Thailand is reportedly planning a nationwide regulatory sandbox allowing foreign visitors to convert crypto into local currency for electronic payments in a bid to boost tourism.

Known as TouristDigiPay, the scheme is expected to go live on Monday and allow users to exchange cryptocurrencies for Thai baht and make electronic payments through e-money service providers, according to a report on Saturday from local newspaper The Nation.

Only tourists in Thailand will be eligible to use the service after undergoing Know Your Customer due diligence checks and opening an account with a digital asset business and an e-money provider regulated by the Bank of Thailand and the country’s Securities and Exchange Commission.

There will also be safeguards such as monthly spending limits and a block on direct cash withdrawals. However, full details on the TouristDigiPay initiative will reportedly be released on Monday by Deputy Prime Minister and Finance Minister Pichai Chunhavajira.

Officials hope crypto can boost tourism

The TouristDigiPay scheme is an attempt to breathe new life into Thailand’s tourism industry, and a direct response to the slowdown in foreign visitors, especially from China, which has long been considered a cornerstone of the industry, The Nation reported.

Thailand welcomed around 16.8 million tourists in the first half of 2025, down from 17.7 million the same time last year, with a 24% drop in tourists from East Asia and a 34% fall in visitor numbers from China, think tank The World Tourism Institute said in a July 10 report. 

The report said tourists are eyeing other countries in the region, such as Japan with its weaker Japanese yen making it more affordable, and the comparatively cheaper Vietnam.

“Thailand’s 5% tourism decline in 2025 underlines the urgent need for diversification, market repositioning, and enhanced visitor experiences to compete in a changing regional landscape,” the report said.

Thailand still experimenting with crypto

Using crypto to stimulate tourism has been under review by the Thai government, with the country’s SEC completing a public consultation on the use of financial innovation and digital assets to support economic and tourism growth on Aug. 13.

Chunhavajira first announced the TouristDigiPay initiative during an investment seminar in Bangkok on May 26.

Related: Thailand to block Bybit, OKX and other crypto exchanges on June 28

It followed an announcement in January about a trial to allow foreign visitors to pay for goods and services using cryptocurrencies in Phuket, one of Thailand’s most popular tourist destinations. The trial is still in the works. 

Countries and businesses adopting crypto to attract tourists

The Kingdom of Bhutan in South Asia has also taken steps to integrate crypto payments into its tourism infrastructure, such as the partnership between Binance Pay and local bank DK Bank to let users pay for their expenses using crypto.

Jeff Bezos’s Blue Origin inked a deal with Shift4 Payments on Aug. 11, offering customers the option to pay for outer space trips in Bitcoin (BTC), Ether (ETH), Solana (SOL) and Stablecoins such as USDT (USDT) and USDC (USDC).

Meanwhile, in July, the United Arab Emirates signed an agreement with Crypto.com to allow passengers to pay for flights and in-flight purchases using crypto. 

Magazine: Coinbase calls for ‘full-scale’ alt season, Ether eyes $6K: Hodler’s Digest, Aug. 10 – 16

]]> https://earlybirdsinvest.com/thailand-plans-launch-of-a-crypto-payment-sandbox-for-tourists/feed/ 0 53761 https://earlybirdsinvest.com/sec-in-thailand-proposes-simpler-rules-for-crypto-token-buyers/ https://earlybirdsinvest.com/sec-in-thailand-proposes-simpler-rules-for-crypto-token-buyers/#respond Mon, 21 Jul 2025 12:29:48 +0000 https://earlybirdsinvest.com/sec-in-thailand-proposes-simpler-rules-for-crypto-token-buyers/

Thailand’s Securities and Exchange Commission (SEC) is asking for public feedback on possible changes to its rules for people who invest in crypto token sales.

According to an announcement by the SEC, anyone investing in initial coin offerings (ICOs) through a licensed portal must take a knowledge test every three months.

This rule applies to most investors except those who fall into the ultra-wealthy category.

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The idea behind the test is to ensure that people understand how ICOs work and the risks they may face, such as price fluctuations or technical issues.

However, the SEC stated that asking people to take the same test four times a year may not be helpful. If someone has already passed the test, the new proposal would let them skip it in the future.

Additionally, the SEC aims to hold ICO portals more accountable for verifying whether an individual is prepared to invest. These platforms would need to run a full check on each investor’s financial situation, risk tolerance, and overall understanding of what they are buying.

This check would have to be updated at least once every two years, instead of every three months like it is now.

The SEC said this plan is meant to lower the workload for both investors and ICO platforms. It would also bring crypto-related rules more in line with how traditional investments, such as stocks and bonds, are managed.

Recently, AUSTRAC announced a new strategy focusing on crypto platforms and fast cross-border transfers in its fight against financial crime. What did it say? Read the full story.

Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
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Thailand’s financial regulators are seeking public feedback on proposed updates to the framework governing crypto asset listings on local digital exchanges.

The move, announced Friday by the country’s Securities and Exchange Commission (SEC), comes as Thailand continues to reshape its digital asset policies in response to growing market activity and broader efforts to modernize financial infrastructure.

Revised Rules Target Transparency and Market Surveillance

The proposed rule changes aim to provide crypto exchanges with flexibility while enhancing investor protection and oversight. Notably, one key proposal would allow digital asset platforms to list their own utility tokens or tokens issued by affiliated entities, a practice that is currently restricted.

The public consultation period is open until July 21, after which the SEC will determine whether to proceed with the amendments. Under the updated draft, exchanges listing crypto assets would also be required to disclose the identities of individuals directly involved with the tokens.

These disclosures must be visible to users and accessible through the exchange’s reporting system. Additionally, automated alerts would be integrated into exchange reporting to help the SEC detect suspicious activity, such as insider trading or market manipulation.

If the new rules are enacted, any token currently listed on local platforms would be subject to a retroactive disclosure requirement, mandating exchanges to identify connected parties within 90 days of the rule’s implementation.

This regulatory approach is reportedly seeking to enhance transparency and reduce risks associated with information asymmetry between developers, exchanges, and investors.

Thailand’s Broader Push Toward Crypto Integration

Thailand’s crypto policy developments are part of a broader strategy to position the country as a competitive digital finance hub. Earlier this month, the Thai government approved a five-year tax exemption for income earned from cryptocurrency trading.

The exemption is designed to promote innovation, attract foreign capital, and give local startups more room to scale. Deputy Finance Minister Julapun Amornvivat stated that the government is accelerating efforts to integrate digital assets into the national economy.

This aligns with Thailand’s plan to issue approximately $150 million worth of digital investment tokens this summer. These instruments are aimed at offering more competitive returns than traditional savings accounts and could mark the beginning of more institutional-grade tokenized finance offerings in the region.

The consultation on token listing rules comes as countries across Southeast Asia take varying approaches to crypto regulation. While some jurisdictions have implemented stricter frameworks in response to market volatility and high-profile collapses, Thailand appears to be pursuing a more adaptive strategy focused on risk management and economic opportunity.

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Thai Deputy Finance Minister Chulafan Amorunvivat took him to X on June 17, 2025 to announce that the Thai government has approved Bitcoin and crypto profits to be exempt from taxation. The Securities and Exchange Commission of Thailand (SEC) has approved crypto tax deduction from 1 January 2025 to December 31, 2029.

Movement is to promote transparent trading, Supporting technology and innovation, It will stimulate the Thai economy and grow steadily.

“Full steam ahead! The government is pushing to promote Thailand as a hub for digital assets around the world Amornvivat announced the tax credit, Amornvivat said.

destruction:

thatity has approved a tax exemption for bitcoin and crypto sales profits for five years.

Giga!! pic.twitter.com/p1ulsf5clr

– Ashcryptoreal (@ashcryptoreal) June 17, 2025

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“Thailand is considered one of the world’s first countries to implement clear digital assets laws and tax measures.”

According to Amornvivat, the key point of the law is that it will make Thailand’s crypto market more vibrant, attract foreign investment to stimulate domestic consumption, and could lead to other forms of taxation, such as value-added tax (VAT) in the future.

“In addition, Thailand is considered one of the world’s first countries to implement clear laws and tax measures for digital assets. The revenue sector is currently preparing to comply with the Economic Co-operation and Development Organization (OECD) data exchange standards and make digital transactions within the country more transparent and auditable,” said Amornvivat.

Furthermore, he believes this crypto tax cut is another important step that will increase Thailand’s economic potential. He said it could be an opportunity for Thai entrepreneurs to grow on the global stage.

Discover: Best New Cryptocurrencies to Invest in 2025

Thailand’s recent crackdown on crypto exchanges such as Bybit, OKX, Coinex

Thailand’s SEC is set up to block access to BYBIT, OKX, Coinex, 1000X and XT.com from June 28, 2025. According to a THAI SEC press release on May 30, 2025, the decision to block five major exchanges is based on allegations that they are offering services in Thailand without the necessary license.

Additionally, Thais has taken legal action against the unauthorized exchange. More severe penalties have also been introduced for individuals involved in cybercrime through digital asset accounts.

The SEC said it is taking this step to protect investors and prevent fraudsters from washing their money using fraudulent digital asset trading platforms. “The SEC has submitted the above platform information to the Ministry of Digital,” the press release states. “The Ministry of Digital Affairs will block access to the platform and prevent the public from accessing it from June 28, 2025.”

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The earthquake occurred in Mandalay, Myanmar’s second largest city, causing destruction and infrastructure damage. The same was true in Thailand. People felt the trembling of Bangkok, leading to a considerable number of casualties. Authorities have sued international aid as thousands have been injured, with 1,700 deaths reported so far.

