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Thailand to ban use of digital assets as payments from April

by Mike Robinson

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© Reuters. FILEPHOTO: This illustration depicts cryptocurrencies taken on January 24, 2022. REUTERS/Dado Ruvic/Illustration

BANGKOK (Reuters] – Thailand issued regulations to prohibit digital assets from being used as payment for goods and services beginning April 1, according to the market regulator.

The move was in line with earlier discussions between the Securities and Exchange Commission (SEC) and the Bank of Thailand (BOT) on a need to regulate such activity by digital asset business operators as it could impact the country’s financial stability and overall economy, the SEC said in a statement https://www.sec.or.th/TH/Pages/News_Detail.aspx?SECID=9353.

The new rules require digital asset operators to provide services within the next 30 days.

Repeatedly, the BOT stated that it doesn’t support cryptocurrency payments. Later on Wednesday, the BOT will host a briefing about regulatory guidelines regarding digital assets.

The regulator of Indonesia warned banks not to facilitate or offer crypto sales in January amid an explosion in the use.

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