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Thailand’s former Prime Minister has urged the country’s securities regulator to adopt a more open stance towards stablecoins and asset-backed cryptocurrencies.

According to a Reuters report, former PM Thaksin Shinawatra cited the pro-crypto stance of incoming US President Donald Trump, including his appointment of crypto deregulation advocate Paul Atkins to lead the US Securities and Exchange Commission, as an example for Thailand to follow.

Shinawatra believes Thailand’s Securities and Exchange Commission should allow the “trade of stablecoin, or coin that are backed by assets.”

He pointed to Phuket as a possible “no risk” testing ground, where the country is planning to launch a pilot program that aims to allow foreign tourists to use cryptocurrency for payments in a bid to boost tourism.

Shinawatra’s comments came as Thailand’s cabinet approved a draft law to legalize casinos and gambling while curbing related illegal activities.

Dubbed the Entertainment Complex Business Act, the draft law seeks to establish entertainment hubs, including casinos, to create jobs, boost tourism, and tax the underground gambling market.

The former PM revealed that the government is also working on developing means to tax and regulate the online gambling market, which could help it generate additional revenue. 

Notably, Shinawatra estimated that online gambling involves “two to four million Thai users” with annual gains and losses of approximately 500 billion baht. He explained that taxing the sector at 20% could generate “more than 100 billion baht per year” in revenue. 

To regulate the industry effectively, the government is working on a “passport to control who can play,” ensuring compliance while preventing underage gambling.

While Shinawatra has no direct role in the current administration, his influence on Thai politics remains significant, particularly through his daughter, Paetongtarn Shinawatra, who serves as the country’s Prime Minister.

Last year in December, the former PM said the country should begin researching cryptocurrencies and experiment with regulatory sandboxes to stay on par with global trends. According to a translated statement, the PM said:

What I am saying is not to buy it, but the trend is like that. There are already many cryptocurrencies. Some people say that in the future, we will have more currencies than countries. Today, Thai people must think and understand this.

Thailand has increasingly made moves to position itself as an upcoming web3 hub. For instance, in August of 2024, the Thai SEC launched a regulatory sandbox for certain businesses to experiment with crypto-related services.

In September, the country’s second-largest bank, Kasikornbank, became the first regulated crypto custodian for local businesses.

Subsequently, in October, the SEC issued a proposal that sought to allow mutual and private funds to be able to offer crypto-related products.

The commission pointed to an uptick in interest from institutional players.

Major players like Binance consider Thailand a key market due to the country’s regulatory openness. In an interview with the Bangkok Post, Binance chief marketing officer Rachel Conlan praised Thailand’s “pioneering approach to crypto.”

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