Foreign tourists may soon be able to use cryptocurrency in Thailand—though not directly—as the country’s financial regulators move forward with a digital asset sandbox programme aimed at fuelling the tourism economy.
The Securities and Exchange Commission (SEC), in partnership with the Bank of Thailand (BOT), has launched a public consultation seeking feedback on a proposed regulatory framework that would allow digital asset conversions into Thai baht for local spending.
Rather than enabling direct crypto payments, the sandbox will authorise licensed digital asset exchanges to convert tourists’ crypto holdings into baht, which can then be spent via regulated e-money platforms such as QR code payment systems.
Tourists will need to go through identity verification checks under Thailand’s Anti-Money Laundering Office (AMLO) standards, ensuring compliance with local regulations.
Payments will be capped: tourists can spend up to 50,000 baht per month with small vendors, and up to 500,000 baht per month with merchants verified through a Know Your Merchant (KYM) process.
The service is open to those temporarily staying in Thailand and will be available through approved operators within the sandbox for an initial 18-month period, with possible extensions.
This national rollout expands on an earlier proposal limited to Phuket.
Nirun Fuwattananukul, CEO of Gulf Binance, said,
“This crypto sandbox builds directly upon former premier Thaksin Shinawatra’s Phuket sandbox proposal from late last year. What sets this initiative apart is its national scope and the formal support of the country’s top financial regulators.”
The SEC board approved the core principles in two rounds of internal meetings, held on 6 March and 3 July.
Public comments are now being accepted via the SEC website until 13 August 2025.
The push comes as global crypto ownership continues to rise.
In 2024, the number of digital asset holders worldwide grew by 6.38%, reaching 617 million people, with total market capitalisation peaking at around $3.7 trillion.
Thailand is already the largest crypto holder in Asia and fifth globally, giving the sandbox solid footing.
The tourism sector, meanwhile, is seeing a strong rebound.
Thailand welcomed 35.54 million tourists in 2024, up 26.27% from 2023, generating 1.67 trillion baht in revenue—still shy of the 2019 peak of 1.91 trillion baht, but a significant recovery nonetheless.
Authorities see digital asset integration as a tool to accelerate that growth.
Anek Yuyuen, Deputy Secretary-General and spokesperson for the SEC, said,
“This initiative will allow them to exchange their digital assets into Thai baht and use it for payments, contributing to the country’s economic recovery.”
Woramet Chanseng, Investment Advisor at Merkle Capital, sees strong potential.
He noted that the sandbox balances innovation with financial system stability by requiring crypto-to-baht conversions before spending.
He added,
“The Sandbox experiment presents an opportunity for Thailand to increase its revenue from tourism by providing additional access to domestic goods and services.”
However, concerns remain over regulatory readiness.
The Tourism Council of Thailand (TCT) has urged caution.
TCT Vice President Bhummikitti Ruktaengam said,
“We’re not opposed to this scheme but the government should ensure that the entire ecosystem is prepared for cryptocurrency use before launching the program.”
He warned that without clearer rules, digital asset exchanges could become conduits for money laundering, especially in hotspots like Phuket where illegal foreign businesses are reportedly on the rise.
If implemented well, Thailand’s crypto sandbox could become more than just a regulatory experiment—it could redefine how tourists interact with local economies in an increasingly cashless world.
But the real test lies in execution.
Transparent guidelines, strong oversight, and industry cooperation will determine whether this becomes a model for digital tourism or a cautionary tale.
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