Thailand is implementing a cryptocurrency travel sandbox program, which allows tourists to exchange their crypto assets for Thai Baht and use digital payments for travel. Binance Thailand CEO Nirun Fuwattananukul has many insights to share. (Background: Thailand launches 'Cryptocurrency to Digital Baht' sandbox test, allowing tourists to scan QR codes for payment) (Context: Thailand fully opens 'Travel Crypto Payments', a tourist powerhouse striving for digital transformation) *This article is a guest contribution from Binance Thailand and does not represent the position of BlockTempo. Recently, an important development in Thailand has attracted the attention of international media—the 'TouristDigiPay' pilot program jointly launched by the Securities and Exchange Commission (SEC) and the Bank of Thailand (BOT). This sandbox program allows foreign tourists to exchange their digital assets for Thai Baht for local consumption. This move not only helps to enhance Thailand's international competitiveness in the tourism industry but also has the potential to accelerate the development of the domestic digital asset industry, moving towards the national vision of building a 'regional digital financial hub'. However, it is important to clarify that TouristDigiPay is not a payment system that allows consumers and merchants to directly transact using cryptocurrencies. Instead, it allows travelers to first exchange their digital assets for Thai Baht and make payments through Thailand's local PromptPay QR Code. PromptPay is widely used in Thailand, visible in both street food stalls and high-end department stores. This sandbox program leverages Thailand's well-established payment infrastructure, providing travelers with a convenient way to use digital assets. The integration of crypto payments and the tourism industry According to a recent report from Grand View Research, the global crypto payment market is valued at approximately $550 million in 2024 and is expected to grow to $2.4 billion by 2033. The report indicates that the increased acceptance of digital assets is one of the key factors driving market growth—this trend highlights that crypto payments are not only a symbol of financial innovation but also an important component of the future global financial system. In Thailand, the tourism industry has long been a pillar of the national economy. At its peak before the pandemic, tourism revenue accounted for nearly 20% of the Gross Domestic Product (GDP). However, in recent years, Thailand's tourism industry has faced multiple challenges, including global economic instability, security concerns, and increased competition from neighboring countries. Against this backdrop, the introduction of crypto payments as a travel payment option presents an unprecedented opportunity. This not only provides international travelers who value digital experiences (such as digital nomads and the growing number of global cryptocurrency holders) with a faster, more convenient, and cashless payment method but also helps strengthen the appeal of Thailand's tourism brand. In fact, Thailand is not the only country exploring this direction. Earlier this year, Bhutan became the world's first country to launch a nationwide 'crypto travel payment system' led by the government, allowing foreign travelers to seamlessly use digital assets for payments. Countries like the United States and Japan are also gradually adopting crypto payments, and more nations are actively trialing this innovative technology. With a mature tourism ecosystem and strong digital infrastructure, I believe Thailand has the capability to transform this innovative policy into scalable and actionable crypto payment applications. Through public-private cooperation mechanisms and forward-looking government policy promotion, the integration of crypto payments is expected to not only revitalize the tourism industry but also has the potential to establish Thailand's leading position in the global financial innovation arena. Shaping the future of Thailand's crypto financial innovation From a global perspective, the continued growth of the stablecoin market is gradually becoming a key driving force for the popularization of crypto payments. According to a McKinsey report, the total circulation value of stablecoins worldwide has reached $250 billion and is expected to grow to $2 trillion by 2028. Visa and Mastercard have also launched related projects to support stablecoin payment and settlement mechanisms. It is evident that traditional finance is actively embracing the advantages brought by blockchain technology and digital assets. Although local businesses and communities currently cannot directly engage with or apply digital assets in the sandbox mechanism, this program still creates valuable opportunities for public education. It helps enhance societal awareness and understanding of this emerging technology—cryptocurrencies are not just investment tools but also a technology with real application potential. The Thai government's promotion of the crypto payment sandbox, along with other related innovative initiatives, clearly conveys its determination to support innovation through policy. I believe that this national program is expected to become a key turning point, bridging the traditional financial system and the new world of digital assets in Thailand. Looking ahead, if Thailand's TouristDigiPay program can succeed in the sandbox test, it will have the opportunity to expand from domestic pilot to an innovative model with international demonstration significance. Regardless of the final outcome, this program has provided a critical example to the world: how crypto payment technology can be effectively integrated into national-level payment infrastructure. Through innovative thinking and forward-looking regulatory policy support, the public and private sectors will be able to work together to promote technological advancement, truly realizing the profound impact of blockchain and crypto technology on people's daily lives. As Thailand's leading digital asset platform, Binance TH looks forward to participating in this innovative program and is committed to promoting public-private collaboration to enhance Thailand's leadership in the field of digital financial innovation. We will continue to uphold compliance principles, technological excellence, and a shared vision for the future of finance, creating a more inclusive financial ecosystem. -END- About the author Nirun Fuwattananukul, CFA, is the CEO of Binance TH, operated by Gulf Binance, a joint venture established by the Binance Group and Gulf Energy Development. He is dedicated to promoting the widespread application of digital assets in Thailand, expanding the blockchain ecosystem through innovative development and strategic partnerships, while ensuring that related businesses comply with local regulations. Prior to this, Nirun served as the regional director for Binance Southeast Asia, responsible for regional business development and strategic planning. Before entering the blockchain industry, Nirun was the general manager of TrueMoney Thailand, a leading electronic wallet service provider in Thailand, successfully building the brand into the nation's top financial application with over 12 million active users. Additionally, he has worked at the globally renowned management consulting firm McKinsey & Company and the world's largest wealth management bank UBS, accumulating extensive multinational financial and strategic experience. Nirun holds a Master's degree in Business Administration from INSEAD and a Bachelor's degree in Engineering from the National University of Singapore. Related reports A Digital Nomad's Real Experience in Chiang Mai, Thailand After experiencing a 7.7 magnitude earthquake, my observations as a digital nomad in Chiang Mai, Thailand 'Binance Thailand CEO's Perspective: The Crypto Travel Program is Bold! It Moves Thailand Towards Financial Innovation' was originally published on BlockTempo (BlockTempo - the most influential blockchain news media).

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