Thailand to Launch Cryptocurrency Sandbox Program in Phuket This October

Former Prime Minister Thaksin Shinawatra announced the program during an ASEAN economic discussion.

Thailand is preparing to launch a cryptocurrency sandbox program in Phuket this October, an initiative spearheaded by former Prime Minister Thaksin Shinawatra.

During an ASEAN economic discussion, Thaksin announced the program, highlighting its focus on stablecoins to minimize risks while fostering innovation. This sandbox will serve as a controlled testing environment for businesses and consumers to engage in cryptocurrency transactions, especially within the tourism sector.

Gulf Binance CEO Nirun Fuwattananukul expressed support for the project, emphasizing that the sandbox approach provides a balanced framework for testing cryptocurrency adoption while maintaining regulatory oversight.

Earlier, Crypto.news reported on this pilot initiative in December, which aims to integrate Bitcoin in Phuket's tourism industry. The goal is to attract digital currency holders and promote crypto spending in the region.

According to current Thai law, cryptocurrencies are classified as digital assets and not legal tender. The Thai Securities and Exchange Commission regulates cryptocurrency trading and initial coin offerings through the Emergency Decree on Digital Asset Businesses, which mandates exchanges to obtain proper licensing.

This announcement is part of Thailand's broader cryptocurrency developments, including considering permitting Bitcoin (BTC) ETFs on local exchanges for the first time. Additionally, a pilot project focused on testing cryptocurrency payments for tourists is set to launch in Phuket, aiming to enhance transaction convenience for foreign visitors.

Thaksin highlighted ongoing discussions with other ASEAN nations regarding cryptocurrency adoption, noting regional interest in Thailand's initiatives. He cautioned that delays in adoption could lead to talent migration to the United States, especially considering the incoming Trump administration's plans for cryptocurrency.

This sandbox program demonstrates Thailand's strategic approach to balancing technology with regulatory oversight in the cryptocurrency space. By creating a controlled environment for testing and monitoring cryptocurrency transactions, Thailand plans to establish itself as a regional leader in crypto adoption in Asia.