Thailand to Launch Cryptocurrency Exchange Program for Foreign Tourists

PANews reported on August 17th that, according to Crowdfund Insider, Thailand will launch the TouristDigiPay program next Monday, allowing foreign tourists to exchange cryptocurrencies for Thai baht for payment in an effort to boost the tourism industry. Under the program, foreign tourists must open accounts with digital asset companies and e-money providers regulated by the U.S. Securities and Exchange Commission (SEC) and the Bank of Thailand, respectively. The program operates within a regulatory sandbox to ensure oversight and prevent the direct use of digital assets as a payment method. Only foreign tourists temporarily staying in Thailand can use the service. Participants must complete Know Your Customer (KYC) and customer due diligence checks in accordance with the Anti-Money Laundering Office's standards.