The post Thailand Launches TouristDigiPay for Crypto-to-Baht Payments appeared first on Coinpedia Fintech News
The Securities and Exchange Commission (SEC) in Thailand collaborated with the Ministry of Finance, the Anti-Money Laundering Office (AMLO), and the Ministry of Tourism and Sports to jointly launch “TouristDigiPay”. It allows foreign tourists to convert their cryptocurrencies into Thai baht for electronic payments during their visit.
Thailand Launches TouristDigiPay
On August 18, the Deputy Prime Minister, Mr. Pichai Chunhavajira, revealed that the project will simplify the use of digital assets in daily life while also allowing more options for foreign tourists. It does not allow direct payment with crypto; instead, it requires converting it into Thailand’s national currency to use it for payment of goods and services. This move mitigates the risk of price volatility for merchants.
The entire process will be handled by SEC authorities and e-money service providers under the supervision of the Bank of Thailand (BOT). The project is scheduled for an 18-month trial period, starting in Q4 2025.
How To Use Digital Assets For Payment in Thailand?
- Upon arrival in Thailand, complete KYC to open a 2-part account.
- Digital Asset Account (Open an account with a digital asset business operator).
- Tourist Wallet Account (Open an account with an e-money provider).
- Sell digital assets through the specified channel. When the transaction is successful, the digital assets will be transferred in Thai baht to the Tourist Wallet.
For spending under the TouristDigiPay Sandbox, tourists can scan the QR code available at various merchant stores and pay via smartphone applications. Merchants will receive payment for goods and services in Thai baht only.
Ms. Pornanong Busaratrakul, Secretary-General of the SEC, stated, “The TouristDigiPay project is an extension of the existing ecosystem between the digital asset trading system under the supervision of the SEC and the electronic payment system (e-money) under the supervision of the Bank of Thailand.”
“This initiative includes appropriate risk mitigation and a user identity check (KYC/CDD) process in accordance with the criteria of the AMLO and related agencies for digital asset businesses and e-money service providers,” she added.
Thailand Increases Global Competition in Crypto
With its newly formed Sandbox of TouristDigiPay, the country is modernizing the digital assets space. It also creates opportunities to attract foreign investment in its local region. The Royal Thai Government stated that it also promotes the development of innovation and the country’s financial infrastructure to support the creative and safe utilization of digital assets in the traditional economic system with a robust regulatory framework.
