Bangkok: The Ministry of Finance (MoF) in Thailand is spearheading an initiative to enhance the tourism sector by encouraging the use of cryptocurrencies among foreign visitors. The six-month sandbox trial, named "Tourist Digitalpay," aims to facilitate the exchange of digital assets for Thai baht, allowing both small and large merchants to accept payments through QR codes. This initiative is projected to generate a turnover of 175 billion baht.
According to Thai News Agency, Deputy Prime Minister and Minister of Finance, Pichai Chunhavajira, emphasized that the pilot project will provide foreign tourists with a convenient option to convert cryptocurrencies into local currency, thus replacing cash and credit cards for various purchases. A Know Your Customer (KYC) system will be implemented to ensure the identity and traceability of users. The system allows a monthly spending limit of 100,000 baht for large corporations and 50,000 baht for retail investors. Approved by the Bank of Thailand and co-supervised by the Securities and Exchange Commission (SEC), the initiative is set to launch in September 2025.
Mr. Lawaron Sangsanit, Permanent Secretary of the Ministry of Finance, stated that the sandbox system will initially be limited to Phuket Province, with potential expansion based on its success. The project aims to ensure that foreign tourists can make payments nationwide, while controlling for money laundering risks. Following an 18-month trial period, the SEC plans to open applications for entrepreneurs and service providers.
Ms. Pornanong Busaratrakul, Secretary-General of the SEC, highlighted the requirement for tourists to complete KYC to open accounts with digital entrepreneurs. This will enable spending at participating merchants, with remaining funds convertible back to the tourist's original currency. She expressed optimism about the program's potential for expansion if it proves successful.
Mr. Seksan Ngaosuwan, Assistant Permanent Secretary of the Ministry of Tourism and Sports, noted the project's potential to distribute funds to small businesses, urging its expansion to boost the Thai economy. Mr. Thepsu Bowornchotdara, Secretary-General of the AMLO, assured that the system would be monitored to prevent money laundering, thereby promoting tourism growth.
Mr. At Thongyai Asawanun, CEO of KUCION, emphasized the importance of educating foreign tourists about the initiative. He highlighted the opportunity for business operators to increase spending through the exchange of cryptocurrencies for Thai baht.