Key Takeaways:
- Thailand considers a first-of-its-kind policy allowing tourists to use crypto via linked credit cards.
- The government plans sweeping regulatory changes to unify capital and digital asset markets.
- G-Tokens, tighter rules on short selling, and enhanced SEC authority form part of a broad reform agenda.
Thailand is getting ready to make a big change in how digital assets work in its economy. The first step is to let tourists spend bitcoin in the country. This is part of a bigger effort to modernize the country’s financial system by bringing crypto and traditional capital markets together under a single set of laws.
Crypto Credit Cards Could Soon Be a Reality for Tourists
In a move that could place Thailand ahead of many countries in digital finance integration, the Ministry of Finance is exploring a pilot system that would let foreign tourists link crypto holdings to credit cards for in-country transactions.
Under the proposed mechanism, tourists could spend cryptocurrencies like Bitcoin or Ethereum at local merchants, while vendors receive the payment in Thai Baht. In most cases, merchants wouldn’t even know crypto was used — a seamless backend process would convert the digital asset into fiat in real time.
Bank of Thailand and Finance Ministry Lead the Charge
The initiative, introduced by Finance Minister and Deputy Prime Minister Pichai Chunhavajira, is being studied in collaboration with the Bank of Thailand (BoT). This system would not involve using the Thai baht as a direct intermediary asset — a deliberate measure to protect the national currency from volatility.
“We’re studying models from other countries where crypto is linked to cards. The vendor gets paid in local currency as usual, reducing risk. We could do this immediately if infrastructure is ready,” Pichai said at the Dailynews Talk 2025 event.
Capital Market Reforms Target Crypto Integration
Beyond crypto-linked tourism spending, Thailand is undertaking broader legal reforms aimed at bridging the gap between the traditional capital market and the digital asset sector.
Two Markets, One Investor Base
Thailand currently regulates its capital market under the Securities and Exchange Act and digital assets under a separate Royal Decree. But with overlapping investor demographics, the government aims to create a unified framework that allows investors to move funds freely between both markets.
“In reality, investors in both markets are often the same people,” said Pichai. “We need to remove unnecessary barriers and allow flexible asset allocation, especially for retail and institutional players.”
This includes developing infrastructure where Know Your Customer (KYC) data is interoperable across platforms, allowing smoother transitions between traditional and digital assets.
Read More: Thailand welcomes new cryptocurrency exchange JIBEX
Institutional Investment Rules Under Review
The Thai government is also scrutinizing long-standing limitations placed on institutional investors like insurance companies and provident funds. At present, many of these entities — managing assets worth hundreds of billions of baht — are constrained to investing only in government bonds.
Finance Minister Pichai has signaled that changes are coming. “We’re revisiting these restrictions. Some large funds should be allowed more exposure to equities and private sector investment to optimize returns and support the market.”
The current caps, introduced under cautious regulatory frameworks, are now seen as outdated in an era of fintech innovation and global investment diversification.
Strengthening Oversight: SEC to Gain More Teeth
Thailand’s Securities and Exchange Commission (SEC) is also set for a major empowerment push. A new draft law is in development to expand the agency’s authority, enabling it to file significant market misconduct cases directly to prosecutors — a move aligned with global best practices.
This comes amid efforts to regulate activities such as:
- Naked Short Selling – Under new amendments, these actions could be subject to both civil and criminal penalties.
- High-Frequency and Algorithmic Trading (Program Trading) – Regulators aim to normalize these trading strategies to ensure a level playing field.
The push for reform is part of a broader agenda to restore confidence in Thai financial markets and to attract more foreign capital by ensuring transparent, fair operations.
G-Tokens: Opening Bond Markets to Retail Crypto Users
As part of its digital economy drive, the Thai government has already launched “G-Tokens,” or government-backed digital tokens. These tokens allow retail investors to buy into government bonds with fractional investments — up to six decimal places — making bond ownership accessible to smaller players.
While G-Tokens are purely for investment and not transactional use, they represent a significant step toward tokenized public finance.
Minister Pichai believes these digital bonds not only offer higher returns than typical bank savings but also enhance global awareness of Thai government debt instruments.
Read More: Thailand SEC Files Lawsuit Against Crypto Exchange OKX for Operating Without License
Thailand’s Regulatory Landscape at a Turning Point
With clear intentions to modernize and globalize its financial sector, Thailand is making moves few other countries in Southeast Asia have dared.
Crypto integration — particularly through tourism and credit card-linked systems — could transform the country into a testbed for digital finance. At the same time, making the rules for capital and digital asset markets in Thailand more similar will make the country more appealing to global fintech investors.
If done right, these changes might make Thailand’s place in the global financial system stronger and provide tourists and investors more freedom than ever before in how they interact with the country’s economy.
The challenge now lies in implementation. Stakeholders, including the Bank of Thailand, SEC, and private sector partners, will need to align swiftly to meet the government’s ambitious roadmap. All eyes are on how Thailand balances innovation with security, access with regulation — and tradition with transformation.