Thailand is moving to ease restrictions and allow foreign tourists to use cryptocurrencies more conveniently.

Finance Minister Pichai Chunhavajira said at a press briefing on Monday that the government aims to promote innovation and support the use of digital assets to stimulate Thailand’s tourism industry while offering more payment options for visitors. The so-called TouristDigipay program will begin an 18-month trial through a regulatory sandbox in the fourth quarter, he added.

“We want to take every step to make it easier for foreign tourists to stay in Thailand,” Pichai said. In addition to cash and credit cards, tourists will now have a new option.

Digital assets cannot be used directly to pay for goods and services—they must first be converted into Thai baht. Merchants will only receive payments in baht. Foreign tourists wishing to use digital assets must exchange them into baht through licensed digital asset operators and e-money providers. Transactions are capped at 500,000 baht per month, and users must pass anti-money-laundering checks.

The introduction of digital asset payments is mainly aimed at revitalizing Thailand’s tourism industry. The country has cut its 2024 foreign visitor forecast from 37 million to 33 million due to a sharp drop in Chinese arrivals. Tourism accounts for roughly 12% of Thailand’s GDP. As of August 10, 20.2 million tourists had visited this year, down 6.9% from a year earlier. In the first half, Chinese arrivals fell 33%, weighed down by negative reports of tourists being lured into scam compounds.

Beyond Thailand, crypto developments are accelerating globally. Last week, the U.S. Federal Reserve announced it would halt the novel activities supervision program, introduced under the Biden administration to heighten scrutiny of banks engaging in crypto activities. The move continues a recent trend of U.S. regulators adopting a more welcoming stance toward digital assets.

Elsewhere, Chase Ergen, a board member at digital asset investment firm DeFi Technologies, said the United Arab Emirates’ crypto industry could become the country’s second-largest sector within five years, supported by favorable regulations and an attractive business environment.

Meanwhile, research firm K33 Data reported that Norway’s sovereign wealth fund, the world’s largest state-backed investment fund, increased its bitcoin exposure by 192% over the past year.