TechFlow, on August 17, according to Crowd Fund Insider, Thailand will launch its "TouristDigiPay" initiative on Monday, allowing foreign tourists to exchange cryptocurrency for Thai baht for electronic payments within a regulatory sandbox framework. The program sets a monthly spending limit of up to 500,000 THB (approximately $14,000) per account, aiming to boost tourism recovery.
Under the program, foreign visitors must open accounts separately with digital asset firms regulated by the U.S. Securities and Exchange Commission and e-money providers supervised by the Bank of Thailand. Operating within a regulatory sandbox, the initiative ensures oversight and prevents the direct use of digital assets as payment. The service is available exclusively to foreign tourists temporarily staying in Thailand. Participants must complete KYC verification in accordance with standards set by Thailand's Anti-Money Laundering Office. The service enables tourists to convert digital assets into Thai baht and make electronic payments via QR code scanning.
Earlier reports indicated that Thailand's SEC and central bank plan to introduce a "crypto sandbox" to support foreign tourists exchanging crypto assets into Thai baht for consumption purposes.
