Thailand Will Allow Tourists to Exchange Crypto for Baht for Settlement

The Thai government will launch a new scheme called "TouristDigiPay" today, Monday (18/08). The initiative allows foreign tourists to exchange their crypto assets into Thai baht for use in payment transactions while in the country.
This program is the result of the government's ongoing study on the utilization of financial innovation and digital assets to spur economic growth and the sluggish tourism sector, particularly due to the decline in the number of tourists from China.
This scheme will be implemented within the regulatory sandbox framework, to ensure strict oversight and risk mitigation, especially to prevent digital assets from being directly used as a Settlement tool.
In addition, only foreign tourists who are temporarily in Thailand can access this service, and they must go through the Know Your Customer (KYC) and Customer Due Diligence (CDD) processes in accordance with the strict standards of AMLO.
With this system, tourists can exchange crypto assets into baht and make electronic payments, for example, through QR code scanning.
However, tourists who wish to use this service are required to open an account with a digital asset and e-money provider that has been regulated by the Securities and Exchange Commission (SEC) of Thailand and the Bank of Thailand (BOT).