The adoption of cryptocurrencies has grown significantly, with many leaders and politicians praising digital assets and related technologies. Recently, Thailand’s former Prime Minister Thaksin Shinawatra voiced his support for stablecoins and urged the government to legalize online gambling to boost national revenue.
Speaking at an event on January 13, Thaksin highlighted that the Thai government is missing out on approximately $4 billion (around 100 billion Thai baht) in annual tax revenue from unregulated online gambling. He emphasized the need for regulation to unlock this potential revenue stream, which could support public finances.
Thaksin’s comments came shortly after the approval of the draft *Entertainment Complex Business Act*, a legislative move aimed at legalizing gambling and casino operations in Thailand. He argued that regulating online gambling could have substantial economic benefits, given its widespread usage in the country.
“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. If we can tax 20% […] we would get more than 100 billion per year,” Thaksin stated.
The former Prime Minister’s call for legalization reflects a broader trend of governments exploring alternative revenue sources while acknowledging the growing influence of digital finance and technology.
Thailand a Tourism hub to become a Crypto hub
Thailand, a well-known travel destination, is working to establish itself as a center for crypto. With an emphasis on encouraging innovation and drawing in investment, the nation’s administration has been aggressively advancing a crypto-friendly atmosphere.
Thailand has launched a number of programs in recent years to encourage the expansion of the bitcoin sector.
A regulatory framework for digital assets has been established by the Thai Securities and Exchange Commission (SEC), offering enterprises operating in the field clarity and norms.
With incentives like tax reductions and expedited licensing procedures, Thailand has been aggressively pursuing Bitcoin startups. Numerous bitcoin exchanges and entrepreneurs are already based in Bangkok, the nation’s capital and the government is attempting to create a specific crypto zone.
Thailand wants to diversify its economy and lessen its reliance on tourism, which is why it is working to become a crypto powerhouse. According to the nation’s leaders, the crypto sector has the ability to boost economic expansion and open up new doors for both individuals and companies.
Although Thailand’s efforts to become a crypto hub still face obstacles, including the need for further infrastructural development and regulatory clarity, the nation has made encouraging strides thus far. Thailand is in a strong position to become a major participant in the area as the bitcoin market develops.
From 2024 to 2030, Thailand’s cryptocurrency market is anticipated to expand at a compound annual growth rate (CAGR) of 6.5%. A favorable legal environment, rising awareness and usage, and the emergence of blockchain businesses have all contributed to the market’s notable recent boom.
