Thailand Launches Digital Asset Payment Program to Revitalize Tourism

Thailand has introduced its TouristDigiPay initiative, enabling foreign visitors to convert cryptocurrencies into Thai baht for domestic spending. The move aims to boost tourism, particularly after a decline in Chinese arrivals. The program positions Thailand as a pioneer in integrating crypto conversion into tourism infrastructure.

Deputy Prime Minister Pichai Chunhavajira unveiled the initiative, which operates within a regulatory sandbox framework. Foreign tourists can now open accounts with SEC-regulated digital asset businesses and Bank of Thailand-licensed e-money providers to convert cryptocurrencies into baht for electronic payments, including QR code transactions.

The system includes strict anti-money laundering safeguards, requiring comprehensive Know Your Customer (KYC) procedures. Participants must maintain temporary visitor status and can only withdraw funds when closing their accounts, preventing cash withdrawals based on account balances.