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

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Thailand has recently announced plans to introduce a novel initiative that would allow international tourists to spend cryptocurrencies through credit card-linked payment systems.

The ambitious move, announced by Deputy Prime Minister and Finance Minister Pichai Chunhavajira at an investment seminar in Bangkok, is part of the country’s broader efforts to integrate digital assets into its financial infrastructure and modernize its overall economic system.

Facilitating Crypto Adoption for Tourists

Under the proposed scheme, tourists will have the capability to connect their cryptocurrency holdings to credit cards, facilitating local transactions. Merchants receiving payments would continue to obtain funds in Thai baht, thus remaining unaware that cryptocurrencies were initially used.

According to Minister Pichai, the approach is specifically designed to mitigate risks associated with directly using cryptocurrencies in domestic transactions, safeguarding the stability of Thailand’s national currency.

The adoption of crypto spending for tourists aligns with Thailand’s strategic intent to attract tech-savvy international visitors and to position itself as a “forward-thinking, digitally inclusive economy.”

This method, currently being reviewed by the Ministry of Finance and the Bank of Thailand, aims to leverage existing payment infrastructures, thus facilitating easier and immediate integration once regulatory approvals are secured. Implementation is expected to commence following comprehensive infrastructure assessments and the establishment of necessary regulatory frameworks.

Minister Pichai emphasized that the planned system would be straightforward to implement, provided that all supportive technological and regulatory components are strongly established.

The pilot phase will serve as a practical evaluation of the approach, which if successful, could serve as a model for further integration of digital assets within Thailand’s financial ecosystem.

Broader Financial Regulatory Reform

Asides its cryptocurrency initiative for tourists, Thailand is also advancing significant financial regulatory reforms aimed at unifying the regulatory environment for traditional capital markets and the emerging digital asset sector.

Currently, these two financial sectors operate under distinct sets of regulations, and the proposed unification would streamline operations and enhance market clarity.

Additionally, the Thai government is considering modernizing restrictions on institutional investors, allowing major financial entities, such as life insurers and large investment funds, greater access to equity markets and private-sector investments.

This shift represents a considerable move away from current limitations, where institutional investors are largely restricted to safer assets such as government bonds.

The Ministry of Finance is further drafting legislation intended to enhance the enforcement capabilities of the Thai Securities and Exchange Commission (SEC).

Under the new law, the SEC would potentially gain the authority to directly escalate major legal violations to prosecution stages, thereby strengthening overall regulatory oversight and market fairness.

As part of this broader financial evolution, Minister Pichai also introduced the concept of “G-Tokens,” blockchain-based fractional government bonds accessible to retail investors. This initiative aims to improve investment returns for smaller investors and boost Thailand’s international financial profile.

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