• WORPT lets tourists convert crypto to baht and pay without opening a Thai bank account.
  • Thailand’s SEC proposes separate 5-million-baht daily caps on stablecoin deposits and withdrawals.
  • WORPT targets visitors from four regions and projects 15 billion baht in trial spending.

Foreign visitors in Thailand may soon be able to pay at shops and restaurants by converting cryptocurrency into baht through an app, without opening a Thai bank account. The rollout comes as the Securities and Exchange Commission proposes separate daily limits on stablecoin deposits and withdrawals at regulated crypto operators.

WORPT, developed by Wipay Co and Waan Exchange Co, lets users convert crypto into baht and pay by scanning barcodes commonly used for payments in Thailand. The service operates under TouristDigiPay, a regulatory pilot launched by the SEC.

The proposed stablecoin limits are a separate measure. In a Nov. 12 announcement, the regulator said each customer would face a daily cap of 5 million baht for deposits and another 5 million baht for withdrawals at each regulated operator.

WORPT Targets Visitors From Four Regions

Wipay founder Pavin Jittiwongsamarn said the app is targeting crypto holders from South Korea, Japan, the Middle East and Southeast Asia. The company expects 200,000 users in its first year and projects 15 billion baht, or about $440 million, in spending during the 18-month trial.

The launch arrives as Thailand’s foreign arrivals are heading toward a second consecutive annual decline, while international tourism revenue is also falling. Tourism is a major driver of the country’s economy, and the government has focused on attracting higher-spending visitors. WORPT is among the services introduced to let foreign visitors use crypto for local payments.

SEC Draft Sets Limits on Stablecoin Transfers

The SEC said its proposed notification aims to prevent money laundering and cybercrime and to stop digital assets from being used to bypass international money transfer rules. The draft followed a September consultation, and the regulator said it incorporated feedback into the proposal.

The caps would apply separately to incoming and outgoing transfers at each operator. Transfer amounts would also need to be consistent with a customer’s income and financial position.

The proposal includes exemptions for customers transferring stablecoins between their own accounts at SEC-supervised operators, provided that both firms comply with the Travel Rule. 

Other exemptions cover operators moving stablecoins for business through accounts in their own names and Bank of Thailand-supervised businesses with specific approval to use stablecoins.

Market makers trading stablecoin-baht pairs would also be exempt from transfers needed to provide liquidity. The draft further exempts qualifying subscriptions and refunds for SEC-approved digital token offerings.

If a subscription fails, the token portal must have a way to return payments to customers’ accounts at regulated operators. Repayments of invested capital and returns from holding digital tokens are also covered.

Related: Thailand to Enforce Crypto Travel Rule in 2027 With Stricter Transfer Checks

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