Update (September 25, 2025): Thailand’s SEC has formally opened the application phase for the TouristDigiPay sandbox. The relevant regulations became effective on September 24, 2025. The SEC is now accepting applications from licensed digital asset operators to participate in the project from September 25, 2025, until December 26, 2025. Services for tourists are still expected to commence in Q4 2025.
Following its initial announcement in August 2025, Thailand’s Securities and Exchange Commission (SEC), in collaboration with the Ministry of Finance, the Anti-Money Laundering Office (AMLO), and the Ministry of Tourism and Sports, has officially launched TouristDigiPay. This 18-month regulatory sandbox is designed to let foreign tourists convert digital assets (DA) into Thai Baht (THB) for spending via e-money. Direct crypto payments at merchants remain disallowed; merchants will only receive THB.
At a Glance
- Status: Operator applications open from September 25 – December 26, 2025.
- Go-Live for Tourists: Expected in Q4 2025.
- Who: Foreign tourists traveling to Thailand temporarily.
- What: DA → THB conversion with SEC-licensed exchanges/brokers/dealers; spending via BOT-supervised e-money.
- Goal: Support tourism spending and promote fintech innovation.
- Payments: No direct DA payments at the point of sale; merchants are paid in THB.
- Spending limits (per tourist / month):
- Up to THB 500,000 per tourist per month (full AML controls apply, including blockchain-forensic screening).
- Operators may instead cap at THB 50,000 per tourist per month (a lighter alternative that relaxes the forensic-tool requirement).
- If any single conversion exceeds THB 450,000, the operator must record the transaction purpose and notify the SEC without delay.
- Convert-back: Leftover THB may be converted back into digital assets up to the original amount and returned to the tourist’s original wallet.
- Fees: DA buy/sell fees are set by participating DA operators.
TouristDigiPay strictly separates conversion from payment. Digital assets are not used directly at merchants.
How TouristDigiPay Works
- Onboard — After arrival, a tourist completes KYC with an SEC-supervised DA operator and, if needed, opens a tourist e-money wallet with a BOT-supervised provider.
- Convert DA → THB — The tourist transfers or sells DA with the participating operator. The resulting THB is credited to the tourist’s e-money wallet.
- Pay in THB — The tourist pays by scanning a Thai QR code at merchants nationwide. Merchants receive THB; the crypto-to-baht conversion is executed by the licensed operator, with THB credited to the tourist’s e-money wallet
- Operator obligations:
- Pre-consult with SEC & BOT before applying.
- Operate TouristDigiPay separately from trading services.
- Pilot runs up to 18 months from approval; SEC targets ~60-day decisions on complete applications.
Conditions, Oversight & Safeguards
- Participants: Applicants must be SEC-licensed DA exchanges, brokers, or dealers who partner with BOT-supervised e-money providers.
- Compliance: Strict KYC/CDD requirements in line with AMLO standards apply to all participants.
- Safeguards: Use of blockchain forensic tools is required to screen transactions and block illicit funds.
- Merchant KYM: The higher monthly spending limit requires merchants to pass Know Your Merchant (KYM) checks.
- Post-pilot: Authorities will evaluate the sandbox outcomes for potential further development or expansion.
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Timeline
- Initial Announcement: August 18, 2025
- Regulations Effective: September 24, 2025
- Operator Application Period: September 25 – December 26, 2025
- Expected Go-Live for Tourists: Q4 2025
- Duration: 18 months, followed by an evaluation.
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