments. He mentioned a potential pilot project for crypto payments in Phuket, highlighting that cryptocurrencies could facilitate global transactions with minimal risk.