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Former Thai PM Thaksin Shinawatra Advocates Crypto and Gambling Reforms
Thaksin Shinawatra, Thailand’s former prime minister, has voiced his support for crypto and gambling reforms in the country. In a recent address, he emphasized that stablecoin trading poses “no risk” and urged the government to regulate the trade of stablecoins and other tokens backed by tangible assets.
During his remarks, Thaksin also proposed expanding Thailand’s revenue streams by legalizing online gambling. The former PM claimed that nearly 100 billion baht ($4 billion) in potential tax revenue is being lost annually due to unregulated gambling activities. He recommended a 20% tax rate on gambling activities, which could generate more than 100 billion baht ($3 billion) each year. This suggestion follows the cabinet’s recent approval of the Entertainment Complex Business Act, which would legalize casinos and establish entertainment hubs. The proposed law must still be approved by Thailand’s House of Representatives.
Thaksin suggested a regulatory framework that includes a “passport-type” access system to monitor gambling activities and ensure compliance. He explained, “We would have like a passport to control who can play.”
The former PM also called for the Securities and Exchange Commission (SEC) to allow stablecoin trading and facilitate the use of asset-backed cryptocurrencies. He highlighted the potential benefits of adopting stablecoins, suggesting they could improve economic transactions without introducing volatility.
Moreover, Thaksin proposed Phuket as a test location for implementing crypto payments, stating that there will be “no risk; it is just another currency in the world.”
Source: coinchapter.com
