Thailand Adopts Rules Restricting Cryptocurrency Payments From April – Regulation Bitcoin News

Regulators in Thailand have decided to limit the use of cryptocurrencies as a means of payment. The authorities consider that the country’s current payment system is efficient and insist that cryptocurrencies would only bring risks to the financial system, the economy, people and companies.

Thailand’s SEC issues regulations limiting the use of digital assets for payments

Thailand’s financial regulators are taking steps to prevent the use of cryptocurrencies in payment for goods and services, citing various financial and economic threats. On Wednesday, the country’s Securities and Exchange Commission (SEC) Announced rules designed to discourage digital asset operators from offering and supporting such services.

The move comes after discussions with the Bank of Thailand (BOT) on the benefits and risks of digital assets, during which the two institutions recognized the need to adopt regulations that preserve the stability of the financial system and the economy of the country. nation and prevent risks for its citizens. and companies. Price volatility, personal data breaches and money laundering were listed among these risks.

In the future, the Thai SEC will closely monitor providers in the sector to ensure that they do not offer digital assets as a payment method. At the same time, the new regulations are not meant to block crypto trading and investment. The regulator explained:

All types of digital asset merchant operators must not provide services or act in a manner that encourages or promotes payment for goods and services with digital assets, such as advertising, soliciting, or presenting for payment of goods or services to merchants.

Companies should not implement systems and tools to facilitate crypto payments or open wallets for that purpose, the commission explained. If a crypto platform establishes that its customers use merchant accounts for payments, it must notify customers of the misuse and take further action, if necessary, including temporary suspension or termination of services.

The newly adopted rules will take effect on April 1, 2022, the SEC said. Companies that have been providing services affected by the restrictions introduced will have 30 days to comply with the regulations, the agency said in its statement.

The SEC and the BOT revealed his plan to regulate crypto payments in January. The regulatory update comes despite previous attempts to make such payments easier in Thailand, a popular tourist destination. For example, the tourism industry recently conversations held with the central bank to find alternatives payment methods, including cryptography, for Russian visitors whose country has been sanctioned for its invasion of Ukraine.

Tags in this story

prohibition, bot, central bank, crypto, crypto payments, crypto platforms, CRYPTOCURRENCIES, cryptocurrency, exchanges, monetary authority, Payments, providers, Regulation, restrictions, rules, SECOND, Security Commission, Thai, thailand

Do you expect the new rules to significantly limit crypto payments in Thailand? Tell us in the comments section below.

5D400B11 D5DE 4922 B4F4 0F7229C37672

Lubomir Tassev

Lubomir Tassev is a tech-savvy Eastern European journalist who likes Hitchens’s quote: “Being a writer is who I am, rather than what I do.” In addition to crypto, blockchain, and fintech, international politics and economics are two other sources of inspiration.

image credits: Shutterstock, Pixabay, Wiki Commons

DisclaimerNote: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service, or company. does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.