The Thai authorities are launching a regulated cryptocurrency exchange system for foreign tourists, allowing them to convert digital assets into Thai baht for payment of services in the country.
This is reported by Finway
How the new exchange system for tourists will work
According to the new initiative jointly developed by the Securities and Exchange Commission of Thailand (SEC) and the Bank of Thailand, visitors from abroad will be able to exchange their cryptocurrencies for the official currency of the country — baht. The exchange will take place through licensed digital asset providers, after which the obtained funds can be used via electronic payment providers. The system will operate in a specially created regulatory “sandbox” under the supervision of the SEC, the central bank, the Anti-Money Laundering Office, and other government agencies.
Importantly, the system is exclusively aimed at foreign tourists who are temporarily in Thailand. The direct use of cryptocurrencies for the payment of goods and services is not provided — only after exchanging for baht on regulated platforms.
Implementation plan and possible restrictions
The CEO of Gulf Binance, Niroon Phuwattanakul, noted that this initiative is a logical continuation of the previously voiced proposal by former Prime Minister Thaksin Shinawatra to create a similar “sandbox” on the island of Phuket. At the same time, the new project has a broader scope and comprehensive support from state institutions.
“Licensed digital asset exchanges, brokers, and dealers that receive approval from the SEC are allowed to participate in the ‘sandbox.’ After approval, participants can provide services for 18 months, with the possibility of extension at the discretion of the SEC,” the statement said.
Despite the positive reception of the innovation, the Vice President of the Tourism Council of Thailand, Bummikit Ruktaengam, expressed concern about the insufficient awareness of tour operators regarding the details of the system’s implementation. Among the possible risks, he noted the threat of money laundering, especially considering the already existing cases of illegal foreign activities in Phuket.
It is worth noting that in May 2025, Thailand’s Finance Minister, Pichai Chunhavanich, announced a pilot project allowing tourists to pay for purchases with cryptocurrency through credit card linkage involving licensed payment providers.