The Thai Securities and Exchange Commission collaborates with the Central Bank to establish a cryptocurrency sandbox to support tourists exchanging digital assets for baht.
This program aims to promote innovation in the tourism industry while enhancing safety and risk control according to Thailand's current cryptocurrency legal framework.
MAIN CONTENT
The Thai SEC is seeking public opinion on a cryptocurrency sandbox for tourists until August 2025.
The project facilitates the use of cryptocurrency through approved cryptocurrency providers, not allowing direct payments in crypto.
What does the Thai Securities and Exchange Commission propose to seek opinions on regarding the cryptocurrency sandbox in tourism?
Legal experts from the Thai SEC stated that the initiative to establish the sandbox aims to test new regulations related to cryptocurrencies for tourists, contributing to the promotion of digital asset usage in the domestic economy.
According to the Thai SEC, the sandbox project allows foreign tourists to exchange digital assets for baht through licensed e-money providers, in line with the country's digital economic development policy.
What are the main highlights of the cryptocurrency sandbox framework for the tourism industry?
Mr. Nirun Fuwattananukul, CEO of a leading cryptocurrency exchange, affirmed that the program will promote cryptocurrency adoption in Thailand by expanding digital payment methods for local spending.
"The integration of new digital technologies will create significant opportunities for the tourism industry while boosting the confidence of domestic users and investors."
Nirun Fuwattananukul, CEO Gulf Binance, 2024
Due to the restriction on direct payments in crypto, the system operates through providers committed to safety and legality, allowing customers to use QR code payments quickly and conveniently.
The SEC emphasizes that only licensed organizations such as exchanges, brokers, and cryptocurrency traders are eligible to participate in the sandbox to ensure strict compliance with regulations.
What concerns does the sandbox project face from the cryptocurrency and tourism communities?
Mr. Bhummikitti Ruktaengam, Vice Chairman of the Thailand Tourism Council, expressed support for the initiative but expressed concerns that the cryptocurrency ecosystem is still not sufficiently mature for safe implementation.
"The government needs to comprehensively complete regulations and monitoring mechanisms before implementing the program to avoid risks such as money laundering and illegal activities."
Bhummikitti Ruktaengam, Vice Chairman of the Thailand Tourism Council, 2024
Currently, the lack of clarity about specific regulations in the sandbox is a highlight causing many investors and businesses to worry about the potential for exchanges to be exploited for opaque activities.
What are the significance and prospects of the cryptocurrency sandbox for Thailand's tourism industry?
The Deputy Director of the Thai SEC stated that the development of this testing area helps the country get closer to synchronizing cryptocurrency regulations with international standards, paving the way for digital economic growth.
Despite concerns about the potential for abuse, establishing rules on licensing and anti-money laundering is a fundamental step to minimize risks and increase trust for users and investors in the industry.
Frequently Asked Questions
What is a cryptocurrency sandbox?
A cryptocurrency sandbox is a new regulatory testing environment aimed at facilitating innovation development and controlling risks in the use of cryptocurrencies.
Who is allowed to participate in the Thai SEC sandbox?
Only licensed cryptocurrency exchanges, brokers, and traders are allowed to participate, ensuring legal compliance and transaction safety.
How will the sandbox affect Thailand's tourism industry?
Helping tourists use digital assets more easily when spending locally, promoting digital economic development and increasing investment attraction.
What is the biggest risk when implementing the sandbox?
The risk of money laundering and illegal activities, if regulations are unclear and the ecosystem is not yet effectively protective.
How long is the public consultation period for the sandbox?
The Thai SEC extends public consultation from July to August 13, 2025, to finalize the legal framework.
Source: https://tintucbitcoin.com/sec-thai-lan-lay-y-kien-sandbox-crypto/
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