Thailand Introduces Nationwide Crypto Regulatory Sandbox for Tourists
Thailand is set to launch a nationwide regulatory sandbox aimed at enabling foreign visitors to convert cryptocurrencies into the local currency for electronic transactions, enhancing the tourism sector. The initiative, termed TouristDigiPay, is anticipated to commence on Monday, facilitating users to exchange their digital currencies for Thai baht and make electronic payments via e-money service providers, as reported by the local newspaper, The Nation.
Eligibility and Regulations for Tourist Participation
Only tourists within Thailand will be qualified to utilize this service, contingent upon completing Know Your Customer (KYC) procedures and opening accounts with both a regulated digital asset business and an e-money provider overseen by the Bank of Thailand and the Securities and Exchange Commission. Additionally, there will be protective measures in place, including limitations on monthly spending and restrictions on direct cash withdrawals. Full particulars regarding the TouristDigiPay initiative are expected to be unveiled on Monday by Deputy Prime Minister and Finance Minister Pichai Chunhavajira.
Boosting Tourism Amidst Declining Visitor Numbers
The TouristDigiPay project is a strategic move to revitalize Thailand’s tourism sector, particularly in light of a notable decrease in foreign visitors, especially from China, which has historically been a vital part of the industry. According to a report from The World Tourism Institute, Thailand received approximately 16.8 million tourists in the first half of 2025, down from 17.7 million during the same period the previous year. This decline includes a 24% reduction in visitors from East Asia and a staggering 34% drop in arrivals from China. Tourists are increasingly looking towards other regional destinations, like Japan, where a weaker yen has made travel more attractive, and Vietnam, which offers more affordable options.
Thailand’s Ongoing Exploration of Cryptocurrency
The Thai government has been considering the use of cryptocurrency as a means to bolster tourism, with the country’s SEC completing a public consultation regarding the integration of financial innovations and digital assets to stimulate economic and tourism growth as of August 13. The idea for the TouristDigiPay initiative was first introduced by Chunhavajira during an investment seminar in Bangkok on May 26. This followed an earlier announcement in January regarding a pilot program that would allow foreign tourists to use cryptocurrencies for purchases in Phuket, one of Thailand’s most favored tourist spots, which is still being developed.
Global Trends in Crypto Adoption for Tourism
Other nations and businesses are also embracing cryptocurrency as a means to attract tourists. Bhutan, for instance, is working to incorporate crypto payments into its tourism framework, collaborating with Binance Pay and local bank DK Bank to facilitate crypto transactions for users. In a similar vein, Jeff Bezos’s Blue Origin recently partnered with Shift4 Payments, enabling customers to pay for space travel using Bitcoin (BTC), Ether (ETH), Solana (SOL), and stablecoins like USDT and USDC. Additionally, in July, the United Arab Emirates finalized an agreement with Crypto.com to permit travelers to pay for flights and in-flight purchases utilizing cryptocurrencies.
