thecryptobasic.com
Thailand will introduce TouristDigiPay on August 18, enabling foreign visitors to convert cryptocurrency into Thai Baht for local spending.
The Thai government is rolling out a new digital payment programme called “TouristDigiPay”. The scheme is launching today, and it aims to attract more international travellers by allowing them to convert cryptocurrencies into Thai Baht for use during their stay.
Tourism, one of Thailand’s main economic drivers, has slowed in recent months, mainly due to a decline in visitors from China. Officials hope this initiative will give the sector a much-needed boost.
A key feature of the scheme will be the new Tourist Wallet, developed by the Bank of Thailand in collaboration with e-money providers. It is designed for visitors from countries without cross-border payment systems, letting them pay easily through QR codes. Initially, it will serve as an e-money tool for currency conversion, with plans to later connect it to foreign debit and credit cards.
The service will operate under a regulatory sandbox, which will allow authorities to monitor risks while also encouraging innovation. Importantly, tourists will not pay merchants directly with crypto. Instead, their digital assets will be converted into baht before being spent.
Only non-resident tourists visiting Thailand will be eligible for the service. To participate, travellers must complete strict Know Your Customer (KYC) and Customer Due Diligence (CDD) checks in line with AMLO rules.
Spending Limits to Prevent Financial Crime
To mitigate risks such as money laundering and other financial crimes, strict transaction limits will be enforced. Merchants using card terminals will have a monthly cap of 500,000 baht per account. Meanwhile, smaller merchants will face a monthly ceiling of 50,000 baht. Moreover, transactions at high-risk businesses identified by AMLO will be banned.
Tourists will not be able to withdraw cash based on their top-up balances. They can only take out the remaining funds once they close their accounts. This rule is designed to tighten oversight.
The Thai government has been studying the use of digital assets in tourism for several months. The SEC recently concluded a public consultation on financial innovation, which closed for feedback on August 13.
Officials say this initiative marks a significant step toward combining digital finance with tourism. If successful, it could set a model for other countries looking to attract tech-savvy travellers.