Thailand is preparing for an Asian first: foreign tourists will soon be able to exchange digital assets for Thai baht to use during their stay. The system is part of the Tourist DigiPay project, which capitalizes on the growing role of digital payment methods in international travel.
The measure comes as Thailand seeks to modernize tourism while simultaneously managing the risks of cryptocurrency. Collaboration between the Bank of Thailand, the Securities and Exchange Commission (SEC), and the anti-money laundering authority Amlo is creating a strictly regulated digital payment environment for tourists.
Digital payment with supervision
Tourist DigiPay allows tourists to convert digital currency into Thai baht, which they can then spend through their e-wallets. The SEC has set a limit of up to 500.000 baht per month per account. The regulator aims to encourage the use of digital innovation without leaving room for abuse.
According to authorities, the project is designed to both support the tourism sector and maintain transparency in financial flows. Transactions will be monitored through a system that complies with international anti-money laundering guidelines. This is how Thailand aims to prevent digital currencies from being used for money laundering or illegal trade.
Thailand as a testing ground for digital innovation
Nirun Fuwattananukul, CEO of Binance TH by Gulf Binance, calls the initiative an important step for Thailand. He says the country is positioning itself as a pioneer in regulated digital payments. While other countries allow crypto payments directly, Thailand has opted for a pragmatic approach through a "regulatory sandbox": cryptocurrencies are first converted into baht before they can be spent.
According to Nirun, Thailand, with its modern digital infrastructure and large tourism sector, is ideal for experimenting with this technology. "Only by testing it in practice can we understand the risks and learn how to effectively mitigate them," he said.
How the system works
Tourists who want to use DigiPay must first verify their identity through the "Know Your Customer" process. This process checks personal information and biometric identification. Once verification is complete, two digital wallets are opened: one for digital assets and one for e-money. This allows users to seamlessly convert cryptocurrency into baht.
Transactions are processed via PromptPay QR codes. Regular merchants have a limit of 500.000 baht per month per account, while small merchants with personalized QR codes can receive up to 50.000 baht per month. These limits are in line with the average tourist spending pattern, which is around 5.000 baht per day.
Strict controls against money laundering
To prevent abuse, digital asset providers must use advanced blockchain analysis tools. These can detect suspicious transactions and unusual patterns. Payments are not permitted at high-risk businesses, such as gold dealers, amulet shops, casinos, or nightclubs, as these sectors are often associated with money laundering.
When tourists leave Thailand, unused funds must be exchanged back into digital assets through the same authorized provider. The refunded amount cannot exceed the original exchanged amount.
Economic and technological impact
The Tourist DigiPay project was established as an eighteen-month pilot program. Thai authorities hope the system will strengthen Thailand's position as an innovative tourism destination while simultaneously supporting small businesses. Digital payments simplify spending for tourists, while strict regulation ensures security.
According to the SEC, DigiPay should contribute to the transition to a modern, regulated digital economy in which tourism and technology go hand in hand.
Source: Bangkok Post
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I don't know the exact elaboration yet, and therefore the possible exchange costs..
Hopefully it will be less than just using your debit card.
For now, they charge 3% everywhere if you want to pay digitally. So, there's still a long way to go.