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Thailand has launched a nationwide crypto sandbox for tourists aimed at boosting the country’s competitiveness as a tech-savvy destination by providing more convenient and flexible payment options. The Securities and Exchange Commission (SEC) and the Bank of Thailand have announced a consultation paper, seeking public feedback on the program.
According to the statement, the new initiative aims to promote innovation and increase the use of digital assets in tourism, further enhancing the economic impact and driving consumer adoption. This nationwide project will enable foreign tourists to exchange their crypto holdings for Thai Baht, allowing them to make purchases via e-money services providers.
The sandbox, which is expected to be rolled out within the next year, will see licensed operators facilitating the conversion of digital assets into Baht for tourist spending purposes. The SEC has issued a consultation paper requesting public feedback on the program and its various components.
Notably, interested foreign tourists would need to open an account with the approved providers, conduct transactions through digital asset exchanges that operate under the SEC’s supervision, and use e-money services provided by businesses registered with the Bank of Thailand.
The regulatory agencies have ensured that the sandbox includes “proper control, supervision, and risk preventive measures” to prevent illicit transactions.
Source: bitcoinist.com
