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- Thailand has implemented TouristDigiPay, which enables foreign tourists to convert cryptocurrency into Thai Baht.
- Strict KYC rules and monthly spending limits are enforced to control risks and prevent financial crime.
- The new digital asset tax exemption is designed to make the country a hub for crypto and attract foreign investments.
Thailand initiates the TouristDigiPay service on August 18, and foreign visitors can turn cryptocurrency into Thai baht to use it in e-payments within Thailand. The plan aims to boost tourism, which has experienced a slowdown this year due to the decline in Chinese visitors to the country. The government is optimistic that the new system will help spur tourism earnings and increased utilization of digital properties.
The program is initiated in a regulatory sandbox, and there are strict Know Your Customer (KYC) rules to avoid financial crimes. There are also monthly spending limits that are imposed on tourists to control risks. Visitors will need to open accounts with digital asset businesses licensed by the SEC and electronic money licensed by the Bank of Thailand.
Customer due diligence checks should be conducted on tourists who want to utilize the system. They can pay using digital tools such as QR codes and convert them into baht once they are approved. Nevertheless, direct cash withdrawals are not allowed in the program. It is also restricted to foreign tourists residing temporarily in Thailand.
Thailand Rolls Out “TouristDigiPay” Under Pichai Chunhavajira’s Leadership
Deputy Prime Minister and Finance Minister Pichai Chunhavajira led the formal launch of the initiative along with other officers of the Finance Ministry, Securities and Exchange Commission (SEC), Anti-Money Laundering Office, and Ministry of Tourism and Sports. The launch is in conjunction with the government’s attempts at reviving its tourism sector, which has seriously suffered in the recent past.
The new payment system in Thailand is also a larger move to integrate digital assets into the overall economy. A five-year personal income tax exemption on capital gains of digital assets was granted by the Cabinet in June 2025 and will accompany trades conducted on SEC-licensed platforms. The aim of the tax break, which will be active between January 2025 and December 2029, is to make Thailand a digital asset hub and attract foreign investment.
Also Read: SEC and Ripple Move Closer to Final Settlement with Joint Appeal Withdrawal
Crypto Tourism Expansion Raises Concerns for Thailand
This action is a replication of comparable procedures in Asia. In May, Bhutan introduced the world’s first nation-level crypto tourism payment system, which accepts payments in over 100 cryptocurrencies.
This system facilitates the exchange of over 100 cryptocurrencies. The Riviera region in France has also adopted crypto payment in over 80 establishments, as a sign of increasing interest in crypto-served tourists throughout the world.
Despite the realized benefits, questions have arisen about the system’s readiness. The Tourism Council of Thailand has posed questions regarding the awareness of stakeholders, particularly in touristy regions such as Phuket. Where not many businesses are knowledgeable about the program. There are also existing issues related to the risk of money laundering as foreign business operations increase.
Thailand, too, has been cracking down on cryptocurrency. In May, the SEC prohibited five large cryptocurrency exchanges from running without licenses. Additionally, SEC introduced G-tokens in May, which enabled retail investors to purchase government bonds through blockchain-based tokens. Which benefited the investments by reaching a wider audience.
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