The Thailand Tourism Authority (TAT) is considering attracting crypto holders to the country by launching and adopting a utility token - the TAT coin.
Thailand Tourism In Talks Over TAT Coin
The TAT coin would act as a digital token to enable the transfer of vouchers and help operators gain greater liquidity. However, as per the current initial concept, the token is not being planned to be used for trading.
The idea of the TAT coin is still very much in the consideration stage, as the Tourism Authority will need to consider the relevant regulations and viability before launching the token. The Tourism board governor Yuthasak Supasorn is reportedly still discussing the possibility of a
TAT coin with the Stock Exchange of Thailand. Supasorn believes that Thai tourism needs to stay current with global fintech trends. He stated,
“We have to prepare digital infrastructure and digital literacy for our tourism operators in order to commence cryptourism as the traditional business model might not be able to keep up with the new changes.”
Cryptourism On Thai Horizon?
The governor’s statement aligns with the entire agency’s plans to turn Thailand into a crypto hub. In addition to the TAT coin, the Tourism Authority is also considering offering a BTC debit card at airports to facilitate alternative payment options for ‘crypto nomads.’ Furthermore, the agency wants to expand further into the country’s business and leisure tourism in the long run, by hoping to partner with local crypto exchange Bitkub. The idea is that the TAT coin or any other cryptocurrency (like NFTs) would open up the floodgates of demand for Thai crypto-tourism.
Regulators Might Stand In The Way
However, with the industry facing strict pushback from global and local financial regulators, both the TAT coin and the BTC debit card are still very much just a couple of floating ideas. Moreover, since the tourism agency is a state-backed operation, it will need approval from the Thai Securities and Exchanges Commission before launching the token. However, this might prove to be a challenge as the commission has previously shown resistance to several crypto projects.
Crypto trading in Thailand, although available, has been crippled by multiple obstacles put in place by financial regulators. First, the Thai Baht stablecoin (THT) was banned in March by the central bank, claiming economic risks. Soon after, stringent KYC regulations for all crypto exchanges were introduced by the Anti-Money Laundering Office, requiring new users to report in person for identity verification. Other limits on transfers to and from exchanges and banks also pose further restrictions on crypto transactions and activity in the country.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.