Thailand’s Tourism Authority (TAT) wants to make the country attractive to cryptocurrency holders, initially focusing on wealthy Bitcoin and other digital-asset holders from Japan. It was reported by Bangkok Post.
TAT sees this move as part of a plan to attract new high-spending tourists from wealthier segments.
The agency arrived at this decision after discussions with the Thai–Japanese Technology Promotion Association. TAT noted the significant growth of the cryptocurrency market in recent years and that the Japanese are among the largest holders of Bitcoin.
“If we are able to prepare the country for the cryptocurrency market, this will create more opportunities for high-spending tourists, especially among younger and wealthier generations,” said Yutasak Supasorn, head of TAT.
The agency has started a techno-economic feasibility study on integrating digital assets into the sector. TAT plans to discuss new practices with the Bank of Thailand and travel operators, including hotels.
Yutasak Supasorn added that the use of cryptocurrencies should comply with central-bank rules and anti-money-laundering measures.
As a reminder, Thailand introduced cryptocurrency regulation as early as 2018. In the same year, the central bank allowed financial institutions in the country to buy and sell cryptocurrency after obtaining the regulator’s permission.
In November 2020, the Thai Securities and Exchange Commission allowed local financial institutions to account for the value of digital currencies in their assets.
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