SEC Accepting Applications for TouristDigiPay Business Operators

ate according to the format, scope, and criteria specified by TouristDigiPay. They must also integrate with e-money service providers to enable foreign tourists to use Thai Baht received from exchanging digital assets to purchase goods or services via scanning Thai QR codes nationwide. In all cases, project participants must obtain SEC approval prior to commencing service provision;

Participating business operators may provide services exclusively to foreign tourists who are temporarily residing in Thailand. They are required to perform identity verification (Know-Your-Customer/Customer Due Diligence (KYC/CDD) in compliance with the Anti-Money Laundering Office (AMLO) requirements, and may only facilitate digital asset exchange transactions according to their licensed categories;

Participants must comply with relevant criteria such as collecting and submitting requested data, verifying sources of digital assets exchanged into Thai Baht, reporting information to the SEC, having an exit strategy in place in case of leaving the project, as well as performance evaluation plans.

The SEC’s initiative aims to leverage digital assets to enhance the payment experience for foreign tourists visiting Thailand. By allowing digital asset exchanges to convert cryptocurrencies into Thai Baht, tourists will have a convenient and efficient way to make payments during their stay. This not only promotes the adoption of digital innovations but also supports economic growth in the country, especially in the tourism sector.

The TouristDigiPay sandbox project is a step towards embracing new technologies and providing tourists with more payment options. By collaborating with digital asset business operators and e-money service providers, the SEC ensures that the project meets regulatory standards and safeguards against potential risks. This partnership allows for seamless integration of digital assets into the existing payment ecosystem, making it easier for tourists to transact in Thai Baht.

The eligibility criteria set by the SEC for business operators applying to participate in the TouristDigiPay project ensure that only licensed and compliant entities can offer services to foreign tourists. By requiring KYC/CDD procedures and adherence to AML regulations, the SEC aims to maintain the integrity of the project and protect against illicit activities. Additionally, operators must meet reporting requirements and have contingency plans in place to ensure smooth operations throughout the project.

Overall, the TouristDigiPay sandbox project is a significant development in the fintech space, showcasing Thailand’s commitment to staying at the forefront of digital innovation. By allowing tourists to use digital assets for payments, the country is embracing a cashless future and providing a more convenient experience for visitors. As services under the project are set to begin in the fourth quarter of 2025, it will be interesting to see how this initiative transforms the tourism landscape in Thailand.