- Thailand’s crypto sandbox allows tourists to convert digital assets into baht via licensed platforms.
- Converted crypto must be spent through regulated e-wallets; direct crypto payments remain prohibited.
- Tourism operators request clearer rules on eligible assets and anti-money laundering safeguards.
Thailand’s financial authorities have introduced a new regulatory sandbox that will allow foreign tourists to convert their cryptocurrencies into Thai baht for use across the country.
The plan, announced by the Securities and Exchange Commission (SEC) and the Bank of Thailand, will allow digital asset transactions through licensed providers and e-wallet services under a closely monitored framework.
Related: Thailand in Partnership Talks With Ripple Over XRP Adoption
How It Works: Converting Crypto, Not Spending It
The sandbox permits tourists who hold digital assets to convert them into baht through approved local exchanges, brokers, or dealers. It is important to note that the digital assets themselves cannot be used directly for payments.
Instead, the converted funds must be spent electronically via e-money platforms that are regulated by the country’s central bank, such as through QR code payments.
The program is designed as a controlled, 18-month testing environment that involves multiple regulatory agencies, including the Anti-Money Laundering Office. All participating operators must follow strict regulatory conditions, including anti-money laundering rules and spending caps.
Tourism Sector Calls for More Clarity
Despite the announcement, tourism industry representatives have already raised concerns about a lack of communication and regulatory transparency. Bhummikitti Ruktaengam, the vice-president of the Tourism Council of Thailand, noted that key stakeholders in major tourist hubs like Phuket have not yet received sufficient information regarding the new scheme.
He stated that most tourism operators were largely unaware of the public hearing that the SEC had conducted on the matter. According to Ruktaengam, tourism businesses are seeking clearer guidelines on several aspects, including which specific cryptocurrencies will be accepted and how the new money laundering prevention rules will be enforced on the ground.
From a Regional Trial to a National Scheme
The current national sandbox expands on a previous proposal that was focused only on the island of Phuket. In contrast, this new program has formal backing from national regulators and will apply to the entire country.
Nirun Fuwattananukul, the chief executive of Gulf Binance, stated that the national rollout represents a shift from a regional experiment to a structured, official policy. He added that the development of this initiative reflects a long-term strategy to integrate digital assets into Thailand’s massive tourism economy under fully regulated conditions.
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