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Thailand has launched the Tourist Wallet for foreign tourists, with the Crypto Assets functionality still in the sandbox phase.
On August 18, according to CoinDesk, Thailand launched the Tourist Wallet aimed at foreign tourists for QR code payments to exchange foreign currencies for Thai baht, but the cryptocurrency exchange function has been suspended due to regulatory review and is expected to be unavailable until mid-August. The Bank of Thailand stated that the purpose of launching the Tourist Wallet is to address a practical issue: cross-border QR code payments are currently only available in countries including Singapore, Malaysia, and soon-to-be-partnered nations. Tourists from other countries still encounter inconveniences when making payments in Thailand, and the new wallet aims to solve this pain point. Tourists can deposit into the wallet in the following ways: using cash at service provider counters, linking overseas debit or credit cards, or through overseas bank transfers. The spending limits are as follows: merchants using card terminals can spend up to 500,000 Thai baht (approximately 13,800 USD) per month, while small merchants are limited to 50,000 Thai baht per month. Cash withdrawals are prohibited, and accounts can only be closed through redemption.