Thailand launches a new encryption sand box for tourists payments star-news.press/wp

Thai financial authorities seek to obtain public comments on a trial program for Crypto Sandbox for tourists who aim to enhance the country’s attractiveness as a technical destination by providing more appropriate and flexible payment options.

SEC, SANDBOX Launch BOT Tourism Program

This week, the Securities Committee and the Thai Stock Exchange (SEC) and Thailand Bank (BOT) foot Sands, encryption, to facilitate the conversion of digital assets to Thai packet for spending purposes on foreign tourists. The organizational agency also issued a consulting paper, requesting notes on the program.

According to the announcement, the initiative aims to enhance innovation and use digital assets to enhance the economy and tourism industry by providing more options and comfort for tourists who hold cryptocurrencies.

The sand box will allow individuals to exchange their encryption assets through licensed operators and the use of Thai BAHT to buy goods and services through electronic service providers.

“This initiative depends on the current ecosystem that covers both the digital asset trading system and the e-money system, while maintaining appropriate and adequate risk protection measures,” explained SEC.

Under the experimental program, interested foreign tourists will be asked to open an account and deal through the participants in the sand fund, digital asset operators under the supervision of SEC, and electronic business operators under the supervision of robot.

The sand fund includes “appropriate control, supervision and risks to preventive measures through relevant organizational agencies, without allowing the use of digital assets directly as a means of paying goods and services in merchants.”

Qualified participants, such as digital assets, digital asset brokers, and digital asset dealers, are required to apply to the program and operate under the sand box frame. After approval, they will be able to provide services to foreign tourists and temporary residents in Thailand for up to 18 months.

They must also conduct procedures to know the customer/customer (KYC/CDD) under the AILO standards and provide digital asset exchange services according to the type of license granted by the Supreme Education Council.

In addition, they must create a connection with electronic money operators organizing to enable foreign tourists to use the Thai BAHT to purchase through electronic channels, including wiping the quick response code.

Sandbox participants must also comply with relevant standards, including collecting and evaluating user data, using Blockchain tools to determine illegal transactions, report information to SEC, and prepare out the exit plans from the sand box.

Thailand’s encrypted dream

On Thursday, CEO (CEO), Thailand, Fawananocol Province, He said The Bangkok Post.

He explained that the proposals participated in the “basic concept to allow bitcoin and encrypted currencies, such as payment methods in tourist areas to pay adoption.” However, the proposal of the new sand fund is not limited to Fukete, but it is a program worldwide.

Fuwattananukul considers that the two initiatives differ in their implementation, with the concentration of the original proposal in theory and regional. Meanwhile, “this initiative has official support from the main financial organizers in Thailand. This represents an evolution from an experimental concept to an organized organizational framework with appropriate supervision.”

The CEO highlighted the “consistent vision” in Thailand and “adherence to the estimation of the encrypted currency in the region while ensuring the criteria for consumer protection and compliance.”

A month ago, the Deputy Minister of Finance in Thailand Gulpon, Amornefat, revealed a plan to drop the capital profit tax on encrypted currencies for a period of five years. As Bitcoinist stated, Finance ministers announced that, starting from January 1, 2025, until December 31, 2029, encryption investors who sell their assets will not have to pay taxes on profits.

In addition, the proposed base changes in June to provide encryption exchanges with flexibility while enhancing investor protection and control, including allowing digital assets platforms to include facilities or icons issued by affiliated entities.

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