Thailand is set to initiate a trial period for cryptocurrency operations in Phuket starting from October, as announced by former Prime Minister Thaksin Shinawatra during an ASEAN economic forum.
As per the Bangkok Post’s report, the “sandbox” is centered around stablecoins as a means to ensure safety while fostering innovation. In this regulated test area, companies and users can explore cryptocurrency transactions, with a focus on the tourism industry being one of the key sectors.
Gulf Binance CEO Nirun Fuwattananukul expressed approval of the project, explaining that the ‘sandbox method’ offers a well-balanced system for exploring cryptocurrency usage, ensuring both progressive innovation and regulatory control.
Crypto.news first reported about the pilot initiative in December.
The program is designed to focus on Bitcoin transactions within Phuket’s tourism sector, aiming to attract individuals who own digital currencies and promote crypto-based spending across the region.
According to Thai legislation, cryptocurrencies fall under the category of digital properties instead of legal money. The Thai Securities and Exchange Commission oversees cryptocurrency transactions and initial coin offerings using the Emergency Decree on Digital Asset Businesses. This necessitates that trading platforms acquire the necessary permits.
The announcement coincides with Thailand’s advancements in cryptocurrency, such as exploring the possibility of introducing Bitcoin (BTC) Exchange-Traded Funds (ETFs) on domestic exchanges for the initial time. Moreover, a trial project is planned to initiate in Phuket, which will examine the feasibility of using cryptocurrencies for tourist payments. The objective is to simplify transactions and make them more convenient for foreign tourists.
Thaksin underscored the continuous dialogues he’s having with other ASEAN countries regarding the adoption of cryptocurrencies, highlighting the regional curiosity towards Thailand’s projects in this field. He cautioned that postponing adoption might result in skilled professionals moving to the United States, especially considering the upcoming Trump administration’s plans for cryptocurrency.
The sandbox project demonstrates Thailand’s thoughtful strategy for blending technological innovation with regulatory supervision within the cryptocurrency sector. Establishing a secure space for experimentation and observation of cryptocurrency transactions is part of their plan to become a leading figure in crypto adoption across Asia by regionally setting standards.
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2025-01-19 19:58