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Thailand Bans Crypto as Means of Payment
The Thai SEC stressed it is only banning the use of crypto for payments and is not banning crypto trading and digital assets.
By Sam Reynolds
Updated May 11, 2023, 4:44 p.m. Published Mar 23, 2022, 7:42 a.m.
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Thailand’s Security and Exchange Commission said on Wednesday that it will ban the use of crypto as a means of payment from April 1.
- The regulator cited money laundering concerns and the inability of the central bank to step in and provide assistance as the reason behind the ban.
- The Thai SEC stressed this is not a ban on crypto trading and digital assets, which has become more popular among the locals in the last two years, just a ban on the use of crypto for payments.
- In January, Thai authorities announced a plan to regulate digital asset payments in the country.
- In the latest announcement, the Thai SEC said that digital assets do not provide improved efficiency to the payments market because of their volatility and high transaction fees.
- Last year, many domestic property developers looked to crypto as a way to revitalize interest in the country’s condominium market, which is largely geared towards foreigners.
- Thai authorities announced in early March that crypto trades on government approved exchanges will be exempt from a 7% value-added-tax (VAT) until 2023.
Read more: Thai Authorities Plan to Regulate Crypto as Means of Payment
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