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In Thailand, financial authorities will permit foreign visitors to exchange cryptocurrency for Thai baht and utilize it as a payment option during their visit.
The Bank of Thailand and the Securities and Exchange Commission (SEC) are introducing a regulated crypto sandbox, enabling foreign tourists to convert digital assets into Thai baht and make purchases for goods and services throughout the nation. The initiative aims to enhance the digital economy and promote tourism, as reported by Bangkok Post.
The SEC states that licensed digital asset operators, brokers, and dealers authorized by the regulator will be eligible to take part in the sandbox. The service duration will extend up to 18 months, with the potential for an extension. Tourists can exchange crypto for baht through approved service providers and utilize the funds via electronic payment methods, such as QR code transactions.
It is highlighted that digital assets will not be directly used for transactions; all payments will be processed through licensed electronic payment platforms overseen by the central bank. Participants in the sandbox must adhere to established regulations, including KYC, spending limits, cooperation with AML systems, and licensing requirements.
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This initiative is specifically designed for foreign tourists who are temporarily residing in the country. SEC representatives indicate that the primary objective is to foster innovation and enhance Thailand’s reputation as a crypto-friendly location on the regional tourism landscape.
Bangkok Post reports that certain industry stakeholders, including Bhummikitti Ruktaengam, VP of the Tourism Council of Thailand (TCT), have raised concerns regarding the readiness and awareness of the ecosystem, particularly in Phuket. The official underscored the necessity for clear regulations and safeguards against money laundering activities, given the presence of illegal enterprises on the island.
Additionally, participants in the tourism sector are seeking clarifications about the operational aspects of the crypto sandbox — specifically which assets will be supported and which platforms will be permitted to function within the program.
Meanwhile, the initiative has already garnered backing from prominent crypto firms in the country, including Gulf Binance. According to the company’s CEO Nirun Fuwattananukul, the proposal is an extension of the regional initiative in Phuket but now encompasses a comprehensive regulatory framework and national scope.
Сообщение Thailand Launches National Crypto Sandbox for Tourists появились сначала на CoinsPaid Media.