On March 28, 2025, Zhao announced a personal donation of 1000 .CWP-Coin-Chart SVG Pass {Stroke width: 0.65! Important; }

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is worth $630,000 to help support relief efforts in both affected countries.

The donations are evenly distributed, with 500 bnbs allocated to Myanmar and another 500 bnbs in Thailand. Zhao will use donated funds to support infrastructure redevelopment, medical assistance and emergency services. He commissioned Binance and Binance Thail to oversee the distribution of funds.

500 BNB will be donated to Myanmar and Thailand.

Is there a DID transparent on-chain donation system? If not, I will rely on you @binance and @binance_th_ Distribute.

– CZ bnb (@cz_binance) March 28, 2025

Zhao’s actions encourage others in the Crypto community to contribute to the ongoing relief efforts. For example, Anndy Lian, an intergovernmental blockchain advisor, has donated 44 BNB to organizations supporting Myanmar’s relief efforts.

Explore:CZ just burned millions with meme coins: Will Changpeng save your favorite shit?

Binance Charity launches Airdrop initiative

Complementing Zhao’s personal donations, Binance Charity has launched an Airdrop initiative to donate up to $1.5 million in BNB to affected people in Myanmar and Thailand. Through this initiative, Binance Charity hopes to provide financial support to those affected through Conking Your Consumer (KYC) and the Proof of Address (POA) protocol.

Eligible users can expect BNB tokens to appear in the Rewards Hub by April 14, 2025. The amounts received by each individual are based on the status and location of the verification.

According to the breakdown of the distribution provided by Binance, all KYC-enhanced non-dormant binance users in Myanmar receive $5 in BNB, while users with both KYC and POA validation in affected regions receive $50 in BNB.

Depending on the devastating earthquake that struck Myanmar and the surrounding area, including Thailand, #binance The charity, supported by Binance co-founder CZ, will begin a joint donation to distribute $1.5 million in BNB token vouchers to users affected by the tragedy of Myanmar. pic.twitter.com/z7szfzrhrn

– Binance (@binance) March 31, 2025

Regarding Thailand, users who are verified with registered living addresses may receive $5 in BNB, but users will be verified at their hard hit zone address. By leveraging blockchain technology, this structured approach to decentralizing aid ensures that those who are most needy are released in a timely and secure way.

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The role of cryptocurrency in relief assistance

Cryptocurrencies are increasingly emerging as an essential tool for humanitarian assistance. Bank restrictions could delay traditional aid, but crypto donations are quick, transparent and bounded. This efficiency is essential for disaster scenarios where rapid and efficient deployment of aid can have a significant impact on recovery efforts.

Crypto has already introduced its potential during the Syrian Turkey (2023) and the Maui Wildfire (2023), and played a key role in quickly increasing funding and solidifying its position as a viable solution in emergencies.

To save children, Giving Block is a number of notable organizations that advocated blockchain donations to quickly and efficiently distribute financial assistance in disaster zones.

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Post-Vinance co-founder and Binance Charity, which will jointly deploy more than $1.5 million in aid to Myanmar and Thailand in the aftermath of the earthquake, first appeared in 99 Bitcoin.

The quake caused widespread flooding and extensive damage to infrastructure, particularly in Myanmar, where the epicenter was located roughly 10 miles from Mandalay.

In a post on X, Zhao expressed concern for those affected and said the donations would be distributed through Binance and Binance Thailand.

CZ Says Binance Will Distribute Earthquake Relief Funds If No Trusted On-Chain Platform Found

He noted that if a reliable third-party on-chain donation platform is not identified, Binance will directly handle the distribution of the disaster relief funds.

According to The Guardian, the earthquake has already claimed at least 144 lives, with over 700 others injured.

Rescue teams in both countries are working to recover those still trapped beneath the rubble, and the death toll is expected to rise.

Myanmar’s military leader, Min Aung Hlaing, has publicly appealed for international assistance to aid in the relief efforts.

The use of cryptocurrency in humanitarian aid has gained traction due to its speed, transparency, and ability to bypass traditional banking infrastructure.

In previous disasters, such as the 2023 earthquakes in Turkey and Syria, and the Maui wildfires, crypto-based platforms like The Giving Block helped raise millions of dollars for relief.

The Giving Block has also launched an emergency fundraiser this year for victims of the California wildfires, raising over $1 million to date.

CZ’s Charity Backfires (in a Good Way)

Earlier this month, CZ pledged 150 BNB (around $100,000) to help victims of the now-defunct LIBRA meme coin—only to end up receiving more crypto than he gave.

Zhao’s donation came in response to a campaign started by a college student named EnHeng, who raised $50,000 to support over 40,000 investors impacted by LIBRA’s collapse.

