Thailand has launched a regulatory platform that allows foreign tourists to convert cryptocurrencies to Thai Baht for electronic payments.
The program includes strict requirements for customer identification (KYC), spending limits, and joint regulation by the Bank of Thailand and the Securities and Exchange Commission.
Thailand has launched the TouristDigiPay platform, the first experimental regulatory environment that allows foreign tourists to exchange digital currencies for Thai Baht to facilitate electronic payments. This new project is a strategic step by Thailand to counteract the decline in tourist numbers and revive the struggling tourism sector through the adoption of cryptocurrencies.
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A government initiative aimed at revitalizing tourism
The Tourist Digital Payment System (TouristDigiPay) will officially launch on Monday, enabling international tourists to convert cryptocurrencies to local currencies through regulated electronic money service providers. Foreigners will undergo rigorous customer identification checks to use these electronic payment systems on Thai soil.
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Strict regulatory controls included setting limits on monthly spending and banning direct cash withdrawals when converting cryptocurrencies. All digital asset companies and electronic money service providers will be jointly supervised by the Bank of Thailand and the Securities and Exchange Commission.
Deputy Prime Minister Pritchai Chunhavan will announce the full details of the program on Monday, after months of planning and consultation. This project is based on Thailand's urgent need to compensate for the significant losses endured by tourism, especially amid the decline in the number of Chinese tourists who contribute to the prosperity of this industry in the country.
Tourism data in Thailand indicates that the country welcomed 16.8 million visitors in the first half of 2025, a significant decrease compared to 17.7 million visitors recorded the previous year. The number of tourists from East Asia dropped by 24%, and the number of incoming Chinese visitors decreased by 34% compared to the previous year's performance levels.
Regional competitors like Japan enjoy better exchange rates, while Vietnam offers low overall prices for budget travelers. Thailand is under pressure to innovate and differentiate its tourism products as regional competition increases to attract international tourists.
In August, the government concluded public consultations on financial innovation and digital assets that facilitate economic growth. Previous announcements included the possibility of trialing cryptocurrency payments in Phuket, Thailand's leading tourist destination, but this is still in progress.
Thailand is following global trends in integrating digital tourism, with Bhutan partnering with Binance Pay to receive payments from tourists. Among the latest initiatives is Blue Origin accepting Bitcoin for space travel and Emirates Airlines collaborating with Crypto.com to purchase flight tickets.
This experimental regulatory framework is one of the strategic bets Thailand is making in the field of digital currency technology to stimulate tourism recovery and economic diversification initiatives.
