Thailand has introduced "TouristDigiPay," a new initiative enabling foreign tourists to convert digital currencies, such as Bitcoin and Ethereum, into Thai baht for spending within the country. This program, launched on August 18, 2025, operates under an 18-month regulatory sandbox and is a collaborative effort by the Securities and Exchange Commission (SEC), the Ministry of Finance, the Anti-Money Laundering Office (AMLO), and the Ministry of Tourism and Sports. The initiative aims to revitalize Thailand's tourism sector, which has experienced a notable decline in visitors, particularly from China and East Asia.
To participate, tourists must establish accounts with SEC-licensed digital asset providers and e-money issuers regulated by the Bank of Thailand (BOT). A crucial aspect of the program involves tourists undergoing Know Your Customer (KYC) and Anti-Money Laundering (AML) checks to ensure system integrity. Transaction limits are in place to manage usage, with a monthly cap of 500,000 baht for larger merchants equipped with card terminals and 50,000 baht for smaller vendors. Businesses identified as high-risk are excluded from the program, and direct cash withdrawals are not permitted; funds can only be redeemed upon account closure.
This scheme is designed to be particularly advantageous for tourists from countries with less developed QR payment systems or cross-border payment agreements. While the concept of integrating cryptocurrency into tourism is emerging globally, with examples like Bhutan's partnership with Binance Pay and the UAE's collaborations with Crypto.com, Thailand's TouristDigiPay represents a significant step in establishing a regulated model for such transactions. The initiative is expected to enhance tourists' spending power and stimulate domestic consumption, benefiting small businesses in popular destinations like Bangkok, Phuket, and Chiang Mai.
Merchants will exclusively receive payments in Thai baht, thereby mitigating the risks associated with cryptocurrency volatility. Despite the potential benefits, challenges remain, including managing cryptocurrency price fluctuations, the potential complexity of KYC/AML processes for some travelers, and ensuring widespread adoption by both tourists and merchants. The initiative was spearheaded by Deputy Prime Minister and Finance Minister Pichai Chunhavajira, responding to a downturn in tourism that saw visitor numbers decrease in the first half of 2025, largely due to a significant drop in Chinese arrivals.