Thailand Moves to Embrace Crypto for Tourists Amid Sweeping Financial Overhaul

Thailand is taking decisive steps toward modernising its financial landscape with a bold new initiative: enabling tourists to spend cryptocurrencies in the country through credit card-linked platforms. The project, currently under review by the Ministry of Finance and the Bank of Thailand, is designed to streamline digital asset use for visitors while ensuring merchants receive payments in local currency without necessarily knowing crypto was used in the transaction.

Under the proposed scheme, tourists will be able to connect their cryptocurrency holdings to their credit cards, allowing seamless spending during their stay in Thailand. This system will ensure that while the back-end processes involve digital currencies, merchants will be paid in Thai baht as usual. This innovative pilot is expected to go live once both infrastructure and regulatory evaluations are satisfactorily completed.

This crypto-tourism initiative is just one facet of a much broader reform effort aimed at integrating Thailand’s traditional financial systems with emerging digital asset technologies. A key focus of this effort is the harmonisation of regulatory frameworks that currently divide the capital markets and digital assets under separate laws. By bringing these under a more unified legal structure, the government hopes to streamline oversight and create a more efficient, competitive financial ecosystem.

One major area of reform includes investment restrictions placed on institutional players such as life insurance companies and large funds. At present, these entities are confined to investing solely in government bonds. However, upcoming policy changes may allow them to access a wider range of financial instruments, including equities and private sector assets—opening the door to greater capital allocation flexibility and market dynamism.

The Ministry of Finance is also reportedly considering reforms around treasury stock management and the introduction of measures aimed at regulating high-frequency trading (HFT). These steps are intended to ensure more equitable and orderly market operations, reflecting a broader governmental push for transparency and investor protection.

As part of its overhaul of capital market oversight, a new draft law is in development to enhance the enforcement authority of the Thai Securities and Exchange Commission. This legislation could empower the SEC to directly escalate major cases to public prosecutors, thereby accelerating the legal process for high-profile or systemic infractions.

On the digital asset front, Thailand is making swift progress in expanding access and utility. In May, the Ministry of Finance announced plans to issue digital investment tokens worth USD 150 million. These tokens will be accessible to retail investors and will function as a new method for purchasing government bonds—signifying a shift toward more inclusive and technologically driven public finance instruments.

This announcement builds on earlier developments. Back in February, the country's securities regulator outlined a framework for a tokenised securities trading system intended specifically for institutional investors. This move marked a significant step forward in legitimising digital asset trading within regulated financial markets.

Further progress came in March when the Thai SEC approved the use of leading stablecoins Tether’s USDt (USDT) and Circle’s USDC (USDC) for cryptocurrency trading. With these approvals, the stablecoins can now be listed and traded on regulated exchanges within Thailand, offering a more secure and stable medium for crypto transactions.

Together, these initiatives underline Thailand’s ambitious vision to position itself as a regional leader in digital finance. By embracing cryptocurrency usage for tourists and enacting sweeping financial reforms, the country is signaling its commitment to fostering a future-ready economy—one that blends traditional fiscal prudence with cutting-edge innovation.

By fLEXI tEAM