Tourists can convert digital assets into baht shortly

Tourists arriving in Thailand will soon be able to convert their digital assets into baht to spend during trips under the Tourist DigiPay initiative as authorities look to capitalise on the peak season.

- NUNTAWUN POLKUAMDEE NAREERAT WIRIYAPONG

A digital illustration shows a foreign couple venturing out among Thai temples. The project allows digital assets to be converted into baht.

Under an initiative jointly developed by the Securities and Exchange Commission (SEC), the Bank of Thailand and the Anti-Money Laundering Office (Amlo), a regulated digital payment system allows foreign visitors to convert digital assets into baht to spend during their time here.

Tourist DigiPay is expected to support the tourism sector while maintaining strict anti-money laundering (AML) safeguards.

Tourists can top up their wallet to 500,000 baht a month per account, according to the SEC's Digital Asset Policy Department.

"The project will provide an alternative payment option for foreign travellers and promotes wider use of digital innovation in the Thai economy," the regulator said, adding the rollout includes robust risk management and AML controls to prevent misuse of cryptocurrencies and grey digital assets.