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Thailand has made a groundbreaking move by announcing the launch of its innovative payment system, TouristDigiPay. This new initiative will enable foreign tourists to convert their cryptocurrency into Thai baht for electronic payments. The scheme is set to commence on August 18, 2025.
Under this program, visitors will need to open an account with a digital asset business and e-money provider that are both regulated by the Thai Securities and Exchange Commission (SEC) and Bank of Thailand (BOT). This ensures that all transactions conducted through TouristDigiPay operate within the legal framework and follow the required regulatory guidelines.
To ensure the security and legitimacy of these transactions, tourists will also be required to undergo strict Know Your Customer (KYC) and Customer Due Diligence (CDD) checks. These measures are aimed at preventing financial crimes such as money laundering and terrorist financing.
The launch of TouristDigiPay is a strategic move by the Thai government to revitalize its tourism sector, which has experienced a significant decline this year. The number of visitors from East Asia dropped 24%, while those from China fell 34%. Thailand hopes that the acceptance of cryptocurrency payments will cater to the changing preferences and spending habits of tourists.
The system’s safeguards include transaction limits and prohibitions on transactions in high-risk businesses, ensuring that all financial activities are secure and compliant with regulatory requirements. The Thai authorities have vowed to closely monitor the scheme’s progress and make adjustments as needed to protect both tourists and the broader economy.
Thailand’s TouristDigiPay program is an exciting step forward for the country, particularly in its efforts to maintain a competitive edge in the global tourism market. By providing more flexible payment options for visitors, Thailand demonstrates its commitment to embracing innovation while upholding regulatory standards.
Source: coincentral.com
