Market News

Crypto Innovation in Thailand: Introducing the TouristDigiPay Program

Thailand has announced the launch of its TouristDigiPay program, aimed at facilitating cryptocurrency use for foreign tourists.

This program allows visitors to convert popular digital assets like Bitcoin into Thai baht, enabling QR code-based payments at selected merchants.

The initiative is part of Thailand's broader strategy to bolster its tourism industry and invigorate the economy through regulated digital finance.

Tourists must register with approved digital asset providers to participate, ensuring adherence to necessary Know Your Customer (KYC) and Anti-Money Laundering (AML) standards.

Each participating tourist will receive a dedicated Tourist Wallet, allowing for seamless conversion and linking to foreign credit and debit cards.

Spending will be capped at 500,000 baht for larger merchants and 50,000 baht for smaller ones to prevent misuse of the system.

Recent government reports indicate that Thailand welcomed around 20 million international visitors from January to August, generating approximately $26.25 billion in revenue.

In addition to the new payment program, Thailand is also promoting favorable tax policies for cryptocurrency gains, expected to boost investor interest.

This initiative positions Thailand as a potential leader in crypto-integrated tourism, aiming to attract more international travelers to its shores.

Overall, the TouristDigiPay program exemplifies Thailand's commitment to harnessing digital assets to enhance the visitor experience and stimulate economic growth.