Thaksin Shinawatra, former prime minister of Thailand, has expressed strong support for legalizing stablecoins and online gambling, claiming there is no risk associated with the trade of stablecoins backed by tangible assets. He highlighted that the Thai government is missing out on approximately $4 billion in tax revenue from the underground gambling market. Shinawatra's remarks came shortly after the Thai cabinet approved the draft Entertainment Complex Business Act, which aims to regulate casinos and gambling. Although not part of the current administration, Shinawatra's political influence remains significant, especially with his daughter serving as the prime minister. He mentioned that with 2 to 4 million Thai users engaged in online gambling, a tax of 20% could generate substantial revenue. Furthermore, he encouraged the Securities and Exchange Commission to permit stablecoin trading, asserting it represents no risk and is simply another currency. Meanwhile, Thailand is exploring a retail central bank digital currency, although no immediate plans for its official release have been announced.

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