Thailand's Securities and Exchange Commission opened a public consultation on a regulatory sandbox that would allow foreign tourists to convert digital assets into Thai baht through licensed digital asset operators and spend the converted funds via e-money service providers. The model would not permit digital assets to be used directly to pay merchants. Eligible participants would be digital asset exchanges, digital asset brokers and digital asset dealers, subject to SEC approval and compliance with the sandbox scope and criteria. The service would be limited to foreign tourists travelling to and temporarily residing in Thailand, who would be required to open accounts and transact through SEC-supervised digital asset business operators and Bank of Thailand-supervised e-money operators, with KYC and customer due diligence carried out in line with Anti-Money Laundering Office criteria. Participants would also need connectivity with e-money operators to enable spending through electronic channels including QR code scanning, and comply with requirements such as user-data collection and evaluation, use of blockchain forensics tools to identify illicit transactions, reporting to the SEC, and preparation of exit plans. Once approved, the sandbox service period would not exceed 18 months, with the possibility of an extension, and the public hearing closes on 13 August 2025.

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