Thailand Introduces Crypto-to-Baht Payment System for Visitors Beginning August 18

On Monday, August 18, Thailand introduced its “TouristDigiPay” initiative, enabling international travelers to convert cryptocurrency into Thai Baht for electronic transactions throughout the nation.

This program functions within a regulatory sandbox framework, implementing strict Know Your Customer protocols and monthly spending caps to mitigate financial crime while enhancing tourism revenue.

Thailand will initiate the “TouristDigiPay” program on August 18, allowing foreign visitors to convert cryptocurrency into Thai baht for QR code payments. The initiative operates under a regulatory sandbox, mandates rigorous KYC/AML checks, and establishes monthly spending limits ranging from 50,000 to 500,000…

— Wu Blockchain (@WuBlockchain) August 17, 2025

Government Coalition Aims for Tourism Recovery via Digital Innovation

As reported locally, Deputy Prime Minister and Finance Minister Pichai Chunhavajira announced the program in collaboration with officials from the Finance Ministry, Securities and Exchange Commission, Anti-Money Laundering Office, and Ministry of Tourism and Sports.

The launch responds to a notable decline in tourism this year, largely attributed to a drop in visitors from China.

The system necessitates that tourists establish accounts with digital asset firms regulated by the SEC and e-money providers overseen by the Bank of Thailand.

Participants must undergo thorough customer due diligence checks and can only convert digital assets for baht through licensed operators, utilizing converted funds for QR code payments and other electronic methods.

The program forbids direct cash withdrawals and restricts participation to foreign tourists temporarily residing in Thailand.

The SEC has concluded public consultations regarding the use of financial innovation and digital assets for economic and tourism advancement, with feedback periods closing on August 13.

Regulatory Framework Enhances Broader Crypto Integration Strategy

Thailand’s tourist cryptocurrency payment system builds upon the regulatory foundation established throughout 2025, which includes a five-year personal income tax exemption on digital asset capital gains approved by the Cabinet in June.

This tax exemption is applicable solely to transactions conducted through SEC-licensed platforms from January 1, 2025, to December 31, 2029.

Thailand’s Cabinet has sanctioned a new tax initiative to further its goal of becoming a prominent global center for digital assets.#thailand #taxhttps://t.co/HgLTU3EC35

— Cryptonews.com (@cryptonews) June 17, 2025

The exemption aims to position Thailand as a key digital asset hub while generating over 1 billion baht in additional tax revenue through indirect economic activities.

Deputy Finance Minister Julapun Amornvivat stated that the policy is designed to attract foreign capital and stimulate the digital asset market.

At the same time, Thailand tightened regulatory oversight by prohibiting access to five major cryptocurrency exchanges in May, including Bybit, CoinEx, and OKX, for operating without the necessary licenses.

The SEC cited investor protection and the prevention of money laundering as primary reasons for this enforcement action.

Additionally, the regulator introduced $150 million worth of digital investment tokens known as “G-tokens” in May, enabling retail investors to acquire government bonds through blockchain-based tokens with minimum investments of just $3.

This initiative expands access to government-backed investment opportunities that have historically been available only to institutional investors.

Global Crypto Tourism Trend Gains Traction Across Asian Markets

Thailand’s cryptocurrency payment system aligns with similar efforts across Asia, with Bhutan taking the lead by launching the world’s first national-level crypto tourism payment system in May.

Bhutan collaborated with Binance Pay and DK Bank to facilitate payments for airline tickets, visa fees, hotel accommodations, and even roadside fruit stalls using over 100 cryptocurrencies.

Bhutan is progressing forward.
Investigating how crypto payments with #BinancePay can enhance inclusion, boost tourism, and stimulate economic growth.
With:
Ugyen Tenzin (DK Bank)
Damcho Rinzin (Dept. of Tourism)
Hobeng Lim (GMC Bhutan)
This is how we transform vision into reality… pic.twitter.com/LLXMoQv70n

— Richard Teng (@_RichardTeng) June 30, 2025

Bhutan’s system has onboarded over 100 local merchants and processes transactions instantly in local currency without gas fees.

This initiative addresses ongoing tourist challenges, such as high transaction fees, currency exchange expenses, and limited acceptance of international cards, while providing payment infrastructure access to rural artisans and small vendors.

In a similar vein, France’s Riviera region has recently adopted cryptocurrency payment options across more than 80 businesses through a partnership between Binance Pay and fintech company Lyzi.

Customers can utilize stablecoins and other cryptocurrencies for payments at hotels, restaurants, and luxury retailers in Cannes, Nice, Antibes, and Monaco via QR code scanning.

The Tourism Council of Thailand raised concerns regarding ecosystem readiness and stakeholder awareness during the consultation process.

Vice President Bhummikitti Ruktaengam emphasized that many stakeholders in Phuket were unaware of the ongoing consultation, while risks related to money laundering continue to be a concern with the rise of illicit foreign business operations.

Thailand’s digital asset regulatory adjustments include proposed modifications to listing criteria for local exchanges, necessitating public disclosure of related-party connections for exchange-issued tokens.

The SEC board approved changes in June to align listing standards with usage patterns, technological advancements, and industry structure.

The country listed Tether’s gold-backed token XAU₮ on the Maxbit exchange in May, marking the first tokenized physical gold offering in Thailand’s market.

Each token signifies ownership of one troy ounce of physical gold stored in secure vaults, broadening investment options for Thai traders.

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