Thailand’s Securities and Exchange Commission (SEC) and the Bank of Thailand are preparing to launch a regulatory crypto sandbox that will enable foreign tourists to convert their crypto assets into baht for spending locally.
The initiative expands on a prior pilot program focused on Phuket and aims to widen crypto adoption across the country’s broader tourism sector, according to a report by the Bangkok Post.
Licensed digital asset exchanges, brokers, and dealers would be eligible to operate within the sandbox for up to 18 months, with the possibility of extension. Operators must adhere to strict eligibility standards, comply with service limitations, observe spending caps for tourists, and follow anti-money laundering rules to participate.
The program builds on the concept first introduced by former Prime Minister Thaksin Shinawatra’s Phuket sandbox proposal, which sought to integrate Bitcoin and other cryptocurrencies as payment options in tourist-heavy areas to boost adoption.
Bhummikitti Ruktaengam, TCT’s vice president, highlighted that many local stakeholders, including those in Phuket, remain unaware of the ongoing public consultation process. Money laundering remains a significant worry, particularly with the increase of illicit foreign businesses operating in Phuket.
The Tourism Council of Thailand (TCT) cautioned that the government should ensure the readiness of the entire ecosystem before launching the program.
The country has partnered with Binance Pay and DK Bank to create the world’s first national-level crypto tourism payment system. The system enables travelers with Binance accounts to use digital assets for payments ranging from airline tickets and visa fees to hotel stays, tours and even roadside fruit stalls.
In May, Bhutan introduced an initiative that allows tourists to pay for nearly every aspect of their visit using cryptocurrency.
