In an effort to boost flagging tourism and in line with the country’s pro-crypto stance, Thailand is set to allow tourists to exchange crypto for Thai baht and make electronic payments through e-money service providers. As reportedby Thailand’s Nation newspaper, the initiative, named “TouristDigiPay,” is a direct response to a significant slowdown in tourism this year, primarily due to a decline in visitors from China.
Using crypto to stimulate tourism has been under review by the Thai government for some time. This new initiative follows an announcement in January about a trial to allow foreign visitors to pay for goods and services using cryptocurrencies in Phuket, one of Thailand’s most popular tourist destinations. The trial is still in progress.
TouristDigiPay will initially function as an e-money system for currency conversion, according to a senior director at the Bank of Thailand, “with future plans to link it directly to foreign debit and credit cards.”
Earlier this year, Thailand’s Cabinet greenlighted a tax break for digital asset trading of up to five years. The exemption will run through December 31, 2030. Both local and foreign investors trading digital assets through licensed operators will be able to retain 100% of their profits without having to pay personal income tax for five years.
Finance Minister Chulaphan Amornvivat earlier said this move is not just about a tax a break, “it’s about investing in infrastructure, promoting innovation and stimulating the economy generally. This is about transparent trading, technological development, and sustainable growth.”
Thailand’s crypto tax policy makes it stand out in Asia – Japan and South Korea continue to impose tight tax requirements and operational restrictions on crypto, while Thailand is choosing a pro-growth, pro-innovation path.
This latest move reinforces Thailand’s pro-crypto stance and as it seeks to not just lure in crypto holding tourists, but also make Thailand a regional hub for crypto infrastructure and innovation.