Foreigners will be allowed to exchange crypto for Thai baht

Thailand will roll out an 18-month pilot program later this year, allowing foreign tourists to exchange cryptocurrencies for Thai baht for spending, aiming to boost the tourism industry.

The new initiative is named TouristDigiPay and is scheduled to start in Q4 of 2025 and will operate within a regulatory sandbox overseen by the Finance Ministry, Securities and Exchange Commission, Anti-Money Laundering Office, Bank of Thailand and the Ministry of Tourism and Sports. Officials said the program aims to encourage tourist spending while ensuring strict oversight.

Tourists won’t be able to pay merchants directly with cryptocurrencies. Instead, they will need to open accounts with a licensed digital asset business and an e-money provider, undergo know-your-customer (KYC) and anti-money laundering checks, and convert their digital assets into baht. Funds will be stored in a wallet for electronic payments, such as QR code scanning. Cash withdrawals will be restricted during the visit.

To control risk, each tourist will be limited to spending 550,000 baht (around $16,900). According to the officials, this limit might be adjusted after the trial period.

The new crypto initiative comes as Thailand lowered its 2025 foreign arrivals forecast by 10 percent to 33 million, far below the pre-pandemic peak of 39.9 million in 2019. Tourism is a key part of the economy, and the government is exploring ways to attract more high-spending visitors.

For small and medium-sized enterprises (SMEs), especially restaurants, hotels and vendors serving tourists, the scheme could create new opportunities. Payments will be made in baht, so merchants won’t need to handle cryptocurrencies directly.

Deputy Prime Minister and Finance Minister Pichai Chunhavajira said the project could help boost spending early on and support tourism while regulators assess the impact of digital assets on the market.