From April 1, Thailand will prohibit the use of cryptocurrencies as a means of payment. The corresponding decision was made by the local regulator – the Securities and Exchange Commission (SEC) of Thailand. The department emphasized that 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, writes Bloomberg Quint.
After the new rules come into force, companies in Thailand will be prohibited from advertising the acceptance of payments in cryptocurrencies and creating systems, tools and wallets that will facilitate transactions in cryptocurrencies. Violation of the law on cryptocurrency provides for liability, including the suspension or complete ban on the provision of services.
Restrictions on the use of cryptocurrencies as a means of payment will take effect from April 1. Companies have until the end of next month to start complying with the new requirements. They will not affect trading or investment in digital assets.
Last October, Thai Prime Minister Prayut Chan-Ocha warned of the dangers of growing interest in cryptocurrency investment among young investors. Chan-Ocha urged investors to soberly assess all the risks associated with digital assets, as well as be prepared for the loss of all savings.
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