Thailand bars use of cryptos as mode of payment

The government said that digital assets are a threat to the nation’s financial system.

Thailand is banning the use of cryptocurrencies as means to pay for goods and services, saying that digital assets are a threat to the nation’s financial system and economy.

In a statement, Thailand’s Securities and Exchange Commission order that business operators, including crypto exchanges, must not provide payment services using cryptocurrencies. Additionally, they are also barred from acting in a manner that promotes the use of digital assets to pay for goods and services. The SEC, however, said the new regulation won’t affect trading or investments in digital assets.

The restriction on the use of digital currencies will be effective on 1 April. Meanwhile, the SEC said companies will have until the end of April to comply with the new rules

You May Also Like:

ASEAN banks have a long way to go in decarbonising finance: Moody’s

StanChart, OPEC Fund enhance Trade Finance Risk Participation Programme

Thai banks bad loans will rise to highest since GFC: S&P

Follow the link s for more news on

cryptocurrency

Thailand Crypto Ban

Also Read

How much do Malaysian FI boards really cost?

Enhanced SME Financing Guarantee Scheme officially in effect

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit