THAILAND Trends and Developments Contributed by: Jessada Sawatdipong, Sarunporn Chaianant and Supawich Nimmansomboon, Chandler Mori Hamada
To prevent or mitigate risks, the initiative makes clear and emphasises that it does not make cryptocur- rency legal tender or an official means of payment in Thailand. Instead, it functions strictly as a conversion channel. Service providers must comply with strict KYC (know your customer) and CDD (customer due diligence) rules, in line with Thailand’s anti-money laundering laws, to ensure transparency and mitigate illicit financial activity. Alongside the government initiative, Kasikornbank (KBank) is piloting its own application called Q Wal- let, built on blockchain via the Quarix platform by Orbix Technology. With Q Wallet, foreign tourists can convert USDC (a USD-backed stablecoin) into THBS, a digital token pegged to the Thai baht. This allows direct payments through Thailand’s QR code payment system without the need for a local bank account. The pilot, which also operates under a regulatory sandbox until 31 December 2025, involves over 100 merchants such as restaurants, hotels, spas and cafes. Transac- tions are free of payment fees, and the blockchain ledger ensures transparent recording of transactions. TouristDigiPay and Q Wallet mark an important step for Thailand in strengthening its position as a regional hub for digital finance. They demonstrate strong col- laboration between regulators and private institutions to modernise the country’s financial infrastructure.
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