Thailand launches cryptocurrency exchange service, but tourism recovery plan still faces real challenges
To stimulate the development of the tourism industry, the Thai government launched a new initiative on August 18, allowing foreign tourists to exchange cryptocurrencies for Thai baht for payments within Thailand.
This initiative, named 'TouristDigiPay', aims to address the significant slowdown in the tourism industry, primarily due to the country's heavy reliance on Chinese tourists, leading to a decline in tourism.
According to regulations, tourists must complete the exchange through digital asset service providers certified by the Thai Securities and Exchange Commission and the central bank, and undergo strict KYC (Know Your Customer) verification.
The program will operate under a regulatory sandbox framework, explicitly prohibiting the direct use of cryptocurrencies for payments; the exchanged baht funds are limited to domestic consumption.
In addition, the Bank of Thailand has concurrently launched the 'Tourist Wallet' electronic currency service, which is only available for government-certified merchants. However, industry insiders point out that the complex account opening process and identity verification requirements may reduce tourists' willingness to participate.
This policy from the Thai government aligns with Thailand's digital economy strategy. The five-year tax exemption policy for cryptocurrency trading passed in June, coupled with the implementation of the Cryptocurrency Asset Reporting Framework (CARF), demonstrates Thailand's balance between financial innovation and risk control.
Notably, several exchanges, including Binance, KuCoin, and Upbit, have recently been granted permission to establish branches in the Thai market, providing infrastructure support for the implementation of this plan.
Currently, market reactions are polarized. The tourism association welcomes the policy innovation but points out that the actual effect depends on operational convenience; analysts worry that the existing restrictions may lead to the plan becoming a symbolic measure.
According to data released by the Tourism Authority of Thailand, the number of international tourists in the first half of 2025 decreased by 4.66% compared to the same period last year, with the contribution rate from Chinese tourists declining by 34.13%, highlighting the urgency of the policy.
In the future, the Thai government is considering piloting a more open cryptocurrency payment scheme in tourism special zones such as Phuket. This gradual reform path not only responds to the trend of the digital economy but also leaves room for regulatory adjustments, and its effectiveness is expected to provide reference for digital currency policies in Southeast Asian countries.