Thailand launches service for tourists to pay with crypto
On August 18, Thailand will launch TouristDigiPay, a new service that allows foreign visitors to convert cryptocurrencies into Thai baht for online payments. This news was reported by Crowdfund Insider.
The service will enable tourists to exchange their digital assets and make electronic payments by scanning a QR code. According to journalists, the new program will be announced at a press conference on Monday by Deputy Prime Minister and Minister of Finance Pichai Chunhavajira, with participation from local regulators.
To use TouristDigiPay, visitors to Thailand must open accounts with a digital asset company and an e-money provider, both of which are regulated by the local Securities and Exchange Commission (SEC) and the central bank. Participants must also pass Know Your Customer (KYC) checks and "suitability checks" that meet the criteria of the Anti-Money Laundering Office.
The model operates within a regulatory "sandbox," which provides oversight and prevents the direct use of digital assets as a form of payment. Napongthawat Phothikit, a senior director at the Bank of Thailand's Payment Systems and Financial Technology Policy Department, stated that a "tourist wallet" is already in place. This wallet will simplify payments for people from countries without cross-border QR payment agreements.
Initially, the system will function as an e-money platform for currency conversion, with plans to later connect it to foreign debit and credit cards. For merchants using payment terminals, there is a monthly limit of 500,000 baht (~$15,400) for crypto payments. For smaller businesses, the limit is set at 50,000 baht (~$1,500).
