Thailand Proposes National Crypto Sandbox to Facilitate Tourist Spending
New regulatory framework would allow foreign visitors to convert digital assets into baht under oversight of financial authorities
Thailand is preparing to launch a national digital asset sandbox designed to allow foreign tourists to convert cryptocurrencies into baht for spending during their stay.
The initiative, a joint effort between the Securities and Exchange Commission (SEC) and the Bank of Thailand, is currently under public consultation and aims to support innovation in digital finance while enhancing the competitiveness of Thailand’s tourism sector.
The sandbox will permit foreign tourists to exchange digital assets through licensed digital asset exchanges, brokers, and dealers.
Converted baht must be spent through e-money service providers regulated by the central bank.
Direct use of digital assets for payments remains prohibited.
The entire process will be conducted within a controlled environment regulated by the SEC, the Bank of Thailand, the Anti-Money Laundering Office, and other authorities.
The proposal builds on previous regional initiatives, including a pilot proposal focused on Phuket.
Unlike earlier concepts, the new sandbox extends nationwide and is backed by Thailand’s principal financial regulators.
Licensed service providers will be able to operate within the sandbox for up to 18 months, with the possibility of extensions subject to regulatory approval.
The scope of the sandbox is limited to foreign tourists temporarily residing in or visiting Thailand, and participating entities must integrate with e-money services to facilitate electronic payments.
Regulatory conditions for participants include strict anti-money laundering compliance, operational eligibility requirements, defined service scopes, and caps on tourist spending volumes.
The SEC has stated that these measures aim to ensure both consumer protection and financial system integrity.
Industry stakeholders, including executives from digital asset firms, have expressed support for the initiative.
The co-founder of Binance TH described the framework as a structured evolution of prior sandbox concepts and noted that it demonstrates Thailand’s continued interest in promoting responsible crypto adoption.
Meanwhile, concerns have been raised by local tourism operators.
Representatives from the Tourism Council of Thailand noted a lack of public awareness and called for greater clarity on regulatory implementation, especially regarding anti-money laundering safeguards and the selection of eligible cryptocurrencies.
Some stakeholders also highlighted the need to ensure that the broader digital payment infrastructure is ready to support increased use of digital assets by foreign tourists.
The SEC indicated that it is still accepting public feedback on the sandbox framework.
Once finalized, the initiative is expected to serve as a regulatory testing ground for integrating digital asset conversion into Thailand’s tourism economy under tightly monitored conditions.
The initiative, a joint effort between the Securities and Exchange Commission (SEC) and the Bank of Thailand, is currently under public consultation and aims to support innovation in digital finance while enhancing the competitiveness of Thailand’s tourism sector.
The sandbox will permit foreign tourists to exchange digital assets through licensed digital asset exchanges, brokers, and dealers.
Converted baht must be spent through e-money service providers regulated by the central bank.
Direct use of digital assets for payments remains prohibited.
The entire process will be conducted within a controlled environment regulated by the SEC, the Bank of Thailand, the Anti-Money Laundering Office, and other authorities.
The proposal builds on previous regional initiatives, including a pilot proposal focused on Phuket.
Unlike earlier concepts, the new sandbox extends nationwide and is backed by Thailand’s principal financial regulators.
Licensed service providers will be able to operate within the sandbox for up to 18 months, with the possibility of extensions subject to regulatory approval.
The scope of the sandbox is limited to foreign tourists temporarily residing in or visiting Thailand, and participating entities must integrate with e-money services to facilitate electronic payments.
Regulatory conditions for participants include strict anti-money laundering compliance, operational eligibility requirements, defined service scopes, and caps on tourist spending volumes.
The SEC has stated that these measures aim to ensure both consumer protection and financial system integrity.
Industry stakeholders, including executives from digital asset firms, have expressed support for the initiative.
The co-founder of Binance TH described the framework as a structured evolution of prior sandbox concepts and noted that it demonstrates Thailand’s continued interest in promoting responsible crypto adoption.
Meanwhile, concerns have been raised by local tourism operators.
Representatives from the Tourism Council of Thailand noted a lack of public awareness and called for greater clarity on regulatory implementation, especially regarding anti-money laundering safeguards and the selection of eligible cryptocurrencies.
Some stakeholders also highlighted the need to ensure that the broader digital payment infrastructure is ready to support increased use of digital assets by foreign tourists.
The SEC indicated that it is still accepting public feedback on the sandbox framework.
Once finalized, the initiative is expected to serve as a regulatory testing ground for integrating digital asset conversion into Thailand’s tourism economy under tightly monitored conditions.
