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Saturday, March 25, 2023
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Thailand to Ban Use of Digital Assets as Payments from April

Thailand’s market regulator announced on Wednesday that from April 1, digital assets would be prohibited from being used to pay for goods and services.

The action follows prior conversations between the Securities and Exchange Commission (SEC) and the Bank of Thailand (BOT) about the need to regulate such behavior by digital asset company operators since it might threaten the country’s financial stability and overall economy, according to the SEC.

It stated that operators of digital asset businesses who provide such services must comply with the new guidelines within 30 days of the effective date.

The BOT has stated numerous times that it does not accept cryptocurrencies as a form of payment. Later on Wednesday, it will offer a briefing on regulatory requirements for banks’ digital asset activity.

In January, the Indonesian regulator issued a warning to financial organizations not to sell or support crypto sales, despite a surge in its use.

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