Thailand unveils plan for Phuket crypto sandbox amid regional push

Thailand plans to launch a cryptocurrency sandbox program in Phuket this October. Former Prime Minister Thaksin Shinawatra announced the program during an ASEAN economic discussion.

According to the Bangkok Post report, the sandbox will focus on stablecoins to minimize risk while allowing innovation. This controlled testing environment allows businesses and consumers to experiment with cryptocurrency transactions, particularly in the tourism sector.

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

Crypto.news first reported about the pilot initiative in December.

The program specifically targets Bitcoin usage in Phuket’s tourism industry to attract digital currency holders and encourage crypto spending in the region.

Under current Thai law, cryptocurrencies are classified as digital assets rather than legal tender. The Thai Securities and Exchange Commission regulates cryptocurrency trading and initial coin offerings through the Emergency Decree on Digital Asset Businesses, requiring exchanges to obtain proper licensing.

The announcement aligns with Thailand’s cryptocurrency developments, including considerations to allow Bitcoin (BTC) ETFs on local exchanges for the first time. A pilot project focused on testing cryptocurrency payments for tourists is also set to launch in Phuket, aiming to streamline transactions for foreign visitors.

Thaksin emphasized ongoing discussions with other ASEAN nations about cryptocurrency adoption, noting regional interest in Thailand’s initiatives. He warned that delays in adoption could lead to talent migration to the United States, particularly given the incoming Trump administration’s cryptocurrency plans.

The sandbox program shows 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.