Thailand's Securities and Exchange Commission (SEC) and Bank of Thailand (BOT) have officially launched a nationwide "crypto sandbox" program allowing foreign tourists to convert cryptocurrencies like Bitcoin (BTC) into Thai baht for spending at local merchants. The initiative expands on a successful pilot program in Phuket and aims to position Thailand as a regional fintech innovation hub while boosting tourism revenue.
Under the framework, tourists must use licensed digital asset operators—exchanges, brokers, or dealers—to convert crypto into baht, which is then accessible through regulated e-money platforms via QR code payments. Direct crypto payments are not permitted; the system only enables fiat conversion for domestic spending. Strict anti-money laundering (AML) and know-your-customer (KYC) protocols apply, with monthly spending capped at ฿50,000 (~$1,375) for small vendors and ฿500,000 (~$13,750) for verified merchants like hotels.
The sandbox will operate for an initial 18-month period, extendable based on performance and security metrics. Public consultation on regulations remains open until August 13, 2025. Despite enthusiasm for Thailand's fintech ambitions, tourism operators in Phuket report communication gaps about the program, and concerns persist about permitted cryptocurrencies and money laundering risks from illicit businesses.