sysfoc
Home / News / former-prime-minister-pushes-crypto-to-boost-thailand-s-economy
former-prime-minister-pushes-crypto-to-boost-thailand-s-economy
2025-01-15 10:25:28

Former Prime Minister Pushes Crypto to Boost Thailand's Economy

Jenny Jones-author-image Jennifer Michele
63 views

Former Prime Minister Thaksin Shinawatra has highlighted Thailand's reform of online gambling and cryptocurrencies to increase the country's economy. He outlined the need for improved regulations about digital finance, which should permit trade in stablecoins.

Thaksin recommended taxing internet gambling to bring in a sizable sum for the nation. He also suggested strict guidelines to guarantee responsible gambling. His concepts concentrate on innovation to balance Thailand's strength on a worldwide scale.

 Modernizing Thailand's Digital Economy

According to reports, former Thai Prime Minister Thaksin Shinawatra has supported the government to make cryptocurrency reforms and online gaming a top priority in order to modernise Thailand's economy. Speaking at an event in Bangkok on Monday, he underlined the possible economic advantages of adopting digital banking and strengthening legal frameworks.

He underlined that regulators, especially the Thai Securities and Exchange Commission (SEC), must take a more creative approach to digital finance. Thaksin highlighted the necessity of updating financial institutions for a digital-first future while showing the possibilities of stable coin trading and other crypto-related activities.

He stated that:

"The Thai SEC needs a more digital approach, like allowing the trade of stable coins or coins backed by assets."

Pushing Cryptocurrency Adoption Forward

His advocacy of Bitcoin adoption aligns with Thailand's previous initiatives, such as testing cryptocurrency payments in areas like Phuket. It shows a larger vision of economic innovation. In response to worries about the dangers of digital currency, he said:

"There will be no risk; it is just another cryptocurrency in the world."

The Digital Asset Businesses Decree created Thailand's regulatory framework for digital assets, requiring that bitcoin brokers, exchanges, and dealers apply for SEC licenses.

To boost growth in the industry, the government has introduced tax relief measures, such as exclusions from capital gains and Value Added Tax (VAT) for transactions including cryptocurrencies and digital tokens.

Taxing Online Gambling Revenue

The previous prime minister also highlighted the financial potential of internet gaming. With a projected two to four million users in Thailand, the industry generates 500 billion baht in transaction volumes per year and saves about 300 billion baht, or $8.6 billion. Thaksin offered a 20% tax on internet gambling; Thaksin claimed:

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

He recommended implementing stringent controls, like a user examining system and steps to stop underage gambling, to guarantee responsible gaming. Without further information, he declared, "We would like a passport to control who can play."

Although he has not held a formal government post, his comments show his ongoing impact on Thai economic policy. After 15 years of personal hiding, Thaksin returned to Thailand in 2023 and has continued pushing for policies highlighting financial innovation.

 His focus on cryptocurrencies and internet gambling shows he is dedicated to using digital tools to increase Thailand's standing in the world economy.

Most Read

Lorem ipsum dolor sit amet consectetur adipisicing elit. Suscipit!

Comments

Want to add a comment?