Thailand is set to launch a new crypto sandbox program in Phuket, focused on the use of stablecoins to minimize risks.
Thailand's Crypto Sandbox Program
Former Prime Minister Thaksin Shinawatra announced the launch of the crypto sandbox program during an ASEAN economic discussion. According to the Bangkok Post, the sandbox will allow businesses and consumers to experiment with cryptocurrency transactions, particularly in the tourism sector.
Industry Reaction and Involvement
Gulf Binance CEO Nirun Fuwattananukul welcomed the project, noting that the sandbox approach provides a balanced framework for testing cryptocurrency adoption while maintaining regulatory oversight.
Regional Cryptocurrency Development
Under current Thai law, cryptocurrencies are classified as digital assets. The Thai Securities and Exchange Commission regulates cryptocurrency trading through the Emergency Decree on Digital Assets. A pilot project testing cryptocurrency payments for tourists is expected to start in Phuket.
The launch of the program highlights Thailand's strategic approach to balancing technology and regulatory oversight in the cryptocurrency space, setting the stage for Thailand's leadership in the region.
