Thailand bans usage of digital assets for making payments from April 1 2022

On Wednesday, Thailand’s market regulator said, from April 1, 2022, it has banned the use of digital assets for being used to pay for goods and services.

The move is in line with earlier discussions between the Securities and Exchange Commission (SEC) and the Bank of Thailand (BOT) on a need to regulate such activity by digital asset business operators as it could impact the country’s financial stability and overall economy, said the SEC in a statement.

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

The BOT has said repeatedly that it does not support cryptocurrencies as payments. It will hold a briefing on regulatory guidelines for banks’ digital asset business later on Wednesday.

Earlier in January, Indonesia’s regulator had warned financial companies to not offer and facilitate crypto sales, midst a boom in its usage.

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