In Thailand, tourists will be able to make payments using cryptocurrencies more easily
Date: 2025-07-18 Author: Gabriel Deangelo Categories: IN WORLD
In Thailand, foreign guests will be able to exchange cryptocurrencies for the national currency and spend them in the country. This measure was developed by the Securities and Exchange Commission together with the Bank of Thailand. According to the Bangkok Post, local crypto exchanges have already expressed their willingness to support the project and join the work in a special regulatory "sandbox".
The essence of the initiative is that tourists will be able to exchange their digital assets with licensed providers, and then use the received baht for payments using electronic services. The entire process will take place under the control of the SEC, the central bank and anti-corruption agencies, which should reduce the risks of illegal financial transactions.
It is worth noting that you cannot pay for goods and services directly with cryptocurrency - you must first convert it into fiat money through approved platforms. This model is designed exclusively for tourists who are in the country temporarily.
As explained by Gulf Binance CEO Nirun Phuwattananulkul, the current project builds on ideas previously put forward by former Prime Minister Thaksin Shinawatra. A similar “sandbox” was previously proposed on the island of Phuket, but the new plan covers more regions and has received broader government support.
The program is expected to be open to certified exchanges, brokers, and dealers that have received SEC approval. Once approved, they will be able to provide such services for a year and a half, after which this period can be extended.
At the same time, representatives of the tourism sector have expressed concerns about some aspects of the initiative. Vice President of the Tourism Council of Thailand Bummikkitti Ruktaengam noted that the authorities have not yet announced all the details of the new scheme, and cases of illegal activity by foreigners have already been recorded in Phuket, which increases concerns about possible money laundering.
Let us recall that back in the spring, Thailand's Finance Minister Pichai Choonhavajir presented a pilot project that would allow tourists to pay with cryptocurrency through linked credit cards and licensed providers. The new plan is a logical development of this approach and is aimed at simplifying tourists' expenses and attracting more travelers interested in digital assets.
