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On Wednesday, Thailand’s Securities and Exchange Commission (SEC) announced new rules to discourage the use of cryptocurrencies in payments for goods and services.
Citing various financial and economic threats, such as price volatility, personal data leaks, and money laundering, the move follows discussions with the Bank of Thailand (BOT) on the impact that digital assets can have on the country’s financial system and economy.
Noting that a ban on crypto trading and investing is not included, the SEC said it will be monitoring activities in the financial sector to assure digital assets are not offered as payment method:
“All types of digital asset business operators must not provide services or act in a manner that encourages or promotes the payment of goods and services with digital assets, such as advertising, soliciting or presenting itself to be available to pay for goods or services to merchants.”
The SEC said that the newly adopted regulation will be effective starting April 1 and stressed that companies should not implement systems and tools to facilitate crypto payments. Affected companies that will need to make change to their infrastructure due to the change of rules, are given 30 days to comply.
Earlier in March, the Thai government announced easing of tax regulations for Bitcoin and other cryptocurrencies, in order to spur economic growth in the country.