Thailand’s SEC and the Bank of Thailand have unveiled plans to create a crypto regulatory sandbox for foreign visitors. The proposal, now open for public comment, would let tourists convert digital assets into baht anywhere in the country, not just in Phuket.
Regulators aim to boost crypto adoption and support the wider economy by routing converted funds through licensed operators and regulated e‑money platforms.
Expanded Scope Beyond Phuket
The new plan builds on last year’s Phuket pilot. That effort allowed Bitcoin and other digital coins to be used as payment in the island’s tourist zones.
Now, the scheme would apply nationwide, and tourists could swap crypto for Baht at approved exchanges and then spend it electronically.
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Under the proposal, licensed digital asset firms would handle conversions. Tourists would send crypto to an operator, receive baht on an e‑money wallet, and pay local merchants by scanning a QR code.
Direct use of crypto for purchases is not allowed. The sandbox will run for up to 18 months, with possible extensions at the regulator’s discretion.
Regulatory Oversight
Several bodies will watch over the sandbox. The SEC, the central bank, the Anti Money Laundering Office and other agencies will set the rules.
Participants must meet strict criteria on licensing, service scope and anti-money laundering checks. Spending limits for tourists will also apply.
“This sandbox takes the original idea from former premier Thaksin Shinawatra’s Phuket scheme and makes it real,” said Nirun Fuwattananukul, chief executive of Gulf Binance.
He noted that regulators now back the plan, giving it structure and oversight. “It moves from a concept to a formal framework with clear safeguards,” he added.
Listing Rules Under Review
In parallel, the SEC has launched a consultation on listing rules for digital assets. The public hearing runs until July 2025.
Regulators want to update criteria to match the fast-moving industry while protecting investors. The goal is to ensure that only tokens with genuine use cases appear on licensed platforms.
Some tourism operators worry they have not received enough guidance. Bhummikitti Ruktaengam of the Tourism Council of Thailand said that businesses in Phuket still lack clarity on sandbox rules.
He called on the government to build the full ecosystem before rolling out the programme. “We are not against this idea,” he said, “but the system must be ready before it starts.”
Economic and Tourism Impact
Officials believe the sandbox will give Thailand an edge in digital finance. By making crypto easy to spend, they hope to draw more tourists and boost local shops and hotels. The SEC describes the sandbox as a testing ground for new services that link digital and traditional payments.
Comments on both the sandbox and the listing rules will shape the final regulations. Once the feedback period ends, the SEC and the central bank will review the input and publish the detailed framework. Licensed operators can then apply to join the sandbox and begin serving tourists.