• February 28, 2024

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Thailand Prohibits Payments with Cryptocurrencies Starting Next Month

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Thailand will ban the use of cryptocurrencies as a means of payment from April 1, as decided by the Securities and Exchange Commission (SEC) of Thailand.

The agency has stressed the use of digital assets can negatively affect the stability of the financial system and the economy as a whole, including risks for people and businesses.

After the new rules come into effect, companies in Thailand will be prohibited from advertising the acceptance of payments in cryptocurrencies and from creating systems, tools and wallets that will facilitate transactions in cryptocurrencies.

Those failing to comply with this rule will face the suspension or complete ban on the provision of services.

The restrictions on the use of cryptocurrencies as a means of payment will come into effect on April 1. Companies have until the end of the month to start complying with the new requirements.