SEC of Thailand To Ban Crypto Payments from April 1

Earlier today the Security and Exchange Commission of Thailand announced to ban the use of cryptocurrency as a means of payment for goods and services starting from April 1, 2022. Understanding Reasons for the Ban Earlier this year, the Thai authorities announced their plans to regulate payments via digital assets in the country. The regulators cited that rising issues related to money laundering and the inability of the Central Bank to provide assistance led to the banning of crypto payments as the only solution. The reason stated by the regulators is the extensive usage of digital assets that have been threatening the financial system and economy of the nation. Additionally, the Thai SEC stated that digital assets did not offer improved efficiency and caused volatility in the market and high transaction fees as well. What Does The New Rule State? In a statement shared on Wednesday, the Securities and Exchange Commission stated that crypto exchanges have until the end of April to comply with the new rules. Crypto exchanges can do so by halting advertisements and systems that help facilitate payments through digital wallets. Firms are requested to warn their customers against the use of digital assets and users found breaching the rules will have their accounts canceled. However, the Thai SEC cleared out that the ban did not aim to affect crypto trading or digital assets. The post SEC of Thailand To Ban Crypto Payments from Ap...