Thailand's SEC Proposes Sandbox for Digital Asset Conversion

Strategic Insights -

The Securities and Exchange Commission (SEC) of Thailand is proposing a sandbox project to convert digital assets into baht and spend them through e-money service providers, aiming to increase options and convenience for foreign tourists who hold digital assets. This project aims to support Thailand's economic and tourism growth by leveraging financial innovations and digital assets. The SEC has published a document for listening to opinions on the matter, and interested parties can submit their thoughts via the SEC website or email until August 13, 2025.

Key Takeaways:

  • The SEC is open to hearing opinions on the Sandbox project to increase options for foreign tourists to convert digital assets into baht and spend them through e-money service providers.
  • The project aims to increase options and convenience for foreign tourists who hold digital assets to travel and spend in Thailand, while maintaining appropriate and sufficient protection against related risks.
  • Foreign tourists who want to exchange digital assets for baht and use them to pay for goods and services at merchants must open an account and conduct transactions through digital asset business operators under the supervision of the SEC and e-money business operators under the supervision of the Bank of Thailand (BOT).
  • Digital asset exchange business operators, digital asset brokers, and digital asset traders must be ready to operate in accordance with the format, scope, and criteria of the Sandbox and apply and receive approval to join the Sandbox from the SEC.
  • Sandbox participants can only provide services to foreign tourists who travel to Thailand and temporarily reside in Thailand, and must comply with relevant criteria, such as collecting and evaluating user data, verifying the source of digital assets exchanged for baht, and reporting data to the SEC.
  • Sandbox participants must have a contingency plan for exiting the Sandbox, and the service period under the Sandbox will not exceed 18 months, although the SEC may consider extending the testing period to provide flexibility in conducting the testing.

Statistics:

  • up to 18 months for the service period under the Sandbox
  • two regulatory agencies, the SEC and the Bank of Thailand (BOT), will supervise the Sandbox project
  • 13 August 2025 is the deadline for submitting opinions on the Sandbox project via the SEC website or email

Sources:

  • Thai News Agency, 15 Jul 2025
  • SEC website, https://www.sec.or.th/TH/Pages/PB_Detail.aspx?SECID=1088
  • Central legal system website, https://www.law.go.th/listeningDetail?survey_id=NTU0NkRHQV9MQVdfRlJPTlRFTkQ=