BANGKOK – Thailand is set to introduce a groundbreaking payment initiative that will allow international visitors to convert their digital assets into Thai baht for everyday spending. The “Tourist DigiPay” project, a joint development by the Securities and Exchange Commission (SEC), the Bank of Thailand, and the Anti-Money Laundering Office (AMLO), aims to position the country as a forward-looking digital economy hub while capitalizing on the tourism sector.

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Under the new system, tourists will be able to open two linked wallets—a digital asset wallet and a tourist e-money wallet—through licensed service providers. The process begins with stringent “know your customer” and customer due diligence procedures, including identity verification and biometric data checks, to ensure compliance with anti-money laundering standards. Once verified, users can seamlessly convert cryptocurrencies into baht, with monthly spending caps set at 500,000 baht for merchant QR codes and 50,000 baht for transactions with small vendors.

Tourists arriving in Thailand will soon be able to convert their digital assets into baht to spend during trips under the Tourist DigiPay initiative as authorities look to capitalise on the peak season.

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The initiative incorporates robust safeguards to prevent financial crimes. Digital asset operators are required to use blockchain forensic tools to monitor and analyze transaction histories for suspicious activity. Furthermore, the system will block payments at high-risk businesses such as gold shops, casinos, and entertainment venues. Any unused baht remaining in a tourist’s wallet upon departure must be converted back into digital assets through the original provider.

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A pilot program for Tourist DigiPay is scheduled to run for 18 months. The SEC stated that the project will provide an alternative payment method for foreign travelers while fostering the wider adoption of regulated digital finance in Thailand’s economy.

-Thailand News (TN)