Thailand’s securities regulator announced
Wednesday that it is barring the use of
cryptocurrencies for payment of goods
and services.
The ruling effective April 1 does not ban
investment in cryptocurrencies, which has
become increasingly popular in the past year
after being promoted by local exchanges.
The Securities and Exchange Commission said it
was taking action in order to protect the stability
of the country’s financial and monetary systems
from threats including money laundering and
other cybercrimes.
The regulation also specifically bans the
promotion of cryptocurrencies for payment
along with the distribution of software and
devices for that purpose.
It says as well that operators of digital asset
businesses must warn their customers of the
ban and can suspend their accounts if they
violate the regulation.
Businesses have until the end of April to comply
with the ban.