Thailand is preparing to allow tourists to pass cryptocurrency via platforms related to credit cards as part of a wider strategy to modernize its financial system and adopt digital assets.
The plan was announced by the Deputy Prime Minister and Minister of Finance, Pichai Chunhavajira, during an investment seminar in Bangkok on May 26, according to reports from Bangkok Post and the Nation.
The initiative, currently being examined by the Ministry of Finance and the Bank of Thailand, will allow tourists to connect their assets in crypto to credit cards for local purchases.
Traders will receive a Thai baht as usual, often without knowing that crypto has been used in the transaction. The pilot should be deployed after key infrastructure and regulatory checks are in place.
“This approach can be immediately adapted to Thailand, provided that the support systems are in place,” said Pichai, noting that the model avoids using Baht Thai directly, reducing the risks to domestic money.
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Capital market regulations being examined
Beyond the activation of the crypto for tourism, Thailand also provides for a reform of its financial laws. Pichai has said that the government must unify the legal treatment of the traditional capital market and the space of digital assets, which are currently governed by separate acts.
Pichai also said that the government examines obsolete restrictions on institutional investors in the context of a broader reform of the capital market. Life insurers and large funds holding hundreds of billions of Thai baht are limited to state obligations. Upcoming changes can open more funds for private sector and assets.
The Ministry of Finance would also be for the reform of the rules concerning the actions of the Treasury and to ensure more equitable market operations by regulating high frequency negotiation practices.
A bill is underway to extend the application powers of the Securities and Exchange Commission, allowing it potentially to directly present important cases to prosecutors.
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Pichai expresses the management of digital assets
Pichai reiterated support for digital assets, emphasizing the need for clear rules that allow innovation without risking financial stability.
He mentioned the deployment of “G-TOKENS”, an initiative based on blockchain aimed at allowing retail investors to buy government obligations in fractional units. These tokens, he said, should improve the yields of savers and increase the global profile of Thai sovereign debt.
On May 13, the Ministry of Finance announced its intention to issue $ 150 million in digital investment tokens that allow retail investors to buy government obligations.
This came after the country’s securities regulator revealed that the launching plans for a tokenized securities trading system for institutional investors in February.
In March, the Thai sec also approved the USDT of Tether (USDT) and USDC of Circle (USDC) for the cryptocurrency trades, allowing Stablecoins to be listed on regulated exchanges across the country.
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