Thai authorities launched an initiative allowing tourists to use cryptocurrencies in the country, while also reforming legislation and introducing new government tokens to fund infrastructure.
Pichai Chunhavajira, Thailand’s Minister of Finance and Deputy Prime Minister, announced plans to allow tourists to pay for goods and services using digital assets linked to credit cards. The initiative is designed to let visitors make purchases using funds from their crypto wallets, while local merchants will receive payments in the national currency.
The Ministry is currently consulting with the Bank of Thailand to launch a pilot project and is studying international practices to implement appropriate mechanisms that maintain transaction transparency and security. According to Chunhavajira, the initiative aims to open new capital inflows into the economy via cryptocurrencies.
Previously, Thai authorities planned to test crypto payments in the tourism sector on the island of Phuket.
Chunhavajira also stated that the government intends to enhance the regulatory framework for the capital market by incorporating specific provisions related to digital assets. Currently, Thailand operates under two separate legislative acts: the Securities and Exchange Act and the Emergency Decree on Digital Asset Businesses. According to the minister, unifying the legal framework is intended to create a flexible system capable of adapting to modern investment strategies.
As part of the broader crypto initiative, the Thai Securities and Exchange Commission (SEC) issued clarification regarding the use of G-Token, a new government-backed asset. According to the Bangkok Post, G-Tokens will be used exclusively to finance public infrastructure projects and will not fall under the 2018 Digital Assets Act.
SEC representatives emphasized that G-Tokens won’t offer profit or management rights, nor will they be intended for trading. Therefore, they won’t be classified as investment tokens and won’t require mandatory SEC licensing.
G-Tokens will be used solely to raise funds for large-scale projects, including the construction of public infrastructure, and are intended to provide a safe crowdfunding foundation, allowing citizens to participate in public project financing without the risk of investment speculation.
Thailand’s policy on digital assets remains somewhat contradictory. On the one hand, the government actively participates in international tokenization initiatives and is developing a retail CBDC pilot project. On the other hand, in 2023, the Thai SEC restricted services offering profits from crypto investments, banning staking and crypto lending, and tightened taxation on cryptocurrency income.
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