Thailand Launches Crypto Sandbox to Attract Tourists and Boost Economy

Key Takeaways

* Thailand has launched a crypto sandbox for tourists to convert digital assets into baht.

* Crypto trades via SEC-licensed exchanges are tax-exempt until December 31, 2029.

* The move expands crypto plan to a national level.

In a bid to strengthen tourism and inject fresh liquidity into the local economy, Thailand’s Securities and Exchange Commission (SEC) and the Bank of Thailand (BoT) have jointly announced a new cryptocurrency sandbox programme.

Unveiled on July 15 by SEC Deputy Secretary General Anek Yuyuen, the initiative will allow foreign visitors to convert their digital assets into Thai baht for seamless use during their stay.

“This project aims to support economic recovery and reinforce Thailand’s tourism sector,” Yuyuen stated.

Under the programme, tourists will be able to open accounts with licensed digital asset operators, entities that are closely regulated by the SEC. Transactions will be processed via e-money platforms supervised by the BoT, with strict anti-money laundering protocols and Know Your Customer (KYC) requirements in place.

To ensure responsible use, a spending limit of 50,000 baht per month will apply for payments made using the Thai QR Code system. Vendors who complete further verification steps will be permitted to accept up to 500,000 baht monthly.

This forward-thinking sandbox is part of a broader strategy to position Thailand as a leading destination for digital asset users. Already home to the highest rate of crypto ownership in Asia and ranking fifth worldwide, Thailand is keen to capitalise on its strong tech-savvy reputation.  Adding further momentum to this vision, Thailand will exempt capital gains tax on cryptocurrency trades conducted through SEC-licensed exchanges until December 31, 2029. A move aimed at attracting both short-term visitors and long-term digital investors.

The economic rationale is clear. In 2024, Thailand welcomed 35.54 million tourists, generating 1.67 trillion baht in revenue. While impressive, this figure still falls short of the 1.91 trillion baht recorded in 2019. Officials believe easier crypto transactions could help close that gap, according to The Nation.

“The initiative is designed to increase Thailand’s appeal among digital-native travellers,” Yuyuen said, noting that a public consultation on the project will be open until August 13.

Industry voices have welcomed the move. Woramet Chanseng, Investment Advisor at Merkle Capital, described the sandbox as an important step toward making Thailand a regional hub for digital finance.

“This experiment opens the door to new capital inflows and greater demand for the baht,” he remarked. “It may even lay the groundwork for a future digital baht.”

However, Woramet also warned that the process may face challenges, particularly around the complexity of verification for both tourists and local merchants.

Still, if the sandbox proves successful, officials believe it could mark a turning point in Thailand’s role within the global digital economy.

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