Thailand’s Securities and Exchange Commission (SEC), in collaboration with the Bank of Thailand, has proposed a national digital asset regulatory sandbox that would allow foreign tourists to convert cryptocurrencies into baht for use during their stay.
This initiative aims to enhance the use of digital assets within the tourism sector and support the country’s broader economy.
JUST IN: ???????? Thailand’s SEC and central bank to launch national crypto sandbox, enabling foreign tourists to convert digital assets into Thai baht for local spending – Bangkok Post. pic.twitter.com/ptBfuILepS
— Whale Insider (@WhaleInsider) July 17, 2025
Building on the earlier Phuket sandbox proposal by former Premier Thaksin Shinawatra, the new nationwide sandbox transitions from a regional experiment into a structured framework with oversight from Thailand’s key financial regulators. Nirun Fuwattananukul, CEO of Gulf Binance, highlighted the difference in implementation: the original Phuket plan was conceptual and limited, while the current proposal has formal backing and regulatory safeguards, marking a significant step forward for crypto adoption in Thailand.
Under the sandbox, licensed digital asset exchanges and brokers approved by the SEC will enable tourists to exchange digital assets for baht. Tourists must spend these baht funds through regulated e-money service providers, such as QR code payments, as digital assets cannot be used directly for payments. The sandbox will operate under strict controls overseen by the SEC, the Bank of Thailand, and the Anti-Money Laundering Office, ensuring innovation is balanced with consumer protection and financial security.
The sandbox will allow operators to function for up to 18 months with potential extensions. However, it targets only foreign visitors temporarily residing in Thailand. Participants must comply with eligibility, spending limits, and anti-money laundering rules to safeguard against illicit activity, a concern raised by the Tourism Council of Thailand. Stakeholders emphasize the need for clear regulations and ecosystem preparedness before launching the programme nationwide.
This initiative reflects Thailand’s ongoing commitment to leveraging digital finance to enhance tourism competitiveness while maintaining financial stability. The regulated sandbox aims to foster innovation and position Thailand as a regional leader in cryptocurrency adoption.
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