Thailand trip ahead? Bangkok may soon let tourists swap crypto for Baht — How does it work?
The move is aimed at enhancing the competitiveness in Thailand's tourism, which otherwise does not allow its residents to pay in cryptocurrency. However, foreign tourists may soon be able to exchange crypto for Baht under the new rules.
Here is your detailed guide of what a crypto sandbox is and how it will work in Thailand.
The Bank of Thailand along with SEC has invited public comments on the launch of the crypto sandbox across the country that will allow foreign tourists to use digital assets in Thailand, in a landmark initiative.
Foreign tourists in Thailand will now be able to convert their digital assets like cryptocurrency to baht for use during their stay in the country.
The proposal further eyes to promote innovation, enhance digital asset utililisation and support the broader economy.
Initially piloted in Phuket, the crypto sandbox initiative now expands to other parts of Thailand after receiving positive feedback.
Foreign tourists will be able to exchange their digital assets to get baht from licensed digital asset operators. Thereafter, they can use the converted Thai Baht via e-money service providers to pay for goods and services across the country, the SEC said in a statement.
'Merchants would be required to open an account and make transactions through digital asset business operators under the SEC's supervision and e-money business operators under the Bank of Thailand's (BOT) supervision,' the SEC said.
Sandbox participants would be allowed to provide services exclusively to foreign tourists who travel to, and temporarily reside in, Thailand.
'They must also conduct Know Your Customer/Customer Due Diligence (KYC/CDD) procedures according to the criteria of the Anti-Money Laundering Office (AMLO) and provide digital asset exchange services according to the type of license granted by the SEC,' as per the SEC.
Participants are also required to establish connectivity with e-money operators regulated by the BOT. 'This connectivity would enable foreign tourists to use the converted Thai baht to purchase goods or services through electronic channels including QR code scanning.'
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
2 hours ago
- Time of India
One more conflict puts city tourists' Durga Puja vacation plans on hold
1 2 3 Kolkata: The reverberations of the conflict between Thailand and Cambodia were felt in Kolkata on Thursday, with tourists booked to travel to these countries during Durga Puja feeling the jitters. The two neighbouring Southeast Asian countries are among the most popular destinations for leisure travellers from Kolkata. Nearly 2 lakh people from the city travelled to Bangkok, Pattaya, and Phuket in Thailand last year, while Phnom Penh and Siem Reap received around 50,000 visitors from Kolkata. Together, the two countries attract around 40-45% of the international traffic originating from Kolkata. Phones in the offices of travel agents and tour operators in Kolkata rang off the hook shortly after news broke that Thailand launched air strikes on military targets in retaliation to Cambodia firing rockets and artillery at Thailand. "Will it be safe to travel to the region?' was the most common question that travel agents fielded on Thursday evening. You Can Also Check: Kolkata AQI | Weather in Kolkata | Bank Holidays in Kolkata | Public Holidays in Kolkata "We initially planned to travel to Turkey and Greece. But after the Indo-Pak conflict, in which Turkey lent its support to Pakistan, we dropped Turkey from the itinerary. Then the war between Israel and Iran, followed by the latter's missile attack on Qatar, forced us to drop travel via the region altogether. Though we went to Thailand before, we decided to go there again because it appeared to be the safest bet. But now, even that is not an option. We will probably take a holiday someplace in India this year," said Gariahat resident Dilip Ray. Scores of other travellers who recently booked holidays to these countries are now requesting travel agents to cancel the foreign visit and instead organise a domestic tour. Agents and operators who advised clients to travel to the region are requesting them to refrain from taking any decision yet and say they are pretty certain the situation will improve, given that a lot rides on tourist movement for the two countries, particularly Thailand. "We hope the skirmish will be over soon. Otherwise, the impact will be devastating. Around 40-45% of outbound travellers from Kolkata visit Thailand, and around 7-8% visit both Thailand and Cambodia. A conflict will impact both countries,' said Travel Agents Federation of India national executive committee member Anil Punjabi. Sensing the potential impact on its economy, the Tourism Authority of Thailand was quick to point out that the conflict zone was geographically restricted to remote areas of the Thai–Cambodian border and did not impact the popular tourist destinations. "The Royal Thai Govt would like to reassure all travellers that the overall security situation in Thailand remains safe, stable, and welcoming. The recent developments are confined to a limited area near the Thai–Cambodian border in Ubon Ratchathani and Surin provinces and do not affect the rest of the country. Tourist destinations across Thailand remain operational, with no disruptions to travel, transportation, or public services," it stated. Notwithstanding the assurance, tour operators acknowledge it will be difficult to convince travellers to visit a country at war. "No one wants to wade into a conflict zone on a holiday. While Thailand and Cambodia will bear the brunt, even other countries in the region — Malaysia and Singapore — will take a hit," Indian Association of Tour Operators chairman (West Bengal) Debjit Dutta said. Travel Agents Association of India national executive committee member Manav Soni said unless the conflict ends soon, it could even impact airlines. "Five airlines operate between Kolkata and Bangkok, four of them daily. A lot is riding on this conflict," he said, hoping and praying the situation de-escalates soon.
