Thailand Launches Crypto-to-Baht Sandbox for Tourists via e-Money

Thailand’s SEC and central bank (BOT) have initiated a new sandbox program aimed at increasing payment options for foreign tourists, particularly those holding cryptocurrencies like Bitcoin and Ethereum. Under the proposed system, visitors can exchange crypto for Thai baht through regulated platforms, with the resulting funds transferred directly into e-Money services—such as mobile wallets—so tourists can pay via QR code across the country.

To participate, tourists must use licensed crypto exchanges, brokers, or dealers approved by the SEC. They will undergo Know Your Customer (KYC) and Customer Due Diligence (CDD) checks before converting their crypto to baht, which is then moved into an e-Money wallet linked to Thai payment apps.

The sandbox comes with clear guidelines: regulated entities must verify the source of crypto assets, maintain detailed transaction records for reporting to the SEC, and operate within an 18-month testing window (extendable if needed). Critically, these providers must also present an exit strategy to ensure continuity post-sandbox.

Overall, this pilot stands as a strategic move to bridge crypto and fiat ecosystems in tourism, enhancing convenience while remaining compliant under Thailand’s regulatory framework.