Thailand Bans Bitcoin and Crypto Payments. Effective From 1st April. Details

As recently announced by Thailand’s Securities and Exchange Commission (SEC), cryptocurrency payments will be banned in the country starting 1st April 2021.

According to the report, the SEC based its decision on the highly volatile crypto markets, lack of customer protection, money laundering, and cyber theft risks.

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As consumers will no longer have access to make payments for goods and services in cryptocurrencies from 1st April, businesses have 30 days from the date announced to completely remove Bitcoin and other cryptocurrencies as payment options.

Also, the directive will deter crypto businesses from promoting crypto payments.

The translated Thailand SEC’s order reads in part:

“The SEC issues rules for providing services to digital asset operators In order not to support or promote the use of digital assets as a means of payment for goods and services (Means of Payment) in order to prevent impacts on financial stability and the national economy, according to the BOT and the SEC The police had discussed and saw the need for supervision. For digital asset business operators that have already provided services Must comply with the rules within 30 days from 1 April 2022.”

According to the SEC, it’s exercising its powers in accordance with the relevant legal framework.

It’s clear that cryptocurrency has not been totally banned in the country. The SEC says its ruling is only meant to supervise the services of business operators and make sure they are not using digital assets as a medium for payment of goods and services.

“The SEC has therefore considered exercising its powers in accordance with the relevant legal framework. To supervise the services of business operators not to use digital assets as a medium for payment of goods and services,” the regulator added.

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It can be recalled that the crypto industry took a positive stance towards Thailand, which led to the SEC backtracking its plan for a 15% tax on crypto assets following tons of backlashes from the public.

Meanwhile, the Southern Asian nation banned the trading of meme coins, non-fungible tokens (NFTs), and social tokens, back in 2021.

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