Time of India
2 hours ago
- Time of India
Cabin crew help deliver Thai passenger's baby mid-air on Air India Express Muscat-Mumbai flight
Mumbai: A Thai passenger went into labour on board an Air India Express Muscat-Mumbai flight on Thursday and delivered a boy with the help of the cabin crew. There was no doctor on board among the passengers. Upon landing in the city, the baby and mother were admitted to hospital. Both are in good health. The unscheduled birth has upset the travel plans of the mother, who boarded the Air India Express flight from Muscat with her one-year-old infant to fly to Bangkok via Mumbai, as now as travel documents need to be prepared, topmost being Indian visa for the three. For at least a week now, the trio will have to stay put in Mumbai because of the airline's age restriction for babies. Also, the newborn will need a passport. The passenger went into labour about 45 minutes before the flight was to land in Mumbai, said a source. Since Mumbai was the closest airport at that time, the flight did not divert. You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai "The moment the Thai national went into labour, the crew responded swiftly, drawing on their rigorous training to ensure a secure and compassionate environment for the birth," said Air India Express in a media statement. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like This Could Be the Best Time to Trade Gold in 5 Years IC Markets Learn More Undo Among the crew who helped with the delivery was senior cabin crew Sneha Naga, along with other flight attendants, Aishwarya Shirke, Asiya Khalid, and Muskan Chauhan. The flight was piloted by Capt Ashish Vaghani and Capt Faraz Ahmed. "The pilots alerted the air traffic control to request priority landing at Mumbai, where medical teams and an ambulance were ready on arrival. Upon touchdown, both mother and baby were immediately transferred to a nearby hospital for further care, accompanied by a female airline staff member to provide continued support," it said, adding that Air India Express is in touch with the Consulate General of Thailand in Mumbai to support the passenger's onward journey to their home country.
India Today
2 hours ago
- India Today
Baby born mid-air on Air India Express Muscat-Mumbai flight, crew assists delivery
A rare event unfolded on an Air India Express flight from Muscat to Mumbai as a Thai passenger went into labour and gave birth to a healthy baby mid-air, the airlines stated in a press release. The cabin crew, trained for such emergencies, rose to the occasion and assisted with the delivery, receiving timely help from a nurse also on the Thai national went into labour, the crew swiftly ensured a secure environment for the birth. The airline pointed out that its crew's rigorous training played a crucial role in managing the situation effectively, ensuring the safety and comfort of both the mother and promptly communicated with Air Traffic Control to request a priority landing in Mumbai. This allowed for immediate medical attention upon arrival, showcasing the airline's efficient crisis management. Once the flight landed, both the mother and her newborn were transferred to a nearby hospital for further care. An airline staff member accompanied them to provide continuous support, ensuring they were well cared for throughout the process.'This extraordinary moment not only highlights the preparedness of the crew, but also the spirit of compassion and teamwork that defines Air India Express," Air India Express's press release airline has been in contact with the Consulate General of Thailand in Mumbai to facilitate the mother's journey back home."The seamless coordination between the cockpit and cabin crew, ground staff, medical responders, and airport authorities reflected the airline's values of agility and empathy," the statement added.- EndsMust Watch
