Thailand's TouristDigiPay program allows foreign tourists to use cryptocurrency to exchange for baht for daily expenses, marking a new step in supporting tourism development.
The program will last for 18 months, coordinated by several Thai regulatory agencies, with the goal of tourism growth but not encouraging cryptocurrency as an official payment method. Anti-money laundering regulations and customer verification are strictly enforced.
MAIN CONTENT
Thailand implements a program to exchange cryptocurrency for baht for foreign tourists.
The program lasts for 18 months, supervised by financial and tourism agencies.
Strictly implement anti-money laundering regulations and customer verification.
How does Thailand implement the program for exchanging cryptocurrency for baht for foreign tourists?
Thailand has launched the TouristDigiPay program allowing tourists to exchange cryptocurrency assets for baht to spend on daily expenses nationwide.
The program operates on a platform of strict regulations, making it easy for tourists to convert cryptocurrency into fiat currency for transactions at local shops and services.
The main goal is to facilitate tourists and contribute to the development of the tourism industry in an increasingly fierce global competitive context.
Which units supervise and coordinate the TouristDigiPay program?
The program is supervised by state regulatory agencies such as the Ministry of Finance, the Securities and Exchange Commission, the Anti-Money Laundering Office, and the Ministry of Tourism and Sports.
The coordination between these ministries ensures compliance with anti-money laundering regulations and customer identity verification, bringing transparency and trust to the new payment system.
We are committed to creating a safe and transparent trading environment, contributing to the sustainable development of the tourism industry through the cautious and controlled application of cryptocurrency.
Statement from the representative of the Thai Ministry of Finance, 2023
What impact does the TouristDigiPay program have on tax policy and cryptocurrency law in Thailand?
A notable point is that Thailand has exempted capital gains tax on cryptocurrency transactions until December 31, 2029, making it more favorable for users and investors.
Although the program supports exchanging cryptocurrency for baht, it does not directly encourage the use of cryptocurrency as a primary payment method, to avoid legal and financial market-related risks.
This tax exemption contributes to stimulating cryptocurrency transactions within a controlled scope, while helping Thailand's digital economy adapt more quickly to financial technology trends.
How long does the TouristDigiPay program operate and what are the requirements for participants?
The program will be tested for 18 months to evaluate effectiveness and optimize the process before deciding to expand or adjust.
Participants must comply with customer control standards, ensuring transparency, anti-money laundering, and anti-terrorist financing, avoiding financial fraud. This is achieved through strict identity verification and transaction monitoring.
Frequently Asked Questions
Does the TouristDigiPay program apply to Thais?
The program is currently only for foreign tourists, to serve their daily spending needs during their stay in Thailand.
What types of cryptocurrency can tourists exchange for baht?
Details about the types of accepted cryptocurrencies have not been clearly announced, but transactions must be conducted through licensed and supervised platforms.
Does the program increase the risk of using cryptocurrency in payments?
Thanks to strict implementation of anti-money laundering regulations and customer verification, the risk is effectively controlled within the program.
How is capital gains tax from cryptocurrency transactions applied in Thailand?
Thailand has exempted capital gains tax on cryptocurrency transactions until the end of 2029, facilitating users and investors.
Can the program be expanded after 18 months of testing?
There is a possibility based on evaluation results during the trial phase, to further develop or improve related policies.
Source: https://tintucbitcoin.com/touristdigipay-doi-tien-so-lay-baht/
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