The Securities and Exchange Commission (SEC) has partnered with the sandBox crypto and the bank of Thailand to make digital asset services available to tourist in Thailand. The bank of Thailand made this development known through a blog post today, adding that the new initiative would drive crypto adoption across the region.
In addition to this, the SEC also launched a public hearing on a proposed digital asset regulatory sandbox, specifically designed to benefit the tourism sector. There are also plans in place to allow foreign tourists to convert digital assets into baht for use during their stay in the country. Accordingthe SEC, the proposal aims to promote innovation, enhance digital asset utilisation, and support the broader economy.
Reacting to the development, the chief executive at Gulf Binance, Nirun Fuwattananukul revealed that the crypto sandbox was developed as an extension of the Phuket sandbox proposal introduced by former premier Thaksin Shinawatra last year. He added that they both share the core concept of accepting Bitcoin and cryptocurrencies as a payment method in tourist attraction areas to drive adoption. The exec added the new sandbox proposal is not just for Phuket, but the nation at large.
More details on SEC and sandbox partnership
Going further, the SEC added that the new initiative will allow tourists holding digital assets to exchange them for Bhat via licensed digital asset operators. In addition, tourist can use the converted funds to pay for goods and services across Thailand through an e-money service provider. Similarly, the services will also operate within the controlled sandbox environment supervised by the SEC, the Bank of Thailand, the Anti-Money Laundering Office, and other regulatory agencies.
Meanwhile, the SEC also highlighted that the sandbox will act as an innovative testing ground for digital asset conversion services designed specifically to cater to foreign tourists. Although the initiative requires SEC approval, it’s still open to licensed digital asset exchanges, brokers, and dealers. Upon approval, participants can provide services for up to 18 months, with extension subject to the SEC’s consideration.
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