Former Thai Prime Minister Thaksin Shinawatra has urged the government to prioritize cryptocurrency reforms alongside online gambling to modernize Thailand’s economy, according to Reuters. Speaking at an event in Bangkok on Monday, he outlined the potential economic benefits of embracing digital finance and improving regulatory frameworks.

Regulators, particularly the Thai Securities and Exchange Commission (SEC), should adopt a more progressive stance toward digital finance, he emphasized. Highlighting the potential of stablecoin trading and other crypto-related initiatives, Thaksin stressed the need to modernize financial institutions for a digital-first era. He emphasized:

The Thai SEC needs to have more digital approach, like allowing trade of stablecoins, or coins that are backed by assets.

His push for cryptocurrency adoption reflects a broader vision of economic innovation aligned with Thailand’s recent initiatives, including piloting crypto payments in regions like Phuket. Addressing concerns about digital currency risks, he asserted:

There will be no risk, it is just another currency in the world.

Thailand’s regulatory framework for digital assets, established under the Digital Asset Businesses Decree, requires cryptocurrency exchanges, brokers, and dealers to obtain licenses from the SEC. To stimulate growth in the sector, the government has introduced tax relief measures, such as exemptions on capital gains and Value Added Tax (VAT) for cryptocurrency and digital token transactions.

The former prime minister also highlighted the economic opportunities within online gambling. With an estimated two to four million users in Thailand, the sector generates approximately 300 billion baht (around $8.6 billion) in savings and annual transaction volumes of 500 billion baht. Proposing a 20% tax on online gambling, Thaksin noted:

If we can tax 20% … we would get more than 100 billion per year.

To ensure responsible gaming, he suggested implementing strict controls, such as a user monitoring system and measures to prevent underage gambling. “We would have like a passport to control who can play,” he explained, without providing further details.

The remarks illustrate his continued influence on Thai economic policy despite holding no formal government position. Since his return to Thailand in 2023 after 15 years of self-imposed exile, Thaksin has remained active in advocating for reforms to foster economic innovation. His focus on cryptocurrency and online gambling demonstrates a commitment to leveraging digital tools to enhance Thailand’s global competitiveness.

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