Thailand wields crypto conversion to strengthen tourism

Thailand will present a new cryptocurrency conversion system in Baht for international visitors from Monday, aimed at stimulating the country’s tourism sector.

The “Touristdigipay” initiative allows foreign travelers to exchange digital assets for Thai currency through regulated electronic payment channels.

The program launching In the midst of a drop in tourism income, with the figures for Chinese visitors this year.

Deputy Prime Minister Pichai Chunhavajira will announce the details of the full program on Monday alongside finance and tourism officials at a press conference.

The strict compliance framework governs conversions

Participating tourists must establish accounts with digital asset companies and suppliers of electronic funds, which are all supervised by Thai regulators.

The American Commission for Securities and Exchange (SEC) supervises cryptocurrency companies, while the Bank of Thailand manages electronic money operations.

Visitors are faced with a complete identity verification and anti-money laundering projections before accessing the conversion services.

The system works exclusively for temporary foreign tourists, excluding Thai residents and long -term visa holders of participation.

The structure of regulatory sandbox prohibits the payments of direct cryptocurrency merchants, forcing them to be converted to baht first.

Payment limits vary depending on the type of merchant

The monthly expenditure ceilings depend on business categories to minimize the risks of financial crime. The largest payment terminal establishments allow a monthly limit of 500,000 baht per tourist account, while small suppliers restrict expenses to 50,000 baht per month.

High-risk companies identified by the anti-money laundering authorities on money laundering are prohibited to accept payments via the system.

Tourists cannot withdraw money during their stay, as they can only access funds when they start their accounts.

The Bank of Thailand has developed a dedicated request for “tourist portfolio” for QR code payments. This system benefits visitors to countries without cross -border payment agreements with Thailand.

Future portfolio versions can be integrated directly into international debit and credit cards.

The tourist approach to cryptography in Thailand is looking for new demographic data from visitors and is also raising traditional tourist challenges.

Thailand joins a small group of nations creating a regulated cryptocurrency tourism infrastructure.