The Security and Exchange Commission (SEC) of Thailand has barred the use of cryptocurrencies as a medium of payment for goods and services.
Wat Arun in Bangkok, Thailand / Photo credit: coward_lion / 123RF Stock Photo
The government body said that the move would help prevent risks for citizens and businesses, including the loss of value caused by price fluctuations, cyber theft, information leaks, and money laundering. Companies that are currently accepting digital assets as a mode of payment are asked to follow the new rules within 30 days from April 1 this year.
The development follows earlier discussions between the SEC and the Bank of Thailand on the need for regulation of digital asset business operators in the country. The SEC, however, stressed that the decision would not be an outright ban on crypto trading and digital assets in Thailand.
In November 2021, one of the country’s major shopping center developers, Central Retail, piloted its own cryptocurrency (C-Coin) to use for payments in restaurants and to buy products or services from the company’s partners.
See Also: Vodcast: Asia’s crypto fever
Editing by Collin Furtado and Jaclyn Tiu
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