Thailand is launching a landmark cryptocurrency exchange system for tourists to convert digital assets into Thai Baht, combining digital asset regulation with electronic currency infrastructure to stimulate spending and promote tourism.

The Securities and Exchange Commission (SEC) announced on August 18, in collaboration with the Ministry of Finance, the Anti-Money Laundering Office (AMLO), and the Ministry of Tourism and Sports, the introduction of 'TouristDigiPay', an 18-month new sandbox that allows foreign tourists to exchange digital assets (DA) for Thai Baht for local consumption. The announcement stated:

This initiative allows foreign tourists to use DA as a source of funds for spending in Thailand, while promoting the use of innovation and DA to support the economy and tourism.

The pilot program is expected to start in the fourth quarter of 2025, aiming to combine the DA trading system regulated by the SEC with the electronic currency framework regulated by the Bank of Thailand (BOT).

The plan allows digital asset exchanges, dealers, and brokers authorized by the SEC to collaborate with electronic money service providers regulated by the BOT. Tourists must complete 'Know Your Customer' (KYC) verification and set up a wallet upon arrival in Thailand. Afterwards, they can transfer and sell Thai Baht (DA), receive Thai Baht via e-wallet, and make purchases through a QR code system. Spending limits apply: amounts paid to small retailers are capped at 50,000 Baht per month, while amounts through merchants under the 'Know Your Merchant' (KYM) program are capped at 500,000 Baht per month.

The announcement added: 'Under the TouristDigiPay sandbox framework, foreign tourists can make payments at merchants (including large retailers and small vendors) across Thailand by scanning (for example, through a smartphone application). Importantly, DA cannot be used directly as a means of payment for goods and services; merchants will receive payments in Thai Baht.'

Ms. Pornanong Budsaratragoon, Secretary-General of the Securities and Exchange Commission of Thailand, emphasized the regulatory consistency of the program: 'The TouristDigiPay project is built on the existing ecosystem that combines the DA trading system regulated by the Securities and Exchange Commission of Thailand with the electronic money system regulated by the Bank of Thailand (BOT).' She noted that the system includes KYC and Customer Due Diligence (CDD) procedures that comply with AMLO standards.