Businesses have 30 days to comply with the rules from the effective date.
Thailand which has a somewhat positive stance when it comes to crypto tax is banning the use of digital assets in the country.
Thailand Securities and Exchange Commission (SEC) announced on Wednesday that digital assets cannot be used as a means of payment for goods and services.
The Bank of Thailand (BOT) and SEC cite impacts on financial stability and the national economy as the reasons for the measure.
They believe that people and businesses are prone to the risk of loss of value caused by price volatility, cyber theft risk of personal data leakage or crypto being used as a tool of money laundering.
The new rules state that digital asset service providers cannot provide payment services. They have 30 days to comply with the new rules from the effective date of April 1.
These businesses must not provide “services or act in a manner that encourages or promotes the payment of goods and services with digital assets, such as advertising, soliciting or presenting itself to be available to pay for goods or services to merchants. or establishing a system or tool to facilitate the payment of goods and services.”
Moreover, if a business operator finds that clients are using the services in a way that they are able to pay for goods and services in crypto, it should be notified to the concerned authorities and appropriate action should be taken against such clients.
Thailand does not discourage the use of crypto as an investment. Rather the Government has provided tax benefits for investments in digital assets and entrepreneurship to promote crypto and develop the industry.
News recommendation: Proof of Work Ban Could Make A Comeback in EU Parliament
Note: This is a developing article. Further updates will be made as we gather more news.
News updated at 14:10, March 23