Thailand has initiated a new pilot program that allows foreign tourists to convert their cryptocurrency assets into Thai baht for spending within the country.
The program, named “TouristDigiPay,” will run for 18 months under a regulatory sandbox. It is overseen by several government bodies, including the Ministry of Finance, the Securities and Exchange Commission (SEC), and the Ministry of Tourism and Sports.
Deputy Prime Minister and Finance Minister Pichai Chunhavajira stated on Monday that the initiative will enable tourists to exchange crypto for local currency via regulated platforms, which can then be used at merchants across Thailand. The move follows a public consultation on using crypto assets to support tourism.
Officials noted that the program is a response to evolving travel habits, as more tourists use electronic payments and show interest in digital assets. However, they emphasized that the project does not promote crypto as a direct form of payment. Participants must adhere to strict anti-money laundering and know-your-customer (KYC) regulations.
Thailand has been developing its crypto framework, and last month, its Cabinet approved a proposal to exempt crypto transactions from capital gains tax until the end of 2029.
