Thailand’s Regulator Bans Digital Asset Payments
Thailand’s Securities and Exchange Commission (SEC) announced in December 2021 that it was developing a new regulatory framework that would regulate the digital asset industry.
The agency is focusing on the definition of so-called “red lines” for the crypto industry, and as a recent statement from the regulator shows, such “lines” have been found. So, according to the decree of the regulatory body, starting in April, citizens of Thailand are prohibited from using digital assets to make all kinds of payments.
According to local media, such a radical decision has been made after a long meeting between the Securities Commission and the Central Bank of Thailand. Apparently, the “main financial institution” has supported the idea of the SEC, giving the go-ahead to the introduction of restrictions on members of the crypto community.
In a few days users will not be able to make online payments through cryptocurrencies. In addition, the Securities and Exchange Commission has announced the tightening of regulatory measures in relation to trading platforms, brokers and companies whose activities are in any way connected with virtual currencies.
