Cryptocurrency payments will be banned in Thailand starting April 1, the Securities and Exchange Commission (SEC) announced on Wednesday.
See related article: Thailand eases crypto tax burden until 2023 to promote industry
- The SEC said price volatility, lack of customer safeguards, money laundering and cyber theft risks drove the decision to ban cryptocurrencies for payments.
- While consumers will no longer be allowed to use cryptocurrencies to pay for goods and services from April 1, businesses have 30 days from the date to phase out crypto payments.
- Crypto businesses will not be permitted to promote or advertise crypto payments.
- The cryptocurrency industry has recently taken a positive stance towards the Southeast Asian nation after the SEC backtracked its plans for a 15% tax on crypto assets following public backlash.
- In 2021, Thailand banned trading of memecoins, non-fungible tokens (NFTs), and social tokens.
See related article: Thailand to regulate cryptocurrency as payment method