Key Takeaways:
- Thailand launched “TouristDigiPay,” enabling tourists to convert crypto into Thai baht.
- The pilot program will run for 18 months under a regulatory sandbox.
- Strict anti-money laundering and KYC rules will govern all transactions.
Thailand has introduced a new pilot program called “TouristDigiPay”, which enables foreign visitors to convert their crypto assets into Thai baht and spend3 it anywhere in the country. The initiative by Deputy Prime Minister and Finance Minister Pichai Chunhavajira is aiming at introducing modern payment methods in tourism and attracting hi-tech travelers.
This program is a mortarbat for 18 months starting with a regulatory sandbox and under the supervision is by the Ministry of Finance, Securities and Exchange Commission (SEC), the Anti-Money Laundering Office, and the Ministry of Tourism and Sports. With this program, tourists can exchange their cryptos on regulated platforms, which, in turn, can be used at merchants participating in such activities throughout5 the country.
According to the officials, this is the evolution of travel, as tourists are now using more digital payment methods and showing more interest in cryptocurrency. Nevertheless, the promotion of cryptocurrencies as a direct means of paymentj is not the purpose of this program. Participants must comply with the anti-money laundering and know-your-customer (KYC) requirements, which are strictly enforced in accordance with the Thai law.
Boosting Tourism with Digital Innovation
Until now, Thailand has been the leader in the establishment of comprehensive regulatory and tax frameworks for cryptocurrencies. Just a month ago, the Cabinet endorsed a proposal by the Finance Ministry to exempt crypto transactions from capital gains tax starting from December 31, 2029. The TouristDigiPay project is in line with this policy and contributes to the development of the tourism sector while ensuring regulatory oversight and safety of the financial system.
On August 13, the SEC held a public consultation on digital asset usage to advertise tourism, highlighting transparency and safety. By making crypto payments seamlessly integrated into tourist services, officials are convinced that Thailand could be a more appealing destination for foreign travelers and digital economy fans, thereby attracting more inbound tourism.
Summary
Thailand’s TouristDigiPay pilot program lets tourists convert crypto into baht for spending over 18 months. The initiative, regulated2 by multiple agencies, ensures compliance with AML and KYC rules while supporting tourism growth and digital payment adoption.
Also Read: SharpLink Stock Drops ~15% After Reporting $103M ETH-Linked Quarterly Loss
92LJZ2IL
