Thailand is introducing a new initiative to allow tourists to convert cryptocurrency into Thai baht. This development has been made possible through collaboration between the Securities and Exchange Commission (SEC) and the Bank of Thailand (BOT).
Overview of the Initiative
Under the new program, tourists will be able to exchange their cryptocurrency for Thai baht through designated digital asset firms, such as exchanges, brokers, and dealers, via regulated channels. This system will enable the use of converted funds through licensed e-wallets and QR code payments.
Participation Conditions and Compliance
Participants in the program will need to adhere to strict norms, including KYC and AML protocols, as well as blockchain activity tracking requirements to identify illicit activities. The program will run for 18 months, allowing regulators to observe participant behavior and assess risks.
Broad Prospects for the Crypto Industry
Nirun Fuwattananukul, CEO of Binance Thailand, noted that this proposal is a logical extension of earlier ideas and has full regulatory backing. "This isn't just another pilot; it's Thailand stepping up with a coordinated, compliant vision for crypto adoption," he stated. The national strategy also includes exchange reform proposals and a five-year capital gains tax holiday for digital asset investors starting in 2025.
The cryptocurrency conversion initiative in Thailand demonstrates growing support for crypto innovations in the country while maintaining consumer rights and financial oversight.
