Thailand Launches Digital Tourist Wallet Amid Ongoing Crypto Review
Thailand has launched the Tourist Wallet for foreign-currency-to-baht QR payments, but the crypto conversion feature is suspended pending regulatory review until mid-August. Key points include:
- The Tourist Wallet aims to facilitate payments for travelers from eight partner countries, including Singapore and Malaysia.
- Tourists can fund their wallets via cash, foreign debit/credit cards, or overseas bank transfers.
- Spending limits are set at 500,000 baht ($13,800) monthly for merchants with card terminals and 50,000 baht for small shops.
- No cash withdrawals are allowed, and accounts can only be closed through redemption.
- The Securities and Exchange Commission is evaluating if regulated exchanges can enable crypto-to-baht conversions in the wallet.
- Full KYC identification will be required, addressing concerns over money laundering.
- The current functionality focuses on fiat transactions, with crypto use contingent on the outcome of regulatory reviews.