Thailand is about to launch TouristDigiPay, allowing tourists to convert crypto assets to baht, an effort to attract new Capital and revive the tourism industry.
The Thai government will launch TouristDigiPay – an initiative that allows tourists to convert crypto assets to baht for electronic payment. This is a strategic effort to attract new Capital and revive the stagnant tourism industry.
According to the plan, TouristDigiPay will officially launch on August 18, becoming a bridge between the global digital asset market and actual spending in Thailand. Foreign tourists can exchange crypto assets for baht and pay through popular methods like QR codes, but will not be able to withdraw cash. Authorities believe this measure aims to limit financial risks and prevent money laundering.
The program is directly supervised by the Thai Securities and Exchange Commission (SEC) and the Central Bank (BOT). Tourists who want to participate must open an account through licensed crypto asset service providers and digital wallets in Thailand, while also complying with strict Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures.
TouristDigiPay is operated within a "regulatory sandbox", allowing authorities to monitor, collect data, and adjust policies in a real environment. Spending limits will also be applied to maintain financial stability. The direct involvement of the Ministry of Finance, Anti-Money Laundering Office, and Ministry of Tourism indicates a strong political commitment behind this initiative.
Thailand's program takes place against the backdrop of a global crypto asset market exceeding $4 trillion in Capital, driven by Bitcoin (BTC) repeatedly reaching over $124,000. Simultaneously, international legal frameworks are gradually taking shape, including the US passing laws to regulate stablecoins. With TouristDigiPay, Thailand aims to tap into potential tourists from over 600 million crypto asset owners worldwide, transforming crypto assets into a legal and controlled spending channel in the tourism industry.
