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Thai Authorities Plan to Regulate Crypto as Means of Payment
The Thai SEC has also proposed a set of guidelines to limit the use of digital assets for payments.
Updated May 11, 2023, 3:40 p.m. Published Jan 25, 2022, 12:31 p.m.
Thailand's financial authorities plan to regulate the use of digital assets as a means of payment for goods and services, the Bank of Thailand, Ministry of Finance, and the Securities and Exchange Commission of Thailand said in a press release.
- Regulators will consider exercising their power to limit the use of crypto for payments, and will issue new guidelines for certain digital assets that support the financial system and innovation without posing systemic risk, according to the statement on Tuesday.
- Crypto firms have expanded their business to offer payment services using crypto and have solicited payments business by facilitating the acceptance of crypto, the joint statement said.
- These efforts may widen the use of crypto as a means of payment, away from its use as an investment, which could adversely impact financial stability, consumer privacy, and cybercrime, according to the statement.
- Separately, the Thai SEC is seeking comment on a consultation paper on digital assets until Feb. 8.
- The paper proposes to ban merchants from advertising and facilitating digital assets as means of payment and prohibits exchanges and brokerages from providing systems that help merchants receive payments in crypto, such as QR codes and e-wallets.
- Following the consultation, there would also be limits on transferring assets between accounts; for example, Thai baht made from selling crypto assets can only be transferred to the seller's account.
Read more: Thailand’s Crypto Traders to Be Subject to 15% Capital Gains Tax: Report
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