Thailand opens cryptocurrency payments for tourists, allowing foreign visitors to exchange for Thai baht for consumption

ChainCatcher news, according to Crowd fundinsider, Thailand will launch the "TouristDigiPay" program on Monday, allowing foreign tourists to exchange cryptocurrency for Thai baht for electronic payments within a regulatory sandbox framework, with a monthly spending limit of up to 500,000 baht (approximately $14,000) per account, aimed at boosting the recovery of the tourism industry.

Under this program, foreign tourists must open accounts with digital asset businesses and electronic money providers regulated by the U.S. Securities and Exchange Commission and the Bank of Thailand. The program operates within a regulatory sandbox to ensure oversight and prevent the direct use of digital assets as a payment method. The service is limited to foreign tourists temporarily residing in Thailand. Participants must complete KYC verification according to the standards of Thailand's Anti-Money Laundering Office. The service allows tourists to exchange digital assets for Thai baht and make electronic payments through QR code scanning.

Previous report, the Thai SEC and the central bank plan to launch a "crypto sandbox" to support foreign tourists in exchanging crypto assets for Thai baht for consumption.