National crypto sandbox in the offing

Allows foreigners to utilise digital assets

- NAREERAT WIRIYAPONG NUNTAWUN POLKUAMDEE NARUMON KASEMSUK

Digital asset exchange operators have welcomed a joint effort between the Securities and Exchange Commission (SEC) and the Bank of Thailand to launch a crypto sandbox to allow foreign tourists to use digital assets in Thailand, saying the new initiative would drive crypto adoption across Thailand.

The regulator has launched a public hearing on a proposed digital asset regulatory sandbox tailored for the tourism sector. The initiative plans to allow foreign tourists to convert digital assets into baht for use during their stay in the country.

The proposal also aims to promote innovation, enhance digital asset utililisation and support the broader economy.

“This crypto sandbox builds directly upon former premier Thaksin Shinawatra’s Phuket sandbox proposal from late last year. Both share the core concept of allowing Bitcoin and cryptocurrencies as payment methods in tourist areas to drive adoption,” said Nirun Fuwattananukal, chief executive of Gulf Binance.

“The new sandbox proposal is no longer just limited to Phuket, but applies nationwide”

The Thai joint founder of the world’s leading crypto exchange and the operator of Binance TH sees that the key difference between the two initiatives is implementation.