17-8-2025 – Thailand will launch its TouristDigiPay initiative on August 18, enabling foreign tourists to convert cryptocurrencies into Thai baht for local spending, as announced by Deputy Prime Minister and Finance Minister Pichai Chunhavajira. The program, first reported by The Nation, aims to revitalize the tourism sector, which has faced a downturn due to fewer Chinese visitors.
The announcement will involve key officials from the Finance Ministry, Securities and Exchange Commission (SEC), Anti-Money Laundering Office (AMLO), and Ministry of Tourism and Sports. Under TouristDigiPay, tourists must open accounts with SEC-regulated digital asset operators and Bank of Thailand-supervised e-money providers, passing stringent Know Your Customer (KYC) and anti-money laundering checks.
The initiative operates within a regulatory sandbox, prohibiting direct crypto payments but allowing conversions to baht for electronic transactions, such as QR code payments, with a monthly spending cap of 500,000 baht for card-terminal merchants. This follows a public consultation by the SEC, concluded on August 13, to explore digital assets for economic and tourism growth. The program targets Thailand’s 35.54 million annual tourists, who generated 1.67 trillion baht in 2024 but fell short of pre-pandemic levels.
By facilitating crypto conversions, Thailand aims to attract tech-savvy travelers and boost local business revenue. Industry leaders, like Gulf Binance CEO Nirun Fuwattananukul, praise the initiative for positioning Thailand as a digital finance hub, though concerns linger about regulatory clarity and money laundering risks.
