Thailand is expanding its efforts to embrace cryptocurrency in tourism by launching a new crypto sandbox that allows foreign tourists to convert their digital assets into Thai baht. This will enable visitors to use cryptocurrencies for spending at local merchants through regulated financial platforms and licensed service providers.
From Phuket Pilot to National Rollout
The initiative builds on a pilot program previously conducted in Phuket. Now, Thailand’s Securities and Exchange Commission (SEC) and the Bank of Thailand are extending the opportunity to other major tourist destinations. The goal is to make it easier for tourists holding cryptocurrencies to seamlessly exchange them for baht and spend within the local economy.
The sandbox program allows approved crypto operators to offer services for up to 18 months, with potential extensions based on performance and compliance. All participants must follow strict anti-money laundering (AML) regulations, adhere to spending limits, and comply with asset eligibility requirements to ensure financial safety and integrity.
Gulf Binance CEO, Nirun Fuwattananukul, emphasized that the new sandbox aligns with the vision of former Prime Minister Thaksin Shinawatra, who supported early use of cryptocurrency in key tourism zones. This nationwide effort could significantly enhance Thailand’s attractiveness to crypto-savvy travelers.
Industry and Community Response
While the Tourism Council of Thailand supports the crypto sandbox, it has called for better ecosystem readiness. Bhummikitti Ruktaengam, the Council’s Vice President, pointed out that during the Phuket pilot phase, many local businesses and stakeholders were unaware of the public hearing and lacked clarity on how the program would operate.
Concerns have also been raised regarding potential misuse of digital assets, especially in illegal or unregulated business activities. There is a clear call for transparent rules, proper communication, and education to ensure a safe and effective rollout of the program.
The success of Thailand’s crypto sandbox could position the country as a global leader in digital tourism. However, its long-term impact will depend on strong regulation, stakeholder engagement, and smooth integration with the existing financial system.
