Thailand is preparing to roll out a new pilot scheme that will allow foreign visitors to convert cryptocurrencies into Thai baht for use in the country, the nation’s Securities and Exchange Commission (SEC) has announced.
The initiative, known as TouristDigiPay, will begin in the final quarter of 2025 and run for 18 months. It is being developed in collaboration with the Ministry of Finance, the Anti-Money Laundering Office (AMLO) and the Ministry of Tourism and Sports.
Payments in baht, not crypto
Under the framework, cryptocurrencies themselves cannot be spent directly. Merchants will instead be paid in baht, while compliance with AMLO’s Know Your Customer and due diligence requirements will be mandatory for digital asset operators and e-money providers.
«The TouristDigiPay project builds upon the existing ecosystem that integrates the SEC-regulated digital asset trading system with the e-money system overseen by the Bank of Thailand,» said SEC Secretary-General Pornanong Budsaratragoon.
She added that safeguards such as spending limits, a prohibition on cash withdrawals and other risk management measures will be in place to protect both travellers and local businesses.
Boosting a flagging tourism sector
Officials hope the programme will help revitalise Thailand’s tourism sector, which has faced a downturn. According to the World Tourism Institute, the country hosted 16.8 mln visitors in the first six months of 2025, compared with 17.7 mln a year earlier.
Tourist arrivals from East Asia fell by 24% and visitors from China dropped by 34%. Analysts noted that competitors such as Japan, with its weaker yen, and Vietnam, with lower costs, are increasingly drawing travellers away.
A report in July underlined the challenge, saying: «Thailand’s 5% tourism decline in 2025 underlines the urgent need for diversification, market repositioning and enhanced visitor experiences to compete in a changing regional landscape.»
Thailand still testing crypto in tourism
The SEC has already carried out a public consultation on the role of digital assets in supporting the economy and tourism. The concept of using cryptocurrency for tourism payments was first floated in January, when a pilot project for crypto-based payments in Phuket was announced. Further details of that trial are still pending.
Thailand is not alone in exploring crypto adoption for tourism. Bhutan has introduced digital payment options in partnership with Binance Pay and DK Bank, while the United Arab Emirates reached an agreement with Crypto.com to allow passengers to use crypto for flights and onboard purchases.
Kursiv also reports that Standard Chartered has lifted its year-end forecast for ether to $7,500 from $4,000.
