The Thai government is set to launch a groundbreaking travel payment program aimed at providing more convenience for foreign tourists. It is reported that the program, named TouristDigiPay, will officially start next Monday, allowing tourists to exchange digital assets for Thai baht for consumption within Thailand.

This initiative not only reflects Thailand's spirit of innovation in the digital financial sector but also demonstrates its commitment to promoting the recovery of the tourism industry. However, to ensure the security and compliance of transactions, the plan will operate under a strict regulatory framework.

Specifically, foreign tourists participating in this program need to open accounts at two different institutions: one is a digital asset company regulated by the U.S. Securities and Exchange Commission, and the other is an electronic money provider regulated by the Central Bank of Thailand. This dual account system aims to balance the relationship between innovation and regulation.

It is worth noting that the TouristDigiPay program will be tested and implemented within a regulatory sandbox. This means that relevant authorities can closely monitor the transaction process and adjust policies in a timely manner to prevent digital assets from being directly used as a means of payment, thereby maintaining the stability of Thailand's financial system.

The service is strictly limited to foreign tourists staying in Thailand for a short period. In addition, to prevent potential financial crime risks, all participants must complete strict identity verification and customer due diligence procedures, which will follow the standards set by Thailand's Anti-Money Laundering Office.

By launching this innovative plan, Thailand not only demonstrates its commitment to embracing the digital economy but also provides valuable reference for other countries in balancing financial innovation and regulation. As the plan is implemented, we will closely monitor its impact on Thailand's tourism industry and overall economy.