The Thai SEC has also proposed a set of guidelines to limit the use of crypto for payments
According to Bloomberg, the Thai SEC has also proposed a set of guidelines to limit the use of digital assets for payments.
Thai SEC plan to regulate crypto as means of payment
In a press release, Thailand’s financial authorities plan to regulate the use of digital assets as a means of payment for goods and services, the Bank of Thailand, the Ministry of Finance, and the Securities and Exchange Commission of Thailand.
Regulators will consider exercising their powers to restrict the use of crypto for payments. They will issue new guidelines for several digital assets that support the financial system and exchange new without introducing systemic risk.
Cryptocurrency companies have expanded their business to provide payment services using cryptocurrencies and have attracted the payment business by facilitating their adoption.
These efforts could expand the use of cryptocurrency as a means of payment rather than as an investment, adversely impacting consumers’ and cybercriminals’ financial stability, privacy, and financial stability. Separately, the Thai SEC is seeking comment on an advisory article on digital assets until Feb.
The article proposes banning merchants from advertising and facilitating digital assets as a means of payment and banning exchanges and brokerage firms from providing systems that help merchants receive payments in cryptos, such as QR codes and e-wallets.
Following the consultation, there will also be limits on the transfer of assets between accounts; e.g., Thai baht generated from the sale of crypto assets can only be transferred to the seller’s account.
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