Thailand’s Securities and Exchange Commission (SEC) and the Bank of Thailand have jointly proposed a new crypto regulatory sandbox aimed at foreign tourists, expanding beyond the earlier Phuket-only initiative, the Bangkok Post reported on Wednesday.
The sandbox would allow tourists to convert digital assets such as Bitcoin into Thai baht through licensed digital asset exchanges, brokers, and dealers. The converted funds could then be used via approved e-money platforms, enabling transactions like QR code payments across Thailand. Direct crypto payments will not be allowed, as per the SEC.
“This crypto sandbox builds directly upon former premier Thaksin Shinawatra’s Phuket sandbox proposal from late last year. Both share the core concept of allowing Bitcoin and cryptocurrencies as payment methods in tourist areas to drive adoption,” said Nirun Fuwattananukul, chief executive of Gulf Binance.
Fuwattananukul added, “The new sandbox proposal is no longer just limited to Phuket, but applies nationwide. While the original Phuket proposal was conceptual and regionally focused, this initiative has formal backing from Thailand’s primary financial regulators. This represents an evolution from an experimental concept to a structured regulatory framework with proper oversight.”
The sandbox program allows approved operators to offer services for up to 18 months, with possible extensions. It is currently open for public hearing and is subject to SEC approval. Operators must meet eligibility criteria, spending caps for tourists, service scope limitations, and comply with anti-money laundering regulations.
However, concerns have been raised by the Tourism Council of Thailand (TCT). Bhummikitti Ruktaengam, TCT vice-president, said, “We’re not opposed to this scheme, but the government should ensure that the entire ecosystem is prepared for cryptocurrency use before launching the program.” He pointed out that many stakeholders in Phuket were unaware of the public hearing currently underway.
Bhummikitti also raised concerns about potential money laundering, especially in Phuket, where illegal foreign businesses are increasing. He called on regulators to clearly define the rules and clarify which cryptocurrencies would be allowed under the program.
Meanwhile, the SEC said the sandbox is meant to make Thailand’s tourism sector more competitive, encourage innovation, and strengthen the overall economy through digital finance, all while keeping consumer protection and financial system security in focus.
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