- Thailand prepares to launch program allowing foreign visitors to convert crypto to Baht.
- The program called ‘TouristDigiPay’ will act as a sandbox for crypto to Baht conversion.
- Merchants will only receive Thai Baht as payments, not crypto.
Thailand prepares to launch program allowing foreign visitors to convert Bitcoin and crypto to local currency, the Thai Baht. In detail, this program will work as a regulatory sandbox known as ‘TouristDigiPay’. According to the country’s securities regulator, foreign tourists can use the sandbox to convert cryptocurrencies into Thai Baht for spending in the country, simplifying shopping and purchasing for crypto holders visiting Thailand.
Thailand Prepares to Launch Program ‘TouristDigiPay’
A sure sign of cryptocurrencies becoming mainstream is Thailand’s latest move. The country understands that crypto adoption is gaining more popularity and has taken this into account to simplify payments for tourists. Soon, foreign visitors can convert their crypto assets into the local Thai Baht using the country’s soon-to-debut ‘TouristDigtiPay’ platform, a highly anticipated crypto payment sandbox.
In detail, the Thai government will allow tourists to exchange crypto for Thai Baht and make electronic payments through e-money service providers. To highlight, the ‘TouristDigiPay’ project will run for 18 months, starting from Q4 of 2025, according to an official announcement from the Securities and Exchange Commission (SEC) sent to Cointelegraph.
The initiative is being co-developed with the Ministry of Finance, the Ministry of Tourism and Sports, and the Anti-Money Laundering Office (AMLO). The SEC made it clear that crypto assets will not be allowed to be used directly in exchange for goods and services, meaning merchants will receive payment in Thai Baht only.
Thailand Makes a Visionary Move
However, Know Your Customer (KYC) and Customer Due Diligence requirements will be taken care of by AMLO and applied to both digital asset operators and e-money providers. The TouristDigiPay project will be built upon the existing ecosystem that integrates the digital asset trading system regulated by the SEC with the e-money system regulated by the Bank of Thailand.
Additional safeguards will also be implemented on the platform, such as monthly spending limits and a block on direct cash withdrawals. The notice also mentions that several measures will be taken to ensure that the program includes appropriate risk management measures, adhering to safety for both tourists and merchants. All in all, Thailand is making a bold move that could inspire a positive ripple effect for crypto in tourism.
