Your Next Trip to Thailand Can Now Be Paid Entirely in Crypto
- Thailand’s crypto sandbox allows tourists to convert digital assets into baht via licensed platforms.
- Converted crypto must be spent through regulated e-wallets; direct crypto payments remain prohibited.
- Tourism operators request clearer rules on eligible assets and anti-money laundering safeguards.
Thailand’s financial authorities have introduced a new regulatory sandbox that will allow foreign tourists to convert their cryptocurrencies into Thai baht for use across the country.
The plan, announced by the Securities and Exchange Commission (SEC) and the Bank of Thailand, will allow digital asset transactions through licensed providers and e-wallet services under a closely monitored framework.
Related: Thailand in Partnership Talks With Ripple Over XRP Adoption
How It Works: Converting Crypto, Not Spending It
The sandbox permits tourists who hold digital assets to convert them into baht through approved local exchanges, brokers, or dealers. It is important to note that the digital assets themselves cannot be used directly for payments.
Instead, the converted funds must be spent electronically via e-money platforms that are regulated by the c…
The post Your Next Trip to Thailand Can Now Be Paid Entirely in Crypto appeared first on Coin Edition.
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Your Next Trip to Thailand Can Now Be Paid Entirely in Crypto
- Thailand’s crypto sandbox allows tourists to convert digital assets into baht via licensed platforms.
- Converted crypto must be spent through regulated e-wallets; direct crypto payments remain prohibited.
- Tourism operators request clearer rules on eligible assets and anti-money laundering safeguards.
Thailand’s financial authorities have introduced a new regulatory sandbox that will allow foreign tourists to convert their cryptocurrencies into Thai baht for use across the country.
The plan, announced by the Securities and Exchange Commission (SEC) and the Bank of Thailand, will allow digital asset transactions through licensed providers and e-wallet services under a closely monitored framework.
Related: Thailand in Partnership Talks With Ripple Over XRP Adoption
How It Works: Converting Crypto, Not Spending It
The sandbox permits tourists who hold digital assets to convert them into baht through approved local exchanges, brokers, or dealers. It is important to note that the digital assets themselves cannot be used directly for payments.
Instead, the converted funds must be spent electronically via e-money platforms that are regulated by the c…
The post Your Next Trip to Thailand Can Now Be Paid Entirely in Crypto appeared first on Coin Edition.
Read More
Crypto Market Liquidates $371M: BlockBeats and Coinglass Report