The Solana-based token, promoted by Argentina’s President Javier Milei, briefly soared to a $4 billion market cap before crashing by 91%, wiping out billions in investor funds.

After Zhao publicly shared his donation wallet, crypto contributions poured in, surpassing his initial donation.

“When you give money away, you get more back,” CZ quipped on X.

However, he made it clear he would not keep any of the additional funds, promising to redirect them to other meme coin victims, including those scammed by TST and Broccoli—named after his dog.

Zhao emphasized his actions should not be seen as an endorsement of any meme coins.

Meanwhile, President Milei is under investigation in Argentina for his role in promoting LIBRA, which is now at the center of a growing legal scandal involving fraud, insider trading, and investor deception.

The post Binance’s CZ Pledges to Donate 500 BNB Each to Thailand and Myanmar After Earthquake appeared first on Cryptonews.

Binance co-founder Changpeng “CZ” Zhao is donating 500 BNB (BNB) each to Thailand and Myanmar following a 7.7 magnitude earthquake that caused severe damage to buildings and widespread flooding.

Zhao plans to distribute the funds through Binance and Binance Thailand if a third-party onchain donation platform cannot be found to distribute the disaster relief funds.

“I hope everyone is safe in Thailand,” the Binance founder wrote in a March 28 X post before announcing the contributions to both countries affected by the earthquake.

According to The Guardian, at least 144 people are confirmed to have died as a result of the catastrophic earthquake as first responders in both countries continue rescue efforts to free people trapped under rubble.

Related: Thailand regulator approves USDT, USDC stablecoins

Disaster strikes Myanmar and Thailand

The earthquake struck on March 28 at approximately 1:20 PM local time. The epicenter of the earthquake was approximately 10 miles from Mandalay — the second-largest city in Myanmar.

The death toll in both countries is expected to rise as relief efforts continue, with 732 individuals reportedly injured as a result of the earthquake.

Myanmar’s junta chief Min Aung Hlaing has called upon any country willing to help with the disaster relief efforts to provide any aid it can.

Crypto donations amplify aid during times of crisis

The cross-border efficiencies, low transaction costs, and near-instant settlement times of cryptocurrencies make digital assets an ideal medium for disaster relief funds.

Following a 7.8 magnitude earthquake that impacted Turkey and Syria in February 2023, philanthropist Haluk Levent began collecting crypto disaster relief donations.

The Giving Block, a company that works with nonprofit organizations to facilitate crypto donations, also used crypto to raise funds for the victims of the Maui wildfires in 2023 and managed to give over $1 million to the relief effort.

More recently, in January, The Giving Block started an emergency relief fundraiser for those impacted by the California wildfires in Los Angeles and the surrounding areas.

At the time of this writing, the organization has raised over $1 million for the California wildfire relief fund.

Magazine: Crypto is changing how humanitarian agencies deliver aid and services

Officials of Thailand’s Central Investigation Bureau (CIB) seized 63 illegal crypto mining machines on Friday, according to a report by The Nation. The illegal crypto mining rigs, worth around 2 million baht ($60,000), were found in three abandoned houses in the Pathum Thani province.

Officials conducted a raid after locals of the region complained about unidentified individuals stealing electricity from the region’s utility poles and transformers. The locals suspected that the stolen electricity was being used for cryptocurrency mining operations hidden in abandoned buildings.

Crypto mining requires massive amounts of electricity. Authorities estimate that the illicit mining rigs caused losses worth over 11 million baht (over $327 million) to the Metropolitan Electricity Authority.

The illegal mining rigs were controlled remotely

Police officials said that along with the mining rigs, they also confiscated three crypto mining controllers, three routers, three internet signal boosters, three modified electricity metres, a desktop computer, a laptop computer, and two bank passbooks. No arrests were made as the mining operations were being controlled remotely.

Officials found evidence, however, that the illicit operation had ties to a luxury house in Ram-Indra Soi 65 in Bangkok’s Khan Na Yao district. The CIB officials have requested a search warrant to raid the linked residence and locate the ring leader and other accomplices.

Authorities noted that besides causing damages to the electricity department, the illegal mining rigs also posed a major fire hazard. This is because the operations utilized high amounts of power but had no human monitoring.

Thailand has been plagued with illegal mining operations

Bitcoin miners are treated as manufacturers in Thailand and are subject to associated taxes. However, illegal crypto mining has been a rampant problem across Thailand and Southeast Asia for years.

In a raid conducted in January, authorities seized 996 illegal Bitcoin (BTC) mining rigs from the Phanat Nikhom district in Thailand.

In November 2024, authorities shut down nine illegal Bitcoin mining farms in the Surat Thani province. The farms were estimated to have stolen electricity worth nearly $300,000.

Similarly, in August, authorities raided a town west of Bangkok and found evidence of illegal crypto mining after locals complained about power outages.