Thailand will launch a new system on Monday, August 18, allowing foreign tourists to convert cryptocurrency into baht as the government looks for ways to lift a tourism sector hit by falling arrivals.
The initiative, called “TouristDigiPay,” will allow foreign travelers to convert their digital assets into Thai baht through regulated electronic payment channels.
Deputy Prime Minister and Finance Minister Pichai Chunhavajira will officially announce the program at a press conference alongside senior officials from the Ministry of Finance, the Securities and Exchange Commission (SEC), the Anti-Money Laundering Office, and the Ministry of Tourism and Sports.
Thailand’s tourism earnings have slipped this year, hurt largely by a steep fall in Chinese arrivals. With tourism forming a major part of the economy, authorities are now turning to new methods to draw visitors back.
Under the new system, foreign tourists can convert their cryptocurrencies into baht and spend the money electronically, such as through QR code payments. Direct use of digital assets for purchases will not be allowed. The programme will run inside a regulatory sandbox to ensure it is closely monitored and risks are kept in check.
To participate, tourists must open accounts with a digital asset business regulated by the Securities and Exchange Commission and an e-money provider licensed by the Bank of Thailand. Eligibility is limited to foreign visitors staying in Thailand temporarily.
Stringent Know Your Customer (KYC) and customer due diligence checks will be required in line with Anti-Money Laundering (AML) Office standards to prevent misuse of the service.
The launch follows a recent public consultation by the Securities and Exchange Commission on the role of financial innovation and digital assets in supporting economic and tourism growth, which concluded on August 13.
Officials expect the TouristDigiPay scheme to provide a new channel for visitors to spend in Thailand while strengthening the country’s position as a regional hub for digital finance.
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