Thailand has announced the launch of a new cryptocurrency-to-baht conversion system called TouristDigiPay, aimed at supporting the tourism sector.
TouristDigiPay Initiative
The TouristDigiPay system will enable foreign tourists to exchange digital assets for Thai currency via regulated electronic payment channels. The program is launching amid declining tourism revenue, particularly with a drop in visitors from China.
Strict Compliance Framework
To participate in the system, tourists need to create accounts with both digital asset companies and electronic money providers, which are supervised by Thai regulators. Visitors must undergo comprehensive identity verification and anti-money laundering screenings before accessing conversion services. The system is exclusively for temporary foreign tourists and excludes Thai residents and long-term visa holders.
Spending Limits and Applications
Monthly spending caps vary by business categories. Larger establishments allow a monthly limit of 500,000 baht per tourist account, while smaller vendors restrict spending to 50,000 baht. High-risk businesses identified by anti-money laundering authorities are prohibited from accepting payments through this system. Tourists cannot withdraw cash during their stay, as access to funds is only available upon account closure at departure. The Bank of Thailand has developed a dedicated 'Tourist Wallet' application for QR code payments.
The TouristDigiPay initiative may help Thailand attract new tourist demographics and address traditional tourism challenges, positioning it among a select group of nations creating regulated cryptocurrency tourism infrastructure.
