Thailand’s Security and Exchange Commission will ban the use of crypto as a means of payment from April 1
Thailand’s Security and Exchange Commission (Thai SEC) stressed that it is only banning the use of crypto for payments and is not banning crypto trading and digital assets.
Thailand bans crypto usage for payments
Thailand continues with its controversial relationship with the crypto industry by implementing a ban on using such assets as a means of payment. The country warned that it could threaten its financial system and economy.
Earlier reports on March 23, citing a local watchdog, announced that crypto exchanges and other players in the industry must stop providing digital asset payment services as of April 1st. The ban also prohibits them from promoting the use of cryptocurrencies as payment for goods and services.
As mentioned above, the new regulation will take effect at the beginning of next month. However, local businesses will have until the end of it to comply with the new regulations. This comes after heightened speculation and internal discussions about the country’s possible approach to the crypto industry. Previous reports suggested that Thailand would implement comprehensive regulations from this year. In addition, the country is also struggling with the taxes they should apply.
The Bloomberg report notes that Thais hold more than $3 billion in cryptocurrencies as of this year — a huge increase from just a few years ago. While digital assets will be banned from being used as a payment instrument, the Thai SEC says trading and investing in them will still be allowed.
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