Market News

Thailand Forges Ahead with Comprehensive Crypto Legislation for Tourists

Thailand's government is making significant strides in the cryptocurrency realm by allowing tourists to utilize their digital assets through credit card-linked platforms.

This initiative is designed to provide visitors with a seamless spending experience, enabling them to pay with cryptocurrencies while merchants receive payments in Thai baht, often without realizing crypto was used.

The Ministry of Finance is currently collaborating with the Bank of Thailand to pilot this system and assess its readiness for a wider rollout.

Deputy Prime Minister and Finance Minister Pichai Chunhavajira emphasized the need for consolidating the legal frameworks that govern both the capital market and digital asset market, which currently exist separately.

This reform aims to enhance operational convenience for investors, allowing smoother transactions between traditional and digital investment vehicles.

Thailand has previously tested similar crypto payment systems, notably on the island of Phuket, reflecting its commitment to becoming a crypto-friendly destination amid declining tourist numbers.

Pichai also mentioned plans for significant legislative changes to benefit institutional investors, enabling broader access to equities and private sector assets.

The proposed reforms include tightening regulations around high-frequency trading and enhancing the Thai Securities and Exchange Commission’s enforcement capabilities.

In support of this shift, the government plans to introduce "G-Tokens," allowing retail investors to purchase government bonds in fractional amounts.

With these actions, Thailand is positioning itself as a forward-thinking leader in digital finance, poised to attract both tourists and investment in the burgeoning crypto economy.