According to ChainCatcher, as reported by Crowd fundinsider, Thailand will launch the 'TouristDigiPay' program on Monday, allowing foreign tourists to exchange cryptocurrency for Thai baht for electronic payments within a regulatory sandbox framework. The maximum monthly spending limit per account is 500,000 Thai baht (approximately $14,000), aimed at boosting the recovery of the tourism industry.
Under this program, foreign tourists must open accounts with digital asset companies and electronic money providers regulated by the U.S. Securities and Exchange Commission and the Bank of Thailand. The program operates within a regulatory sandbox to ensure oversight and prevent the direct use of digital assets as a payment method. The service is available only to foreign tourists temporarily residing in Thailand. Participants must complete KYC audits according to the standards of Thailand's Anti-Money Laundering Office. The service allows tourists to exchange digital assets for Thai baht and make electronic payments via QR code scanning.
Previous reports indicated that the Thai SEC and the central bank plan to introduce a 'crypto sandbox' to support foreign tourists in exchanging crypto assets for Thai baht for consumption.
