The Securities and Exchange Commission (SEC) has collaborated with the Bank of Thailand (BOT) to introduce a cryptographic sandbox, allowing foreign tourists to convert digital assets into Baht (national currency of Thailand). The Thai sec requests public comments on this proposal via the SEC website before implementing it.
Thailand dry offers public comments on the regulatory sand of cryptography for tourism
Initially, the SEC board of directors approved the principles of the framework during separate meetings held on March and July 3. Now, on July 15, the agency opened a public consultation on the proposal, and the comments will be accepted until August 13, 2025.
With the new initiative, the SEC aims to promote innovation with the use of digital assets to increase the economy and the tourism industry in Thailand. This will complete the framework of existing digital assets while providing appropriate risk protection measures for the new regulatory sandbox.
Key keying facts of tourist cryptographic sand tourism tourism
- Nirun Fuwattananuk, Managing Director of Gulf Binance, confirms that the initiative will strengthen the adoption of digital assets in the country by allowing cryptocurrencies as payment of local spending.
- As Crypto’s direct payments are not authorized, the crypto must be spent through approved electronic currency suppliers, allowing transactions such as or code payments.
- The SEC claims that the participants eligible in the sandbox are: the exchange of digital assets, the digital asset brokers and the digital asset dealers.
The initiative triggered certain concerns among the cryptographic stakeholders
Despite its innovative intention and motivated by risk protection measures, the initiative has sparked a certain tension among industry stakeholders. Vice-president of the Tourism Council of Thailand (TCT), Bhummikitti Ruktaengam, said: “We are not opposed to this program, but the government should ensure that the whole ecosystem is prepared for the use of cryptocurrencies before launching the program.”
Since the SEC has not yet clarified the regulations and compliance for the sandbox, Ruktaengam warns against the risk of money laundering. He reiterated that without clear rules, the exchange of digital assets could be used badly.
Final thought
The launch of a regulatory sandpit of cryptography for the tourism industry pushed Thailand one step forward in the alignment of its regulations on digital assets with global standards. However, although the regulations on licenses and the fight against money laundering are compulsory for the new proposal, the stakeholders in the industry fear that exchanges are involved in illicit activities.
