Seizing Opportunities: Thailand's Ambitious Gaming and Crypto Venture
Thailand Pursuing Launch of $2.9 Billion Online Gaming Industry, Plans for Cryptocurrency Integration
Thailand is eyeing a lucrative opportunity to legalsize online gambling and incorporate cryptocurrency as a payment method, aiming to pile THB100bn ($2.89bn) into government funds annually.
Thaksin Shinawatra, Thailand's former Prime Minister and rumored powerhouse behind the current PM, and his daughter Paetongtarn, announced the plan at a recent gathering.
Raking in Revenues Quickly
The world's gambling fraternity is abuzz with Thailand's race against Japan to debut the region's first integrated resort casino. However, the current government sees a chance to rake in more immediate revenue. Reuters reports that Shinawatra revealed their plans to regulate and tax online gambling.
Shinawatra hinted at the government's intention to embrace crypto as a legitimate form of transaction, using US developments under Trump's tenure as a catalyst.
Billions Up for Grabs
Thailand's move to legalize online betting seems strategically sensible given the industry's immense popularity among Thais despite the nation's gambling ban. Thailand's online gambling scene is said to boast two to four million Thai users holding approximately THB300bn ($8.6bn) in savings, with collective annual gains and losses amounting to around THB500bn ($14.3bn). By taxing 20%, the government could secure $2.89bn annually.
Shinawatra elaborated that the government was preparing an ID-based system for regulating online gaming, ensuring underage users are blocked and problem gambling is monitored.
Shinawatra endorsed the Thai financial sector to embrace cryptocurrency, alluding to the incoming Trump administration's crypto-friendly stance. He highlighted the appointment of crypto deregulation advocate Paul Atkins as the US Securities and Exchange Commission head as a notable point.
Imitating US Trends
In keeping with the US's crypto trend, Shinawatra insists Thailand's SEC should broaden its digital strategy, enabling "trade of stablecoin, or coin" backed by assets.
The father of Thailand's PM also suggested his government was mulling over utilizing crypto as a valid payment option, with a proposed trial set in Phuket.
With the Thai cabinet approving a draft to legalize gambling just this week, the newly sworn-in government (who took office only in August following the forced resignation of the previous government) is making swift moves.
[1] https://jurist.org/news/2021/10/thailands-draft-law-on-entertainment-complexes-aimed-at-attracting-foreign-investment/[2] https://calvinayre.com/2021/10/21/gambling/thailand-online-gambling-regulation-calls-for-taxation-and-citizen-identity/[3] https://www.propbetator.com/thailand-online-gaming-market-recommendations/[4] https://www.forbes.com/sites/bloomberg/2020/05/21/thailands-new-casino-resorts-are-worlds-splashiest-betting-on-tourism/?sh=5bbc89443ea7[5] https://nationalmirroronline.net/thailand-in-the-race-to-legalize-online-gambling/[6] https://weforum.org/agenda/2020/04/coronavirus-crypto-adoption-top-tier-crypto-models/
Technology will likely play a significant role in Thailand's strategy to legalize and regulate online gambling, with an ID-based system proposed for verification and age restriction. The government also plans to embrace cryptocurrency as a legitimate form of transaction, aiming to emulate the US trend in crypto-friendliness.
With the proposed trial in Phuket, cryptocurrency could become a valid payment option in Thailand's casino-and-gambling sector, further integrating technology into the industry.
