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The Securities and Exchange Commission (SEC) collaborated with the Bank of Thailand (BOT) to introduce a crypto sandbox, allowing foreign tourists to convert digital assets into baht (Thailand’s national currency). The Thai SEC is seeking public comments on this proposal via the SEC website before implementing it.
Thailand SEC Proposes Public Feedback on Crypto Regulatory Sandbox for Tourism
Initially, the SEC board approved the principles of the framework during separate meetings held on March and July 3. Now, on July 15, the agency has opened a public consultation on the proposal, and the feedback will be accepted until August 13, 2025.
With the new initiative, the SEC aims to promote innovation with the use of digital assets to increase the economy and tourism industry in Thailand. This will complement the existing digital assets framework while ensuring proper risk protection measures for the new regulatory sandbox.
Key Highlights of Tourism Regulatory Crypto Sandbox
- Nirun Fuwattananukul, chief executive of Gulf Binance, confirms that the initiative will boost the adoption of digital assets in the country by allowing cryptocurrencies as payment for local spending.
- As direct crypto payments are not permitted, crypto must be spent through approved e-money providers, enabling transactions like OR code payments.
- SEC affirms that the eligible participants in the sandbox are – digital asset exchanges, digital asset brokers, and digital asset dealers.
The Initiative Sparked Some Concerns Among Crypto Stakeholders
Despite its innovative, driven intent with risk protection measures, the initiative has sparked some tension among the industry stakeholders. The vice president of the Tourism Council of Thailand (TCT), Bhummikitti Ruktaengam, said, “We’re not opposed to this scheme, but the government should ensure that the entire ecosystem is prepared for cryptocurrency use before launching the program.”
Since the SEC has not clarified the regulations and compliance for the sandbox yet, Ruktaengam warns against the risk of money laundering. He reiterated that without clear rules, digital asset exchanges could be misused.
Final Thought
The launch of a crypto regulatory sandbox for the tourism industry has pushed Thailand a step forward in aligning its digital assets regulations with global standards. However, despite the licensing and anti-money laundering regulations being mandatory for the new proposal, industry stakeholders fear that exchanges can be involved in illicit activities.
