Thailand Plans Crypto Sandbox Allowing Tourists to Convert Crypto into Local Currency

Key Points

1. Thailand’s SEC and the Bank of Thailand are launching a crypto sandbox program, building on Phuket’s pilot project, allowing licensed operators to facilitate crypto transactions for tourists.

2. Tourists can exchange cryptocurrencies through platforms using QR code payments, with operators required to adhere to strict eligibility standards, service limitations, and anti-money laundering regulations.

3. Industry experts warn that the ecosystem is not fully prepared, citing risks of illicit foreign businesses exploiting crypto exchanges without clear regulatory frameworks.

4. The program involves partnerships with Binance Pay and DK Bank to enable travelers with Binance accounts to use digital assets for payments nationwide.

5. Similar initiatives, like Binance Pay’s collaboration with Lyzi in France, are expanding crypto payment options in tourist hotspots.