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The Thai branch of the world’s biggest cryptocurrency exchange, Binance, is looking for local collaborators as the company aims to join TouristDigiPay, a regulatory sandbox initiative that enables international visitors to convert digital currencies into Thai baht for use within the country.

Binance, which has almost 300 million users worldwide, is considered one of the most reliable and well-known brands in the digital currency industry, according to Nirun Fuwattananukul, the chief executive of Binance TH under Gulf Binance.

“As the leading entity in Thailand’s cryptocurrency sector, Binance TH is pleased to back the TouristDigiPay project and showcase how our top-tier platform can elevate the tourist experience,” he stated.

The U.S. Securities and Exchange Commission (SEC) mentioned last week that TouristDigiPay will be available for tourists visiting Thailand to utilize by the end of this year.

The project, created in collaboration with the Bank of Thailand and the Anti-Money Laundering Office (Amlo), is designed to assist the tourism industry while upholding rigorous anti-money laundering measures.

Mr. Nirun stated that TouristDigiPay not only backs the government’s digital economy initiative but also draws in fresh revenue streams from the expanding international community of cryptocurrency holders.

“Because the project requires working with e-money license holders supervised by the Bank of Thailand, we are thoroughly assessing the most suitable local partners to ensure the solution provides a smooth, safe, and compliant user experience,” Mr. Nirun said to the Bangkok Post.

As a participant in the cryptocurrency sector, he also conveyed assurance that Thai authorities have implemented appropriate supervision and risk control measures for the initiative, especially to avoid the direct utilization of digital assets as a form of payment.

Thailand’s main regulatory bodies — the SEC, Bank of Thailand, and Amlo — have implemented proactive steps to protect the public from money laundering, according to Mr. Nirun.

This involves rigorous customer verification processes, such as confirming travelers’ identities directly via the near field communication chip in their passports, instead of depending solely on photographs, he mentioned.

Furthermore, Mr. Nirun mentioned that spending caps, such as a maximum of 500,000 baht per individual per month, have been established to minimize the chances of significant illegal financial movements.

At Binance TH, we intend to exceed regulatory standards by introducing sophisticated risk-focused systems to identify unusual activities, allowing us to suspend accounts and promptly inform authorities about any suspicious transactions.

Provided by SyndiGate Media Inc. (Syndigate.info).