Soon you will be able to convert cryptocurrency in Thailand and spend it on your travel bookings.
Thailand SEC and Bank of Thailand aims to launch a crypto sandbox that will enable tourists to convert cryptocurrency into Baht. The public hearing on their latest initiative of launching a crypto sandbox outlines the country’s decisiveness on adopting crypto for a better tourism economy.
However Thailand was not always this welcoming to cryptocurrencies. As early as February 2018, the Bank of Thailand banned financial institutions from dealing with cryptocurrencies. This was a significant signal that the central bank was wary of crypto’s integration into the traditional financial system.
Just a few days back Thailand went on a crackdown on top exchanges like OKB and Bybit. A year ago, Thailand sent feelers of shutting down unlicensed crypto exchanges and as the recent announcements show, the country seems to be on a regulatory cleanse for crypto.
BOT & Thailand SEC Rewriting Crypto Rules For Tourism
“This crypto sandbox expands upon former PM Thaksin Shinawatra’s original Phuket-only proposal.”
Said Nirun Fuwattananukul, CEO of Gulf Binance.
Unlike older polices, this roll out will enable the SEC, the central bank, and the Anti-Money Laundering Office to have an eye on all business transactions happening with crypto. This new policy will allow crypto to grow in a controlled environment. The services will be available to foreign tourists and temporary residents living in Thailand.
Exchanges and crypto platforms willing to operate in Thailand will require an SEC Approved license. The crypto platforms must pass the process of obtaining the license. The license to operate will be valid for 18 months and can be renewed as per case.
Direct crypto payments are not legalized. Users will have to convert crypto in Baht via licensed wallets and exchanges only.
The new rules for crypto exchange in Thailand are to the T. The new policy covers strict rules covering who can offer services, what transactions are allowed, spending limits, and anti-money laundering measures.
This initiative marks a crucial move towards incorporating crypto into the nation’s financial system while protecting consumers. The SEC highlights that the sandbox supports Thailand’s wider goals of boosting digital tourism competitiveness, fostering financial innovation, and ensuring financial system stability.
