Thai authorities are mulling the upside of allowing tourists to seamlessly swap their digital assets for local fiat and make payments via electronic payment channels.
According to a report, the country will pilot a digital asset payment sandbox for 18 months to test the viability of the offering. Dubbed TouristDigiPay, the project will begin in Q4 2025 and has the backing of key government agencies in Thailand.
The Thai Securities and Exchange Commission (SEC) will spearhead the project in collaboration with the Ministry of Finance. The Ministry of Tourism and Sports and the Anti-Money Laundering Office (AMLO) also co-developed the project.
While the report indicates support for digital assets, the SEC clarified that tourists cannot pay for goods and services using digital currencies. Under the hood, merchants will convert payments to Thai baht before receipt, with AMLO specifying KYC and AML requirements for service providers.
Besides AML and KYC requirements, authorities have embedded advanced guardrails and safeguards into the TouristDigiPay project. For starters, tourists will have the functionality of monthly spending limits and the option of barring direct cash withdrawals from their platform.
“The TouristDigiPay project builds upon the existing ecosystem that integrates the digital asset trading system regulated by the SEC with the e-money system regulated by the Bank of Thailand,” said Pornanong Budsaratragoon, SEC Secretary-General.
Thailand’s incoming TouristDigiPay project is an attempt by authorities to jolt life into its waning tourism sector. The Southeast Asian country has recorded a slump in foreign visitors in 2025, with pundits citing ease of payments and affordability as a reason for the falling metrics.
“Thailand’s 5% tourism decline in 2025 underlines the urgent need for diversification, market repositioning, and enhanced visitor experiences to compete in a changing regional landscape,” read the report.
Thailand is keen on revolutionizing its tourism sector
Before the announcement of the TouristDigiPay project, Thailand had explored different ways to boost its local tourism sector, the lifeblood of its economy. In June, the Ministry of Tourism and Sports unveiled a five-year transformation plan to improve metrics, focusing on crisis preparedness, integrating emerging technology, and expanding to secondary cities.
Early in the year, Thailand’s Prime Minister Pichai Chunhavajira flagged off a pilot program to allow tourists in Phuket to make payments with digital assets. Furthermore, new tax measures for digital assets and a $14 billion digital money handout have positioned Thailand as a new hub for digital currencies in Southeast Asia.
Remittances balloon in Asia Pacific amid digital app boom
Meanwhile, a new Visa (NASDAQ: V) report has revealed a spike in the volume of international remittances into the Asia Pacific (APAC).
Dubbed Money Travels: 2025 Digital Remittances Adoption Report, the Visa report brands APAC as a key region in the global remittance landscape. The annual report gleaned the responses from 44,000 senders across 20 nations in the APAC region, highlighting key trends over the last year.
Mobile applications have surged to the top of the leaderboard as the preferred option for sending and receiving remittances in the Asia Pacific. Per the report, India emerged as the region’s leader, with the Philippines, Singapore, and Japan playing catch-up.
There are several reasons behind APAC’s preferences for mobile-based remittance methods, with the report citing ease of use, speed, and perceived security of digital applications.
Over 50% of respondents in the Philippines and Australia consider digital payments via mobile applications the fastest way to send and receive remittances.
“The clear shift to app-based remittances reflects the region’s demographics, the growing prominence of digital payment modes, as well as user preferences for easy, safe and quick ways to send and receive money,” said Chavi Jafa, Head of Money Movement Solutions, Asia Pacific, Visa.
Visa analysts disclosed that the remittance boom will trigger a spike in productivity for small and medium-scale enterprises across Southeast Asia. Furthermore, the report noted that humanitarian needs also fuel a surge in remittances, while regular support payment use cases make up a significant slice of the volume.
“Remittances have long been a lifeline across Asia Pacific, and they will continue to play a vital role in uplifting communities and livelihoods,” said Rhidoi Krishnakumar, Vice President and Head of Visa Direct, Asia Pacific.
Despite the upside of digital-based remittances, many users point to high fees as a major downside for remittances in the region. However, the speed of settlement and seamless user interfaces offset the steep fees for residents across APAC.
APAC warmly embraces digitization
Underneath the pivot to mobile app-based remittances is a broad leap toward digitization in the Asia Pacific. One report highlighted a spike in digital payments in the APAC region over the last decade, contributing up to 80% of e-commerce transactions.
Furthermore, the region is doubling down on tokenization to challenge the traditional dominance held by North America and Europe. In terms of AI and blockchain, the region has made significant strides to rack up utility in public and private sectors.
Watch: Importance of digitalization for enterprises
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Source: https://coingeek.com/thailand-eyes-digital-asset-payment-sandbox-for-tourism/