Bangkok: The SEC is open to hearing opinions on the Sandbox to increase options for foreign tourists to convert digital assets into baht and spend them through e-money service providers to support the economy and tourism industry.
According to Thai News Agency, the Securities and Exchange Commission (SEC) is set to launch a sandbox initiative designed to allow foreign tourists to exchange digital assets for baht, thereby facilitating their spending in Thailand. This initiative aims to bolster Thailand’s economy and tourism sector by enhancing the convenience for tourists holding digital assets. The sandbox will integrate seamlessly with the current digital asset trading and e-money systems, ensuring adequate protection against associated risks.
Foreign tourists interested in participating will need to open accounts and conduct transactions through SEC-supervised digital asset business operators and e-money service providers overseen by the Bank of Thailand (BOT). These transactions will occur under the sand
box’s regulated environment, which emphasizes risk mitigation. Tourists will not be permitted to use digital assets directly for merchant payments.
Eligible participants in the sandbox will include digital asset exchange business operators, brokers, and traders. They must adhere to the sandbox’s guidelines and receive SEC approval. The initial service period within the sandbox is set for a maximum of 18 months, with potential extensions for further testing flexibility.
Participants will exclusively serve foreign tourists visiting or temporarily residing in Thailand. They are required to comply with Know Your Customer/Customer Due Diligence (KYC/CDD) procedures per the Anti-Money Laundering Office (AMLO) standards. Additionally, they must connect with e-money operators under BOT supervision to facilitate the use of exchanged baht for purchasing goods and services via digital channels such as QR code payments.
Further obligations include data collection and evaluation, verification of digital asset sources,
reporting to the SEC, and maintaining an exit strategy from the sandbox.
The SEC has made the consultation document available on its website, encouraging public feedback until August 13, 2025. Interested parties can access more information and submit their opinions via the SEC website or email at [email protected] or [email protected].