The initiative, currently being evaluated by the Ministry of Finance and the Bank of Thailand, will allow tourists to connect their cryptocurrency holdings to credit cards for local transactions. Merchants will receive local currency as they normally would, often unaware that cryptocurrency was used in the purchase. The pilot program is anticipated to launch once infrastructure and regulatory assessments are completed.
In addition to facilitating cryptocurrency use in tourism, Thailand is undertaking a reform of its financial regulations. It emphasises the necessity for the government to harmonise the legal frameworks surrounding the traditional capital market and the digital asset sector, which are presently governed by separate legislation.
Life insurance companies and large funds are currently restricted to investing in government bonds. Upcoming changes may permit these funds to access equities and private sector assets. Furthermore, the Ministry of Finance is reportedly considering reforms related to treasury stocks and aims to promote fair market operations by regulating high-frequency trading practices.
A draft law is being developed to update the enforcement powers of the Thai Securities and Exchange Commission, potentially enabling it to pursue significant cases directly with prosecutors.
In May, the Ministry of Finance unveiled plans to issue digital investment tokens valued at USD 150 million, enabling retail investors to purchase government bonds. This announcement follows the country's securities regulator's earlier revelation in February regarding the introduction of a tokenised securities trading system aimed at institutional investors.
Additionally, in March, the Thai SEC approved Tether's USDt (USDT) and Circle's USDC (USDC) to facilitate cryptocurrency trades, allowing these stablecoins to be listed on regulated exchanges throughout the nation.
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