Thailand launches crypto sandbox to boost tourism spending
Main Idea
Thailand's central bank and SEC have launched a crypto sandbox to allow foreign tourists to use digital assets for spending, aiming to boost tourism and integrate cryptocurrencies into the local economy.
Key Points
1. The Bank of Thailand and Thai SEC collaborated to create a crypto sandbox enabling tourists to convert cryptocurrencies into baht for spending.
2. The initiative builds on the previous Phuket sandbox and expands it nationwide, promoting crypto adoption in tourism.
3. Digital asset exchange operators support the move, which positions Thailand as a leader in crypto-friendly tourism in the Asia-Pacific region.
4. The sandbox ensures secure and legal conversion of crypto to baht while maintaining AML and user safety protocols.
5. The program aims to enhance Thailand's appeal to tourists by offering more spending options and reducing reliance on unlicensed currency exchanges.
Description
As crypto becomes part of our day-to-day financial needs, Thailand is introducing a national sandbox to allow foreign tourists to convert cryptocurrencies into baht for spending while navigating the country. The Bank of Thailand and Thai Securities & Exchange Commission have joined forces to make the program a reality. According to a local outlet, the initiative aims to modernize how international tourists interact with the local economy. According to Gulf Biance CEO Nirun Fuwattananukul: This c...
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