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4h ago

Thailand to Launch TouristDigiPay on August 18 for Crypto Payments

Designed to bolster tourism revenue, the sandboxed program lets vetted tourists convert crypto to baht for QR transactions under strict spending caps.

Thailand
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Thailand to allow foreign visitors to convert crypto for payments
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Overview

  • Tourists must open accounts with approved digital asset firms and e-money providers and complete full KYC/AML identity checks before converting cryptocurrencies.
  • The Bank of Thailand’s dedicated Tourist Wallet app will instantly convert eligible digital assets into baht for QR-based payments at participating merchants.
  • Monthly spending caps are set at 500,000 baht for larger merchants and 50,000 baht for smaller vendors to limit financial-crime risks.
  • Only temporary foreign visitors can join the scheme and cash withdrawals are barred until account closure upon departure.
  • The Thai Securities and Exchange Commission will oversee digital-asset participants while the Bank of Thailand supervises the e-money operations in the regulatory sandbox.