Thai authorities have announced preparations to launch a system that allows tourists to pay for goods and services using cryptocurrency through card-linked platforms. The announcement was made by Deputy Prime Minister and Finance Minister Pichai Chunhavajira during an investment seminar in Bangkok on May 26.
Currently, the initiative is under review by the Ministry of Finance and the Bank of Thailand. The plan envisions crypto assets held by tourists being automatically converted into baht at the point of sale, eliminating the need for merchants to engage in crypto transactions. The recipient would only see a fiat payment in baht.
According to Pichai, the system is designed to reduce risks to the Thai baht, as settlements will occur in the national currency and crypto instruments will be used only in the background. He also stated that the launch could happen soon, provided the necessary infrastructure and regulatory framework are in place.
Financial Legislation Reform
Alongside the crypto initiatives, the Thai government is preparing a major reform of capital regulation. Currently, traditional markets and digital assets are governed by different sets of laws. Authorities plan to unify the legal framework to create a cohesive approach to investment management.
One of the key proposals involves revising restrictions for institutional investors. At present, large funds and insurance companies with hundreds of billions of baht in assets are limited to investing only in government bonds. The new regulations may grant access to equities and private sector assets.
Expanding Regulatory Powers and Combating Market Manipulation
Another area of reform concerns strengthening market oversight. The Ministry of Finance is drafting a bill that would allow the Thai Securities and Exchange Commission (Thai SEC) to refer cases directly to the prosecutor’s office. At the same time, authorities are discussing new measures to regulate high-frequency trading and the circulation of treasury stocks to ensure fair market competition.
Digital Tokens and New Forms of Bonds
Special attention is being given to the implementation of tokenized financial instruments. Earlier in May, the Ministry of Finance announced plans to issue $150 million in investment tokens, providing retail investors with access to government bonds. These tokens will be part of the G-Tokens initiative — a blockchain-based platform enabling Thai citizens to purchase shares in government bonds.
Pichai stated that this model would increase yields for depositors and enhance the perception of Thai government debt abroad. Also in March, the Securities and Exchange Commission approved the use of the stablecoin Tether (USDT) for trading on regulated crypto exchanges in the country.
In February, the regulator presented a concept for a tokenized securities trading system for institutional investors. This system is intended to complement the national financial strategy, which focuses on opening new markets and lowering barriers to digital investment.
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