Thailand allows foreign tourists to exchange cryptocurrencies for Thai baht for electronic payments

Thailand will launch the "TouristDigiPay" plan on Monday, allowing foreign tourists to exchange cryptocurrencies for Thai baht for electronic payments within the regulatory sandbox framework, with a maximum monthly consumption limit of 500,000 Thai baht (about 14,000 US dollars) per account, aimed at boosting the recovery of the tourism industry. This plan is only for short-term stay tourists and requires strict KYC verification.

Under this plan, foreign tourists must open accounts separately at digital asset companies and electronic money providers regulated by the US Securities and Exchange Commission and the Bank of Thailand. The plan operates within the regulatory sandbox to ensure supervision and prevent the direct use of digital assets as a payment method. The service is only available to foreign tourists temporarily residing in Thailand. Participants must complete KYC verification according to the standards of the Thailand Anti-Money Laundering Office. The service allows tourists to exchange digital assets for Thai baht and make electronic payments through QR code scanning.

Earlier reports indicated that the Thailand SEC and the central bank plan to introduce a "crypto sandbox" to support foreign tourists in exchanging cryptocurrencies for Thai baht for consumption.