Sunday, October 2, 2022
HomeLaw & PoliticsThailand declares ban on crypto payment to eliminate money laundering risk

Thailand declares ban on crypto payment to eliminate money laundering risk

Thailand’s Securities and Exchange Commission announced on Wednesday that it will prohibit the use of cryptocurrency as a form of payment from the beginning of April1.

The regulator justified the restriction by citing money laundering risks and the central bank’s incapacity to intervene and provide help.

The Thai SEC emphasized that there is no ban on trading and digital assets. As its growth among Thai people have increased in the last two years. So there is just a ban on the utilization of crypto for payments.

Thailand Securities and Exchange Commission revealed a plan in January to regulate digital asset payments in the country.

The Thai SEC stated in its most recent release that digital assets do not boost the efficiency of the payments system due to their fluctuations and high transaction fees.

Many local property developers went to cryptocurrency last year to strengthen the interest in the country’s condominium market, which is primarily aimed toward foreigners.

Thai officials declared in early March that cryptocurrency trades on government-approved exchanges will be exempt from a 7% VAT until 2023.

Read more:

President of the European Central Bank warns cryptocurrency companies

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