Crypto sandbox targets tourists

Scheme changes digital assets to baht

The TouristDigiPay sandbox, an 18-month initiative that allows foreign tourists to convert digital assets into baht for domestic spending, is strengthening Thailand’s digital economy and positioning the country as a regional leader, according to cryptocurrency exchange operators.

Nirun Fuwattananukul, chief executive of Binance TH by Gulf Binance, said the initiative spearheaded by the Securities and Exchange Commission and the Bank of Thailand offers a seamless way for tourists to use digital assets while leveraging Thailand’s robust payment infrastructure.

The sandbox programme offers international travellers, including digital nomads and an increasing number of crypto holders globally, a fast, convenient and cashless payment alternative that enhances the appeal of Thailand’s tourism offerings, said Mr Nirun.

“Beyond boosting the competitiveness of Thailand’s tourism sector, this initiative also holds the potential to accelerate the growth of the country’s digital asset industry, moving Thailand closer to its vision of becoming a regional digital financial hub,” he told the Bangkok Post.

TouristDigiPay is not a direct crypto payment system where customers and merchants transact using digital assets. The system allows users to convert digital assets into baht for payment via PromptPay QR codes, which are widely available from street food stalls and malls, said Mr Nirun.

Local businesses and communities are not exposed to risks and volatilities associated with cryptocurrencies, he said.

Bitkub Online, Thailand’s leading digital asset exchange, announced its participation in the TouristDigiPay sandbox, claiming channelling digital assets into Thailand would stimulate the economy.

The initiative was jointly launched by the Finance Ministry, the Tourism and Sports Ministry, and the Anti-Money Laundering Office.

“The project marks a promising beginning for Thailand as one of the first countries to pioneer this system for tourism,” said Atthakrit Chimplapibul, co-founder and chief executive of Bitkub Online.

“With more than 560 million digital asset holders worldwide, this presents a significant opportunity to attract capital and boost our economy through the tourism industry.”

Bitkub Exchange is preparing to support the project by facilitating convenient and rapid account opening for tourists, working with e-money service providers at physical locations such as airports.

Tourists can convert their digital assets into baht at competitive exchange rates, leveraging Bitkub Exchange’s position as Thailand’s highest-liquidity trading platform.

Once converted, local transactions can be conducted through the QR PromptPay system.

“The initiative is expected to position Thailand at the forefront of digital asset integration in tourism, setting a new standard in the region and strengthening the country’s ambition to become a leader in the digital economy,” Mr Atthakrit said.

In a related development, Kasikornbank (KBank) launched Q Wallet, a blockchain-based digital wallet being tested in a regulatory sandbox.

The initiative allows foreign visitors to convert USDC into THBS, a programmable payment unit pegged to the baht, enabling seamless real-time transactions without the need for a local bank account.

Through Q Wallet, tourists can pay via Thai QR Payment at more than 100 participating merchants, including hotels, restaurants, coffee shops, spas, and sports equipment stores. The pilot programme runs until Dec 31, 2025.

“This innovation not only simplifies financial transactions for tourists, but also empowers Thai merchants and businesses to reach foreign customers, strengthening the country’s digital economic ecosystem,” said Karin Boonlertvanich, executive vice-president of KBank.

Q Wallet modernises Thailand’s financial infrastructure and positions the country as a leading digital destination, while supporting long-term growth through innovation in financial services, he said.