Phuket to launch a crypto-payments sandbox

A sandbox allowing cryptocurrency payments will launch on the Thai island of Phuket in October, former prime minister Thaksin Shinawatra said, the Bangkok Post reported.

High-risk cryptocurrencies will be excluded.

According to the former official, Thailand is ready to move to digital assets, and liberalisation of the regulatory regime in the United States after the inauguration of President-elect Donald Trump bolsters the authorities’ plans.

Shinawatra noted that talks are under way with other countries of ASEAN on opportunities to attract investment into the economy via cryptocurrencies. Any delay risks prompting developer teams to decamp to the United States, he warned.

The ex-premier added that stablecoins are a new form of currency backed by assets such as gold or government bonds, and should not be likened to gambling.

In January, Deputy Prime Minister and Finance Minister Pichai Chunhavajira outlined plans to implement the initiative.

In December 2024, Shinawatra proposed using Phuket as a tourism sandbox for bitcoin to encourage holders of digital gold to spend coins in the country.

In February 2024, authorities in Torrevieja, a city in Spain’s Alicante province, allowed local shops to accept cryptocurrency payments.