Fitch Ratings has delivered a stark warning about Thailand’s economic trajectory, downgrading the country’s credit outlook to negative from stable. The decision, which maintains Thailand’s BBB+ long-term foreign-currency issuer default rating, reflects growing concerns about prolonged political uncertainty and weakening growth prospects that threaten public finance stability. With the economy projected to expand just 2% this year, this move signals heightened investor apprehension about Southeast Asia’s second-largest economy.
about Fitch Downgrades Thailand Outlook to Negative on Political RisksThai Baht
0 posts last weekThailand Launches Crypto-to-Fiat Conversion for Tourists
Thailand will launch TouristDigiPay on August 18, enabling foreign visitors to convert cryptocurrency into Thai Baht within a regulatory sandbox framework. The initiative addresses Thailand’s tourism slowdown, particularly the decline in Chinese visitors, by offering digital payment alternatives. However, the program requires tourists to open local accounts with regulated providers and undergo stringent KYC checks, which may limit adoption. The scheme operates alongside Thailand’s broader digital finance ambitions, including recent tax breaks for crypto trading and development of a tourist wallet service. While direct crypto payments remain illegal, the country continues to attract major crypto exchanges like Binance and KuCoin.
about Thailand Launches Crypto-to-Fiat Conversion for TouristsThailand to Let Tourists Pay with Crypto via TouristDigiPay
The Thai government is introducing TouristDigiPay, a regulatory sandbox enabling foreign tourists to exchange cryptocurrencies for Thai baht and use them for electronic payments via approved e-money providers. The service, launching soon, requires KYC checks and accounts with regulated digital asset businesses. This move is part of Thailand’s broader strategy to attract crypto-savvy tourists and modernize its payment infrastructure while maintaining oversight through the Bank of Thailand and the Securities and Exchange Commission.
about Thailand to Let Tourists Pay with Crypto via TouristDigiPayThailand Waives Crypto Taxes to Boost Digital Asset Hub
Thailand’s Cabinet has approved a landmark tax exemption on crypto capital gains for transactions conducted through licensed platforms from 2025 to 2029. This initiative is designed to position Thailand as a leading global hub for digital assets, with projections of significant economic growth and increased tax revenue. While the policy aims to attract international investors, restrictions on platform access, particularly for foreign users, could hinder its broader impact. The move aligns with Thailand’s ongoing efforts to foster a crypto-friendly environment, including plans to allow tourists to spend crypto seamlessly.
about Thailand Waives Crypto Taxes to Boost Digital Asset HubThailand’s Evolving Crypto Regulations Amid Crackdown on Illegal Activities
Thai authorities have intensified their crackdown on unlicensed cryptocurrency firms, resulting in the arrest of 11 individuals and the seizure of evidence linked to illegal e-money operations. Despite these actions, experts suggest that the focus is primarily on fraudulent activities rather than an overall suppression of the crypto industry. Meanwhile, the Thai SEC is proposing new regulations to allow mutual and private funds to invest in digital assets, aiming to attract legitimate investment and align with international standards.
about Thailand's Evolving Crypto Regulations Amid Crackdown on Illegal ActivitiesThai Stock Market Expected to Open Lower Amid Global Economic Concerns
The Thai stock market is expected to open lower on Monday after a slight gain on Friday, with the SET finishing at 1,246.21. Global market concerns over inflation and interest rates, alongside a significant drop in U.S. stocks, are influencing the outlook. Oil prices also fell sharply, reaching a two-month low due to demand worries and rising crude inventories.
about Thai Stock Market Expected to Open Lower Amid Global Economic ConcernsThai Stock Market Shows Slight Recovery Amid Mixed Sector Performance
The Thai stock market ended a two-day decline, gaining 1.00 point to close at 1,257.48, supported by the food, consumer, financial, and property sectors, despite losses in industrial and technology stocks. Global markets showed a flat to higher trend, with U.S. indices slightly up after a mixed trading session. Oil prices rose amid supply concerns following a drone attack on a Russian export pipeline.
about Thai Stock Market Shows Slight Recovery Amid Mixed Sector PerformanceRussian Nationals Arrested in Thailand for Global Ransomware Attacks
Four Russian nationals were arrested in Phuket for their involvement in global ransomware attacks using Phobos, targeting 17 Swiss companies and nearly 1,000 victims, resulting in losses of around $16 million in Bitcoin. The operation was a collaborative effort involving law enforcement from 14 countries, including the US and UK. In response to rising cyber threats, Thailand is considering regulatory changes to enhance cybersecurity and explore the legalization of online gambling to boost economic growth.
about Russian Nationals Arrested in Thailand for Global Ransomware AttacksGlobus CEO Franco Savastano Dismissed Amid Department Store Crisis
Franco Savastano, the CEO of Globus, has been dismissed amid a crisis at the Swiss department store chain, which has struggled to maintain its luxury image. His mismanagement and failure to address the situation led to a loss of control, prompting the Milan-based owners to intervene. The future of Globus employees now hangs in the balance as leadership shifts to the Rinascente group.
about Globus CEO Franco Savastano Dismissed Amid Department Store CrisisThai Authorities Crack Down on Illegal Bitcoin Mining Operations
Thai authorities have shut down an illegal Bitcoin mining farm in Chonburi, confiscating 996 mining machines linked to electricity theft worth hundreds of millions of baht. The operation, which tampered with its electricity meter, was reported by an insider, prompting a raid by the Provincial Electricity Authority and the Crime Suppression Division. This crackdown is part of ongoing efforts to combat unregistered crypto-mining operations that have caused significant power disruptions in Bangkok and surrounding areas.
about Thai Authorities Crack Down on Illegal Bitcoin Mining OperationsThailand’s Crypto Payment Pilot Faces Challenges Ahead of Phuket Launch
Thailand’s finance minister, Pichai Chunhavajira, has expressed support for the adoption of digital asset payments, highlighting the need for a platform to facilitate transactions for tourists. A pilot program for crypto payments will be launched in Phuket later this year, but challenges remain, including the central bank’s opposition to decentralized assets and restrictions on foreign access to local exchanges. Additionally, ongoing tax reforms may hinder foreign investment as the market shifts focus from retail to institutional players.
about Thailand's Crypto Payment Pilot Faces Challenges Ahead of Phuket LaunchThailand Introduces Bitcoin Payment Trial for Tourists in Phuket
Thailand has launched a pilot program in Phuket allowing tourists to use Bitcoin for transactions, marking the country’s first government-backed initiative in the tourism sector. Tourists can register their Bitcoin through a local exchange, with a clearing house converting payments into Thai baht to mitigate crypto price volatility. This effort aims to enhance Thailand’s appeal as a tourist destination while building on the existing crypto adoption seen in areas like “Bitcoin town” in Kalasin.
about Thailand Introduces Bitcoin Payment Trial for Tourists in Phuket