Thailand Debuts Digital Asset Payment Program to Boost Tourism Sector

Thailand officially launched its TouristDigiPay initiative Monday, allowing foreign visitors to convert cryptocurrencies into Thai baht for domestic spending as the government seeks to revitalize tourism following a significant decline in Chinese arrivals.

The launch positions Thailand among the first countries to formally integrate cryptocurrency conversion into its tourism infrastructure, potentially setting a precedent for other destinations seeking to attract crypto-savvy travelers.

The program, unveiled by Deputy Prime Minister and Finance Minister Pichai Chunhavajira alongside officials from multiple government agencies, operates within a regulatory sandbox framework designed to maintain oversight while enabling digital asset innovation, The Nation reported .

Foreign tourists can now open accounts with SEC-regulated digital asset businesses and Bank of Thailand-licensed e-money providers to convert cryptocurrencies into baht for electronic payments, including QR code transactions widely used across Thailand's retail sector.

Participants must maintain temporary visitor status and can only withdraw funds when closing their accounts, preventing cash withdrawals based on account balances. The regulatory framework aims to prevent direct cryptocurrency payments while enabling conversion to legal tender.

The system includes strict anti-money laundering safeguards, requiring comprehensive Know Your Customer verification and imposing transaction limits based on merchant categories. Monthly spending caps are set at 500,000 baht ($15,418) for businesses with card terminals and 50,000 baht for smaller merchants, with certain high-risk businesses excluded entirely.

The Bank of Thailand has developed a complementary "Tourist Wallet" service enabling QR code payments for visitors from countries without existing cross-border payment agreements. The digital wallet will initially handle currency conversion, with plans to integrate directly with foreign debit and credit cards.

Thailand's tourism sector has struggled this year due to reduced visitor numbers from China, previously its largest source market, The Nation previously reported . The crypto payment system represents the government's latest attempt to attract international tourists by offering convenient payment options that bypass traditional currency exchange processes.

The initiative follows extensive consultation by Thailand's Securities and Exchange Commission on using financial innovation to support economic growth, with the feedback period concluding August 13.