Thailand’s Crypto Sandbox for Tourists Enters Public Hearing Stage
Thailand is taking a major step toward becoming a regional crypto hub with its latest initiative.
a nationwide cryptocurrency sandbox aimed at foreign tourists.
The proposal, now at the public hearing stage, is a collaborative effort between the Securities and Exchange Commission (SEC), the Bank of Thailand, and several regulatory bodies including the Anti-Money Laundering Office.
What is the Crypto Sandbox?
The sandbox will function as a controlled testing environment where licensed crypto exchanges and web3 service providers can operate under regulatory supervision. It is designed specifically for foreign tourists temporarily residing in Thailand, enabling them to convert digital assets into Thai baht for daily transactions.
How Will It Work?
Tourists will use QR codes to make payments in crypto.
These payments will be automatically converted into fiat (THB) via licensed exchanges.
Participants must adhere to spending limits and anti-money laundering (AML) protocols.
Only licensed entities approved by the SEC can participate in the sandbox.
These entities must partner with e-money providers to ensure smooth transaction handling.
🧪 Timeline and Oversight
The sandbox will operate for an initial period of up to 18 months, with the possibility of extension based on results and regulatory review. Oversight will be maintained by the SEC, the central bank, and other related authorities to ensure compliance and consumer protection.
A Vision for Crypto Tourism
According to Nirun Fuwattananukul, CEO of Gulf Binance (a joint venture between Binance and Gulf Innova), the sandbox builds upon a concept initially proposed by former Prime Minister Thaksin Shinawatra, who envisioned a crypto sandbox in Phuket. However, this version expands the scope nationwide, signaling Thailand’s ambition to lead in crypto tourism and innovation.
“This represents an evolution from an experimental concept to a structured regulatory framework with proper oversight,” said Fuwattananukul
