The Southeast Asian region is witnessing significant developments in cryptocurrency regulation and adoption as Indonesia and Thailand take bold steps to integrate digital assets into their economies.
The Thai government announced a pilot project on 9 January 2025, allowing tourists to make payments using Bitcoin and other digital currencies in Phuket, one of the country’s most popular destinations.
According to local media reports, Deputy Prime Minister and Finance Minister Pichai Chunhavajira unveiled the plan during a seminar hosted by the Marketing Association of Thailand.
The initiative aims to attract tech-savvy travelers by offering seamless payment options that eliminate the need for cash or traditional banking systems.
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The plan leverages emerging technologies. According to Pichai, cryptocurrency payments could also address specific challenges faced by expatriates, such as facilitating large transactions like property purchases.
The pilot program will enable tourists to use their digital assets within existing legal frameworks. Tourists may need to register their Bitcoin holdings through licensed Thai exchanges. Moreover, they must verify their identities before making transactions.
A clearing house will convert cryptocurrency payments into Thai Baht, simplifying the process for merchants and ensuring compliance with local laws.
Phuket’s trial could serve as a blueprint for nationwide adoption if successful.
Pichai also highlighted Bitcoin’s capped supply of 21 million coins and its global market valuation exceeding $2 trillion as factors that enhance its appeal as a payment option.
— Jasmine (@0xJasminee101) January 9, 2025
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Indonesia Shifts Regulatory Oversight Of Crypto To Financial Services Authority
Meanwhile, Indonesia has implemented a major regulatory shift. It transferred cryptocurrency oversight from the Commodity Futures Trading Regulatory Agency (Bappebti) to the Financial Services Authority (OJK).
Previously, cryptocurrencies in Indonesia were classified as commodities, falling under Bappebti’s jurisdiction.
The OJK is now tasked with creating detailed regulations for the crypto industry, including licensing requirements for exchanges, anti-money laundering protocols, and consumer safeguards.
By placing crypto under OJK’s purview, Indonesia seeks to build on the basics – enhance investor protection, address risks associated with money laundering and fraud and foster innovation while maintaining financial stability.
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