The national crypto sandbox in Thailand offers unique opportunities for foreign tourists to convert cryptocurrencies into the local currency — baht. The new initiative aims to support innovation and enhance tourism infrastructure.
Description of the National Crypto Sandbox
The Securities and Exchange Commission of Thailand (SEC) and the Bank of Thailand have introduced a national crypto sandbox focused on foreign tourists. This regulatory framework allows tourists to convert digital currencies into baht using licensed digital asset operators. It builds upon a previous pilot program initiated in Phuket and now includes national oversight.
Conditions and Requirements for Operators
Operators wishing to participate in the program must meet strict conditions, including adherence to anti-money laundering (AML) measures, obtaining licenses, and adhering to tourist spending limits. The use of converted baht will only be possible through controlled payment channels, such as QR code-based systems.
Industry Discussions and Reactions
Despite the focus on the new initiatives, the Tourism Council of Thailand expressed concerns about the industry's readiness and public awareness regarding the sandbox framework. TCT's vice president, Bhummikitti Ruktaengam, noted that many local businesses remain uninformed about how the system will operate. Furthermore, participants in the program are seeking clarity regarding which cryptocurrencies will be accepted and the exchange procedures.
The national crypto sandbox marks a significant development in the regulation of digital assets in Thailand. Expert comments highlight the necessity of ensuring stability and compliance within the tourism sector as it progresses toward wider adoption of blockchain-based financial technologies.
