Thailand to Launch Crypto Sandbox in Phuket to Boost Innovation and Tourism

Thailand is set to launch a cryptocurrency sandbox later this year, with plans to base the initiative in Phuket.
Former Prime Minister Thaksin Shinawatra described this move as a key step in advancing the country’s digital economy, positioning Thailand as a regional leader in the crypto space. The sandbox, expected to debut in October, aims to foster innovation while attracting crypto-savvy tourists and investors.
Shinawatra highlighted the growing momentum for cryptocurrencies globally, citing U.S. President-elect Donald Trump’s pro-crypto stance as a catalyst for renewed interest in digital assets. He emphasized that Thailand must act quickly to capitalize on this trend, warning that delays could lead to a talent exodus to more crypto-friendly nations like the U.S.
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The sandbox will include private-sector collaboration, creating a controlled environment where regulators can oversee activities while businesses experiment with new applications. Gulf Binance CEO Nirun Fuwattananukul praised the initiative, noting its potential to make Thailand more competitive and appealing to tech-forward tourists. The sandbox could also provide a foundation for re-evaluating Thailand’s 2022 ban on crypto payments, possibly allowing limited use under stricter regulations.
While Thailand has had a mixed history with crypto regulation, the sandbox represents a chance to reshape its approach. With a focus on stablecoins and secure transactions, the initiative seeks to balance innovation with caution, ensuring compliance while unlocking the potential of digital currencies. The success of this project could establish Thailand as a hub for crypto innovation in the ASEAN region.