Tourists Convert Digital Assets to Baht Soon

Introduction to Tourist DigiPay

Thailand is set to revolutionize the way tourists spend their money during their visits by introducing the Tourist DigiPay initiative. This new system allows foreign visitors to convert their digital assets into baht, making it easier for them to spend during their stay. The initiative is a joint effort between the Securities and Exchange Commission (SEC), the Bank of Thailand, and the Anti-Money Laundering Office (Amlo). It aims to support the tourism sector while ensuring strict anti-money laundering (AML) safeguards are in place.

Key Features of Tourist DigiPay

Tourists can top up their wallets with up to 500,000 baht per month per account, according to the SEC’s Digital Asset Policy Department. This initiative is designed to provide an alternative payment option for foreign travelers, promoting the use of digital innovation in the Thai economy. The rollout includes robust risk management and AML controls to prevent misuse of cryptocurrencies and grey digital assets.

Nirun Fuwattananukul, chief executive of Binance TH by Gulf Binance, highlighted that the project is a forward-looking initiative that positions Thailand as an innovative country embracing new technologies such as digital assets. He noted that while many countries are beginning to allow crypto payments, Thailand is taking a pragmatic approach through a regulatory sandbox, converting crypto into baht for use in a controlled and compliant way.

The Process Behind Tourist DigiPay

The process begins with know your customer (KYC) and customer due diligence (CDD) procedures, which are mandatory steps for all licensed digital asset and e-money service providers. These involve verifying customers’ identities and the purposes of transactions through documentation and biometric data to ensure compliance with high-risk standards set by Amlo.

Once verified, tourists can open two linked wallets — a digital asset wallet and a tourist e-money wallet — allowing seamless conversion of crypto into baht for spending. Digital asset operators must use blockchain forensic tools to trace and analyze transaction histories, identify suspicious wallets, and detect potential links to illegal activities or money laundering, according to the SEC.

Payments through PromptPay QR codes are capped at 500,000 baht a month per account for merchant QR codes, and 50,000 baht a month per account for small vendors using personal QR codes. These caps are consistent with the average spending pattern of international tourists, which is roughly 5,000 baht a day, and will ensure funds are used only for legitimate tourism-related activities.

Restrictions and Refund Policies

Tourist DigiPay cannot be used at high-risk businesses, such as gold or jewellery shops, amulet and antique dealers, casinos, or entertainment venues, all of which are commonly monitored for potential money laundering, said the SEC. If a balance remains in a tourist wallet when visitors leave Thailand, they must convert the unused funds back into digital assets via the same licensed provider used upon entry. The refunded amount must not exceed the initial digital assets exchanged into baht.

Pilot Programme and Future Outlook

The pilot programme is slated to run for 18 months. The SEC stated that the scheme will support and strengthen the competitiveness of local small businesses and merchants, while fostering broader adoption of regulated digital finance by ensuring the platform does not become a channel for illicit money flows.

Conclusion

Tourist DigiPay represents a significant step forward in integrating digital assets into the tourism sector in Thailand. By providing a secure and regulated way for tourists to spend their digital assets, the initiative not only supports the economy but also ensures compliance with AML standards. As the pilot programme progresses, it will serve as a model for other countries looking to embrace digital innovation in their tourism industries.