Thailand is launching a special regulated system that will allow foreign tourists to convert cryptocurrencies into Thai baht for the payment of goods and services. This initiative has been developed by the local Securities and Exchange Commission in collaboration with the Bank of Thailand.
This is reported by Business • Media
How the new system for tourists will work
Cryptocurrency exchange operators have responded to the initiative, supporting the launch of a so-called “sandbox” for tourists, which will operate in a controlled environment. Visitors to the country will be able to exchange digital assets for the national currency with licensed providers and use the funds obtained through electronic money providers. The system will be overseen by the SEC, the Bank of Thailand, the Anti-Money Laundering Office, and other authorized bodies.
Importantly, this opportunity is intended exclusively for foreign tourists who are temporarily in Thailand. Cryptocurrencies will not be accepted directly for payments — they can only be used after conversion to fiat currency on regulated platforms.
Participation conditions and implementation prospects
According to Gulf Binance CEO Ni-run Phuwattananu-kul, the new program is an extension of a previous proposal by former Prime Minister Thaksin Shinawatra, which concerned the creation of a similar “sandbox” on the island of Phuket. The current initiative will have a broader scope and support from national institutions.
“Licensed digital asset exchanges, brokers, and dealers that obtain SEC approval are allowed to participate in the ‘sandbox’. After approval, participants can provide services for 18 months, with the possibility of extension at the discretion of the SEC,” the statement said.
Thailand Tourism Council Vice President Bummikit Ruktaengam noted that authorities have not yet provided sufficient specific information to tour operators. He also emphasized concerns regarding money laundering, as Phuket is already facing issues with illegal foreign activities.
It is worth noting that in May 2025, Thailand’s Finance Minister Pichai Chunhavan announced a pilot project that would allow tourists to pay for purchases with cryptocurrency through credit card linkage with licensed providers.