Thailand has officially allowed tourists to convert cryptocurrency into Thai baht for spending, marking a bold move to integrate digital assets into its tourism sector. With its own regulatory framework in the final stages, Vietnam stands at the threshold of becoming Southeast Asia’s next digital asset hub.

Thailand embraces crypto tourism

On August 18, Thailand launched “TouristDigiPay,” a groundbreaking initiative aimed at reviving its tourism industry, particularly as international arrivals - especially from China - remain below expectations.

The program enables foreign visitors to convert cryptocurrencies like Bitcoin, Ethereum, and stablecoins such as Tether and USDC into Thai baht for electronic payments, primarily via QR codes, at shops, restaurants, and tourist attractions nationwide.

Spending limits are set at 500,000 baht per month (over $13,700) for large businesses and 50,000 baht (around $1,370) for small retailers. This not only enhances convenience for travelers but also channels significant capital into Thailand’s economy.

The move comes as Thailand welcomed more than 20 million international tourists in the first eight months of 2025, contributing 940 billion baht (over $25.8 billion) to its economy. “TouristDigiPay” reinforces the country’s ambition to become a regional digital finance hub while targeting tech-savvy, crypto-owning travelers and positioning itself against competitors like Japan and Vietnam.

Thailand isn’t the first Asian nation to experiment with crypto in tourism. Bhutan previously partnered with Binance Pay to develop a national crypto payment system allowing tourists to pay for everything - from flights and visa fees to roadside fruit - using over 100 cryptocurrencies. More than 100 local service providers now accept the system, benefitting both tourists and small rural vendors. By early April, Bhutan’s Bitcoin holdings exceeded $600 million, accounting for 30% of its GDP.

Global momentum for crypto regulation

Globally, countries are moving toward frameworks that balance innovation with risk management. In the United States, cryptocurrency is classified as taxable property, with oversight by the SEC and FinCEN. However, states like Wyoming and Texas have enacted blockchain-friendly laws to promote crypto payments.

Meanwhile, China has maintained a strict crypto ban since 2021 but aggressively promotes its own central bank digital currency (e-CNY), conducting large-scale pilot programs in several major cities.

In Southeast Asia, Singapore leads with progressive licensing for exchanges and blockchain integration. Malaysia is exploring blockchain for cross-border payments, and Indonesia has taken a cautious approach, requiring exchanges to register with regulators.

The shared trend among these countries is clear: carefully regulated innovation to tap into the potential of digital assets.

Vietnam’s billion-dollar digital asset opportunity

Vietnam is emerging as a digital asset hotspot, with a legal framework for piloting crypto exchanges expected in August 2025.

Under the Prime Minister’s directive, the Ministry of Finance is finalizing a resolution for trial operations of crypto exchanges, laying the groundwork for a transparent, secure digital finance ecosystem. Licensed operators must meet strict criteria, including a charter capital of at least 10 trillion VND (approx. $425 million), level 4 cybersecurity standards, and robust anti-money laundering protocols.

The draft resolution defines digital assets as encrypted, blockchain-based instruments used for exchange or investment - not including securities or fiat-backed digital currencies.

During the five-year pilot, licensed institutions may offer issuance, custody, and trading of digital assets, with priority given to asset-backed tokens for transparency and reduced risk. Only foreign investors and eligible Vietnamese individuals and organizations holding digital assets will be allowed to participate, subject to clear rights and obligations.

At the GM Vietnam 2025 event, held August 1-2 in Hanoi, over 20,000 attendees and hundreds of international speakers affirmed Vietnam’s commitment to digital transformation. The role of blockchain and digital assets was highlighted as a cornerstone of the country’s economic growth strategy.

Deputy Governor of the State Bank of Vietnam, Pham Tien Dung, stated that Vietnam has laid the legal foundation for digital assets through three milestones: the resolution on international financial centers, the draft resolution on crypto exchange pilots, and the Digital Industry and Technology Law. These represent not only strategic foresight but concrete steps toward global integration.

Companies like SSID and MBB are actively preparing for the trial phase.

According to Triple-A’s 2024 report, around 20 million Vietnamese citizens own digital assets, indicating enormous market potential. However, cybersecurity challenges and supervision capacity remain critical hurdles, requiring close coordination between regulators and businesses.

If successful, Vietnam could become a regional digital asset center, generating billions of USD in revenue, boosting the digital economy, and strengthening international integration in the next decade. But this remains an emerging sector, requiring high technological capacity and bearing substantial risk.

Manh Ha