Thailand SEC To Ban Crypto As Means Of Payment See Why

Thailand SEC the market regulator, announced on Wednesday that starting April 1, digital assets will be prohibited from being used to pay for goods and services.

The Securities and Exchange Commission (SEC) cited money laundering concerns. And the inability of (BOT) the central bank to step in and provide assistance as the reason behind the ban.

SEC stressed that this is not a ban on crypto trading and digital assets.

Which has become more popular among the locals in the last two years. Just a ban on the use of crypto for payments.

The Bank Of Thailand has said repeatedly that it does not support cryptocurrencies as payments.

This online news outlet gathered that it will hold a briefing on regulatory guidelines for banks’ digital asset business later on Wednesday.r

Thai SEC stated that Digital asset business operators that provide such services must comply with the new rules within 30 days from the effective date.

iexclusive News Nigeria reports that Thailand’s government unveiled a plan in January to regulate digital asset payments in the country.

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The Thai Securities and Exchange Commission (SEC) recently stated that digital assets do not boost the efficiency of the payments system due to their volatility and hefty transaction costs.

Many domestic property developers looked to cryptocurrency as a method to rekindle interest in the country’s primarily foreign-oriented condominium market last year.

Early in March, Thai officials declared that crypto trades on government-approved exchanges will be exempt from a 7% value-added tax (VAT) until 2023.

iexclusivenews reports that in January, the Indonesian regulator also issued a warning to financial organizations not to offer or support crypto sales, despite a surge in its use.