• May 18, 2024

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Thailand’s Authorities Plan to Restrict the Use of Cryptocurrencies in Payments

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The Thai regulators are preparing to ban crypto payments on the country by issuing new guidelines on certain digital assets that support the financial system and innovation without creating risks, according to an announcement made yesterday.

In addition, according to it, crypto-related companies have significantly expanded their business by offering payment services using crypto, contributing as a result to its adoption. The authorities now claim that this situation could negatively affect the financial stability of the country, consumer privacy and cybercrime.

However, the Securities and Exchange Commission (SEC) of Thailand has invited the public to comment on the advisory document on digital assets by February 8.

The guidance proposes the prohibition of advertising and use of digital assets as a means of payment, as well as banning exchanges and brokerage companies from providing solutions that enable retailers to accept crypto payments.