The TouristDigiPay program in Thailand allows foreign tourists to exchange cryptocurrency for baht for payments, aiming to stimulate tourism.
Tourists must open accounts with tightly regulated digital asset companies and cryptocurrency service providers operating within a sandbox framework to ensure safety and legal compliance.
MAIN CONTENT
TouristDigiPay helps international customers exchange cryptocurrency for baht for consumption in Thailand.
Requirements to open an account and comply with KYC, identity verification according to anti-money laundering standards.
The program operates within a regulatory sandbox to manage and mitigate risks.
What is the TouristDigiPay program and what are its goals?
TouristDigiPay is an initiative that allows foreign visitors to exchange cryptocurrency for Thai baht for local spending, aimed at boosting the tourism sector.
The program facilitates the use of digital assets but within a strict legal framework. Through this, Thailand aims to leverage the cryptocurrency trend to enhance tourists' experience and spending ability, contributing to economic recovery post-pandemic.
What are the conditions and processes to participate in TouristDigiPay?
Foreign tourists are required to open accounts with digital asset companies and cryptocurrency service providers supervised by the US Securities Commission and the Bank of Thailand.
At the same time, they must complete KYC procedures and customer verification according to the regulations of the Anti-Money Laundering Office. This enhances trust, minimizes risks of money laundering and financial fraud in transactions, ensuring transparency and safety.
Why does the TouristDigiPay program operate within a regulatory sandbox?
The program is placed in a regulatory sandbox environment to closely monitor activities, preventing the misuse of cryptocurrency as a direct payment method not yet allowed by law.
The sandbox allows the testing of technologies and policies that help balance innovation and risk management, creating a foundation for improving the legal framework for the application of cryptocurrency in Thailand's tourism sector.
We believe that combining cryptocurrency technology with strict legal guidance will create a better experience for tourists while protecting Thailand's financial market.
Bank of Thailand, 2024
Frequently Asked Questions
Who can use the TouristDigiPay service?
The service is dedicated to foreign tourists temporarily staying in Thailand and does not apply to local residents or permanent visitors.
What must customers do to participate in the program?
Customers must open accounts with authorized service providers and complete KYC procedures and identity verification in accordance with anti-money laundering regulations.
Can cryptocurrency be used directly as a payment method?
No, the program allows the exchange of cryptocurrency for baht for payments, and does not accept direct cryptocurrency usage in transactions.
Does this program have time or geographical limitations?
Only applicable to tourists during their temporary stay in Thailand and operates under sandbox regulations with a trial period.
What does the regulatory sandbox do for the program?
The sandbox helps control risks, safely test new policies in compliance with legal regulations, and promote controlled innovation.
Source: https://tintucbitcoin.com/san-tien-dien-tu-cho-khach-du-lich/
Thank you for reading this article!
Please Like, Comment, and Follow TinTucBitcoin to stay updated with the latest news in the cryptocurrency market and not miss any important information!