Thailand Introduces Controlled Crypto Conversion for Boosting Travel Economy
Thailand is rolling out a landmark crypto-to-baht conversion system for tourists, fusing digital asset regulation with e-money infrastructure to energize spending and boost tourism.
The Securities and Exchange Commission (SEC) of Thailand, in collaboration with the Ministry of Finance, the Anti-Money Laundering Office (AMLO), and the Ministry of Tourism and Sports, announced on Aug. 18 the launch of “TouristDigiPay,” a new 18-month sandbox that enables foreign tourists to convert digital assets (DA) into Thai baht for local spending. The announcement states:
This initiative allows foreign tourists to use DA as a source of funds for their spending in Thailand, while promoting the use of innovation and DA to support the economy and tourism industry.
The pilot, expected to begin in the fourth quarter of 2025, aims to integrate the DA trading system under SEC regulation with the e-money framework overseen by the Bank of Thailand (BOT).
The program permits digital asset exchanges, dealers, and brokers authorized by the SEC to collaborate with BOT-regulated e-money service providers. Tourists must complete Know Your Customer (KYC) verification and open wallets upon arrival. They can then transfer and sell DA, receive baht in e-wallets, and spend through QR-based systems. Spending limits apply: up to 50,000 baht per month for payments to small retailers and up to 500,000 baht (approximately $15,384) per month for merchants that pass Know Your Merchant (KYM) procedures.
The announcement adds: “Under the TouristDigiPay sandbox, foreign tourists can make payments by scanning (e.g., via smartphone applications) at various merchants across Thailand, including both large-sized retailers and small vendors. Importantly, DA are not allowed to be used directly as a means of payment for goods and services, and merchants will receive payments in Thai baht.”
Mrs. Pornanong Budsaratragoon, Secretary-General of the SEC, emphasized the program’s regulatory alignment: “The TouristDigiPay project builds upon the existing ecosystem that integrates the DA trading system regulated by the SEC with the e-money system regulated by the Bank of Thailand (BOT).” She noted that the system includes KYC and Customer Due Diligence (CDD) procedures according to AMLO’s standards. Advocates of digital assets suggest that such frameworks help legitimize crypto usage while stimulating tourism and economic activity, offering a model for cautious adoption in regulated environments.