Thailand trip ahead? Bangkok may soon let tourists swap crypto for Baht — How does it work?
The move is aimed at enhancing the competitiveness in Thailand's tourism, which otherwise does not allow its residents to pay in cryptocurrency. However, foreign tourists may soon be able to exchange crypto for Baht under the new rules.
Here is your detailed guide of what a crypto sandbox is and how it will work in Thailand.
The Bank of Thailand along with SEC has invited public comments on the launch of the crypto sandbox across the country that will allow foreign tourists to use digital assets in Thailand, in a landmark initiative.
Foreign tourists in Thailand will now be able to convert their digital assets like cryptocurrency to baht for use during their stay in the country.
The proposal further eyes to promote innovation, enhance digital asset utililisation and support the broader economy.
Initially piloted in Phuket, the crypto sandbox initiative now expands to other parts of Thailand after receiving positive feedback.
Foreign tourists will be able to exchange their digital assets to get baht from licensed digital asset operators. Thereafter, they can use the converted Thai Baht via e-money service providers to pay for goods and services across the country, the SEC said in a statement.
'Merchants would be required to open an account and make transactions through digital asset business operators under the SEC's supervision and e-money business operators under the Bank of Thailand's (BOT) supervision,' the SEC said.
Sandbox participants would be allowed to provide services exclusively to foreign tourists who travel to, and temporarily reside in, Thailand.
'They must also conduct Know Your Customer/Customer Due Diligence (KYC/CDD) procedures according to the criteria of the Anti-Money Laundering Office (AMLO) and provide digital asset exchange services according to the type of license granted by the SEC,' as per the SEC.
Participants are also required to establish connectivity with e-money operators regulated by the BOT. 'This connectivity would enable foreign tourists to use the converted Thai baht to purchase goods or services through electronic channels including QR code scanning.'
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