In Thailand, financial regulators will allow foreign tourists to convert cryptocurrency into Thai baht and use it as a payment method during their stay.
The Bank of Thailand and the Securities and Exchange Commission (SEC) are launching a regulated crypto sandbox, where foreign tourists will be able to exchange digital assets for Thai baht and pay for goods and services within the country. The project aims to develop the digital economy and boost tourism, reports Bangkok Post.
According to the SEC, licensed digital asset operators, brokers, and dealers approved by the regulator will be able to participate in the sandbox. The service period will last up to 18 months with the possibility of extension. Tourists can convert crypto to baht through approved service providers and use the funds via electronic payment services, such as QR code payments.
It’s noted that digital assets won’t be used directly for transactions, all payments will go through licensed electronic payment platforms regulated by the central bank. Sandbox participants must comply with established rules, including KYC, spending limits, AML system cooperation, and licensing restrictions.
The project is exclusively for foreign tourists temporarily staying in the country. According to SEC representatives, the key goal is to stimulate innovation and strengthen Thailand’s position as a crypto-friendly destination on the regional tourism map.
Bangkok Post reports that some industry representatives, including Bhummikitti Ruktaengam, VP of the Tourism Council of Thailand (TCT), expressed concerns about the level of ecosystem readiness and awareness, especially in Phuket. The official emphasized the need for clear regulations and protection against money laundering schemes, considering the activity of illegal businesses on the island.
Furthermore, tourism industry participants expect clarifications regarding the crypto sandbox’s operation — specifically which assets will be supported and which platforms will be authorized to operate within the program.
Meanwhile, the initiative already received support from leading crypto companies in the country, including Gulf Binance. According to the company’s CEO Nirun Fuwattananukul, the proposal is an extension of the regional initiative in Phuket but now with a full regulatory framework and national scope.
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