Thailand opens doors for crypto tourists with new sandbox

Planning a trip to Thailand and packing some crypto? Good news! The Securities and Exchange Commission (SEC) and the Bank of Thailand are teaming up to launch a “state crypto sandbox” that will let tourists legally swap their digital coins for Thai Baht.

Think of it as a safe space for crypto exchanges, brokers and dealers to operate within the Thai regulatory framework. Thai officials are saying that these businesses will be able to participate, but they’ll need to be licensed and play by the rules, that means adhering to Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. No surprises there!

So how will it work? The idea is that foreign tourists can exchange their cryptocurrencies for Thai Baht through licensed service providers and e-money providers. The catch? You won’t be able to directly pay for your Pad Thai with Bitcoin just yet. You’ll need to convert your crypto into fiat currency (Thai Baht) first.

The whole system will be closely watched by the SEC, the central bank, the Anti-Money Laundering Office and other regulatory bodies. While the project started as a pilot program in Phuket, it’s now expanding to cover the entire country, focusing specifically on tourists.

And that’s not all! The SEC of Thailand also recently announced they’re reviewing the rules for listing digital assets on licensed crypto exchanges. They’re currently open to feedback and suggestions from anyone interested until 21st of July, so if you have thoughts, now’s your chance to share them!