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Thailand Launches New Crypto Sandbox For Tourists Payments
In a move aimed at enhancing the country’s appeal as a tech-savvy destination, Thailand has introduced a nationwide crypto sandbox pilot program for tourists. This innovative initiative will facilitate the conversion of digital assets into Thai Baht for the spending purposes of foreign visitors.
According to official announcements, the regulatory bodies, Securities and Exchange Commission (SEC) and Bank of Thailand (BOT), have released a consultation paper requesting public feedback on the program. The goal is to provide more convenient and flexible payment options to tourists holding cryptocurrencies.
Under this pilot program, eligible individuals will be required to open an account and conduct transactions through licensed operators under the supervision of the SEC and BOT. This includes digital asset exchanges, brokers, and dealers that have applied for participation in the sandbox framework.
Notably, participants must adhere to strict criteria, including the need to implement Know Your Customer/Customer Due Diligence (KYC/CDD) procedures according to Anti-Money Laundering Office’s (AMLO) guidelines. Additionally, they will be responsible for establishing connectivity with regulated e-money operators and enabling tourists to use converted Thai baht for purchases through electronic channels, including QR code scanning.
The SEC emphasized that the initiative is designed to promote innovation and blockchain technology adoption while maintaining proper risk protection measures, thereby ensuring consumer protection and compliance standards.
Source: bitcoinist.com
