TLDR
- Thailand launches the TouristDigiPay scheme for foreign tourists to convert crypto to baht.
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Tourists must pass KYC checks and use digital asset businesses regulated by the SEC and BOT.
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The scheme includes transaction limits and safeguards to prevent financial crimes.
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The move aims to boost tourism amid a drop in foreign visitors, especially from China.
The Thailand government is set to launch its new initiative, “TouristDigiPay,” designed to boost the country’s tourism sector. Starting on Monday, August 18, 2025, the scheme will allow foreign visitors to convert their cryptocurrency into Thai Baht for electronic payments. This move is part of the government’s broader effort to stimulate the tourism industry, which has experienced a downturn this year, largely due to a drop in visitors from China.
The scheme aims to make it easier for tourists to spend their digital assets while visiting Thailand, providing an alternative payment method in a country that is increasingly integrating cryptocurrency into its economy. The Thai government hopes the initiative will help revitalize the tourism sector and attract new visitors, particularly those with cryptocurrency holdings.
Thailand Regulatory Oversight and Participation Requirements
To participate in the TouristDigiPay scheme, foreign tourists will need to open an account with a digital asset business and an e-money provider, both regulated by the Thai Securities and Exchange Commission (SEC) and the Bank of Thailand (BOT).
This ensures that the scheme operates within the country’s regulatory framework, addressing concerns related to security and compliance.
Participants will undergo strict Know Your Customer (KYC) and Customer Due Diligence (CDD) checks to prevent financial crimes such as money laundering and terrorist financing. The government is working to ensure proper oversight while maintaining the flexibility needed to allow cryptocurrency use in tourism.
Tourist Wallet and QR Code Payments
One of the key features of the scheme is the creation of a “Tourist Wallet” that will facilitate QR code payments. The Tourist Wallet will initially function as an e-money system for currency conversion, allowing tourists to exchange their cryptocurrency for Thai Baht.
Eventually, the plan is to link the wallet directly to foreign debit and credit cards, further enhancing the ease of payment for tourists.
Transaction limits will be in place to prevent large-scale misuse of the system. For example, merchants with card terminals will have a monthly spending limit of 500,000 Baht, while small merchants will be limited to 50,000 Baht per month. These measures aim to mitigate financial crime risks while ensuring that the scheme remains accessible to tourists.
A Strategic Response to Declining Tourism
The launch of TouristDigiPay is a direct response to a significant slowdown in tourism this year. According to recent reports, Thailand saw a 24% decline in visitors from East Asia and a 34% drop in tourists from China.
The global economic situation and the strength of the Japanese yen, among other factors, have made neighboring countries more attractive to tourists.
The Thai government recognizes the need for market diversification and is eager to adapt to changing consumer behaviors. The introduction of cryptocurrency payments aims to cater to a new segment of tech-savvy tourists while providing existing visitors with more flexible and efficient payment methods.
Safeguards to Address Risks and Challenges
While the scheme presents exciting opportunities for the tourism industry, it also comes with challenges. Financial crime risks, such as money laundering, have been a concern with cryptocurrency transactions.
To mitigate these risks, the government has put in place several safeguards. For instance, tourists will not be allowed to withdraw cash from their digital assets until their accounts are closed.
The introduction of transaction limits and the prohibition of transactions in high-risk businesses further ensures that the program operates safely and within the law. The Thai authorities are also closely monitoring the progress of the scheme and will adjust the program as needed to protect both tourists and the broader economy.
