March 24, 2022
By Sharan Kaur Phillora
Thailand Securities and Exchange Commission (SEC) has issued to ban digital assets from being used to pay for goods and services from April 1st.
Here’s what we know:
- Thailand continues with its rather controversial relationship with the cryptocurrency industry by implementing a ban on using such assets as a means of payment. The nation warned that it could threaten its financial system and economy.
- A few months ago, Thailand implemented a 15% tax on crypto gains followed by an announcement that they were set to regulate cryptos as payment methods. Soon after, they removed the tax they implemented just one month earlier.
- SEC has now announced that they were going to ban the usage and promotion of crypto as a payment tool starting from April 1st. However, the local businesses will have until the end of April to fully comply with the new regulations.
- The ban also prohibits them from promoting the use of cryptocurrencies as a payment method for goods and services.
- The new rule will come into effect at the start of next month. However, local businesses will have until the end of it to comply with the new regulations.
- Overall, Thailand claims that they are a pro-crypto nation. However, their constantly changing regulations and the recent ban indicate otherwise.
About the author
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.