Cryptocurrency payments are prohibited in Thailand

According to media reports, the Securities and Exchange Commission of Thailand announced the imposition of a ban on payments in cryptocurrency. The message emphasizes that cryptocurrencies in the country are not a means of payment. Thus, by imposing a ban on such transactions, the regulator seeks to protect Thailand’s financial system and economy, ensuring their further stability. The regulator also recalled that the use of cryptocurrencies carries risks for companies and individuals. The ban will take effect April 1. From now on, local businesses will not be able to run advertising campaigns for payments in cryptocurrency. Companies are also prohibited from creating any tools to facilitate such transactions. Liability arising in case of violation of this prohibition involves the suspension and even a complete ban on the provision of services. At the same time, the Commission said that the new rules do not apply to trade and investment in digital assets.

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Arseny Kudrin

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